One of only a handful of limitations surrounding the use of cryptocurrency is how to spend it if there is no Internet connection. Several solutions have already been introduced that allow users to send currency over text messages, but a new twist to the concept has now emerged. Telx Technologies, a crypto and telecommunications firm based in Miami, Florida, is introducing the first “crypto SIM card.”
The idea is simple – provide a mechanism that allows payments via SMS messages using a crypto phone number. Telx’s SIM card solution provides a means to send crypto money to anyone with just a cell phone and is reportedly available in more than 180 countries around the world. Currently, it supports Bitcoin Core (BTC), Bitcoin Cash (BCH), Litecoin (LTC), DASH and Zcash (ZEC).
The company states in a Medium post, “At Telx, our goal is to make transacting digital currency as easy and accessible as possible. Therefore, we are creating solutions that technical and non-technical people alike can adopt. We believe there is tremendous synergy between payments and messaging.”
Telx issues the SIM card, which acts as a digital currency address. Recipients of the digital currency do not need to be Telx customers and the card doesn’t support phone number porting or SIM swapping, adding extra security for the crypto holdings.
Telx founder and CEO, Mark Penovich, asserts, “Our goal is to natively embed P2P transactions into the world’s most used communication method, SMS messaging.”
The SIM card makes it possible to send crypto to either a phone number with text message capabilities or to a crypto wallet address. Enter the phone number and, for the body, simply type “SEND,” the amount and the crypto and that’s it. Telx’s system will send the user a reply to confirm the transaction using a PIN generated by the user, and the recipient will have access to funds in just a matter of seconds, anywhere in the world.
This is just one of the many reasons crypto is stronger than fiat. Instant money transactions from anyone to anyone, anywhere in the world. There is no need for a bank account, which millions of people across the globe don’t have, allowing the world’s banked and unbanked alike have a single solution for their financial transactions.
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