There are a few different ways to send Bitcoin over text message. One way is to use a service like Coinapult or Text My Bits. These services allow you to send Bitcoin to someone’s phone number, even if they don’t have a Bitcoin wallet. When you send Bitcoin using one of these services, the service will first convert the Bitcoin into an SMS message. The SMS message will contain the recipient’s phone number, the amount of Bitcoin being sent, and a verification code. The recipient will then need to enter the verification code in order to receive the Bitcoin.
Another way to send Bitcoin over text message is to use a Bitcoin wallet that supports SMS payments. Some Bitcoin wallets that support SMS payments include Crypterium, DropBit, and CoinText. To send Bitcoin using one of these wallets, you will need to enter the recipient’s phone number and the amount of Bitcoin you want to send. The wallet will then generate an SMS message with the Bitcoin transaction information. The recipient will then need to enter the verification code in order to receive the Bitcoin.
Sending Bitcoin over text message can be a convenient way to send Bitcoin to someone who doesn’t have a Bitcoin wallet. However, it is important to note that there are some security risks associated with this method. For example, if the SMS message is intercepted, the Bitcoin could be stolen. Additionally, if the recipient’s phone number is changed, the Bitcoin could be lost.
Here are some of the pros and cons of sending Bitcoin over text message:
Pros:
- Convenient: You can send Bitcoin to someone without them having a Bitcoin wallet.
- Fast: Bitcoin transactions over text message are typically processed very quickly.
- Low fees: The fees for sending Bitcoin over text message are typically very low.
Cons:
- Security risks: There are some security risks associated with sending Bitcoin over text message, such as interception of SMS messages and lost Bitcoin if the recipient’s phone number changes.
- Not always supported: Not all Bitcoin wallets support SMS payments.
- Limited functionality: Some SMS payment services have limited functionality, such as a maximum amount of Bitcoin that can be sent or a limit on the number of transactions that can be made per day.
Ultimately, the decision of whether or not to send Bitcoin over text message is a personal one. You should weigh the pros and cons carefully before making a decision.
