Will an SMS-based wallet come?

SMS-based wallet in beta testIt’s a great plan that 37coins announced: They will provide a SMS-based wallet with which sending and receiving bitcoin is possible – and no internet connection or smartphone is required. To transfer bitcoin via SMS a few commands are given – and a two-factor-authentification is possible to. After the registration of the wallet gateways in all countrys care for the transaction. So it should be much more easier to share bitcoins and just a mobile connection is needed.

At the moment, the new service is in the beta and everyone who is interested in testing the SMS wallet can register on the website. Also needed are gateway partners to realize the service in each country. The SMS gateway is an operator who use an Android device for the conduit for transactions via his number. For providing the service the gateways get smal transaction fees.

Who will use the SMS-based wallet? Not everyone has enough money for a smartphone but the cellphone penetration will reach 95,5 percent globally by the end of this year. So a SMS-based wallet is the best way to reach the most people. And so nearly everyone could use bitcoin also in areas without advanced communications infrastructure.

By now there are more than 25 gateways which could be used – in different countries and with fees between 0.05 mBTC and 1,00 mBTC.


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