Bitcoin has taken a storm over the internet the past couple of years. With Bitcoin, users have the advantage of having an online “wallet” and the bonus of it not being owned by anyone or any corporation is a big selling point for most. There is a couple of problems that have arisen for Bitcoin users, the only customers who can use Bitcoin have to be on the internet, even when they use the application on their phone. That is where the innovation Coinapult comes in.
What is Coinapult?
Coinapult works with Bitcoins and has the same concept of the Bitcoin wallet, but the Coinapult wallet can be used offline and with any user that has no bank account. When a new user wants to make a Bitcoin wallet – either on their smartphones or laptop/desktop – they have to attach their current existing bank account to their Bitcoin wallet. With Coinapult new users don’t have to worry about that.
Another issue Bitcoin was that they only way to transfer money was over wifi. This option left out thousands of potential customers. Coinapult is Bitcoin’s answer to that problem. With Coinapult, users don’t have to be under wifi to send or receive payments. How does this work? It works by good old SMS text messages. SMS messaging ensures that current bitcoin merchants or users can receive and send payments through text messages, securely. Coinapult was the first service, in 2014, to make offline SMS text messaging payments possible.
In fact, a small Carribean Island was the first test of privileged Bitcoin users to test out the service at a large scale. Many of these islanders had no existing bank accounts and had no wifi available to them. With that said, Coinapult gave thousands of people a chance to experience a safe, secure way to the bank, without the hassle of a bank institution behind it and no wifi connection. Coinapult could indeed become the future of banking for all of those who cannot trust banking companies and those who don’t have wifi.
Coinapult offers a “lock” system, that will lock their exchange rate for any portion of their Bitcoins that are stored at any time. Coinapult lock allows its users to put a value on their local currencies – i.e. USD and EUR etc.. – while being able to enjoy the abilty and confidence of a long-term price stability.
Remember, Coinapult Is Still Experimental
Jumping on the Coinapult train may seem like a no-brainer to some people, but it can still be seen as a risk for some. As you would with anything to do with any kind of money, users need to be careful, not only with where they use their Bitcoins, but the security of their virtual wallets. With any young service, it is going to be imperfect and will have its hiccups and new users have to brace themselves for the possibility to lose money. Man isn’t perfect, neither is his technology.
With all risks aside, Coinapult is currently working on adding more languages and are currently working on ways to make their SMS and SIM card technology more secure.
Bitcoin and Coinapult are currently new and are always working on new advances to make the world of internet banking with a brand new currency more easy to use for merchants and customers alike. Only the future can tell what is to be added or thought up for these companies.