The Killer App? Can Bitcoin Cash Overtake Bitcoin Core with Awesome Apps like CoinText?

Episode Highlights:

  • 00:04 – Bitcoin Cash
  • 00:36 – The Price Of Bitcoin Cash On Coin Market Cab
  • 01:15 – The Bitcoin Chart
  • 02:15 – Coin Text App
  • 04:38 – How Cointext Works
  • 05:32 – Bitcoin Cash Over Sms
  • 09:02 – Instruction On How To Use Cointext Through Your Mobile Phone
  • 09:18 – Faqs
  • 10:17 – Pyxpub

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Transcription:

 

Hey guys, what’s up? It’s Dan again from cryptoCamacho.com

00:04 – BITCOIN CASH

And hey guys, today I want to talk about the one and only Bitcoin cash. And the reason I want to talk about Bitcoin cash today is that there are some things in the works right now Bitcoin cash that I think is really interesting. The price is kind of fluctuating down with the market today, but I’m curious to know where you think the price can actually go tomorrow compared with the Ethereum, Bitcoin, and other cryptocurrencies. But I want to show you this app, and I want to show you an app that they just came out with, that utilizes Bitcoin cash because I think it has a tremendous potential to really be a game-changer in the market for a number of reasons.

00:36 – THE PRICE OF BITCOIN CASH ON COIN MARKET CAB

But first let’s go over to coin market cab, and let’s look at Bitcoin cash. So, Bitcoin cash right now is sitting at number four in terms of market capitalization on coin market cap. It’s recently been dethroned by Ripple as the number three cryptocurrency in terms of total market cap only behind Bitcoin and Ethereum. And interestingly, it’s still in the top five. you know it’s number four and overall market cap and I think it’ll stay there for a while if not going up you know further back to number three, but it’ll be interesting to see how Ethereum and ripple play out in the months to come.

01:15 – THE BITCOIN CHART

So, what I really wanted to talk about…look at this; okay so, the price of Bitcoin cash right now it’s about 692. The whole market is down right now. If you look at the Bitcoin chart, the BTC chart, it’s also about 6800 and it’s looking to now go down to create the double bottom which I think it’s going to create a double bottom about right there. Approximately, let me change the colour of that. Let’s go with yellow. It’ll probably go down to around 6000 if not even below 6000 to create kind of its last way before bouncing back up. Bitcoin cash is really doing the exact same thing. Here’s kind of the double bottom right here. It looks like it’s going a little bit lower, and it probably has the potential even to go down to around 600, 550 something like that before really retracing and coming back up you know in coming back up as the market corrects. I expect this to happen in the next month or two maybe less. But this has to play out. It has to correct and then you’ll see a bounce Back shortly after that. as the market starts heating up again.

02:15 – COIN TEXT APP

But I really wanted today to talk about a specific app called Cointext. So, CoinText recently came out, it was launched probably a couple weeks ago. Maybe a month ago and what it basically enables. it enables you to send, receive, and store Bitcoin cash over any phone through SMS without the internet at all. And it’s actually very, very interesting and a very, very cool service that they are providing here. And I wanted to go through a little bit and talk about CoinText, talk about what CoinText is, and wanted to talk about how this could affect the price of Bitcoin cash as well as other applications, other systems, other UIs, and interfaces that are coming out. That are being produced by either end chain, or other Bitcoin cash proponents to enable you know faster and more transactions, cheaper transactions by using Bitcoin cash right. Which you all know there’s a big debate right now about Bitcoin core, BTC versus Bitcoin cash BCH, and what really is the real Bitcoin. You know in reality it doesn’t really matter what the real Bitcoin is, it really only on what’s the utility of each coin right. That should ultimately determine what the value is of each coin. Right now the utility and the value of Bitcoin is largely, I think derived from you know fear of missing out people, fume own people, anticipating the price is going to go up on Bitcoin, putting their money in there, storing it as gold as a store of value and just leaving it in there. And not necessarily transacting with Bitcoin directly at all right. by paying for things, by sending people money in Bitcoin, by buying something on Amazon in Bitcoin, or at your local store with Bitcoin. That’s not really happening because Bitcoin core cannot scale the way everybody thought that it could. And now it’s becoming kind of this default store of value, because transaction fees are too high. Costs are too high. It’s too slow to transact over so forth and so on. So, what Bitcoin cash is actually trying to do is, they’re trying to follow the true vision of Satoshi Nakamoto. If you read in the white paper by creating a peer-to-peer electronic cash system; they’re doing that in a number of different ways, and one of the ways they’re doing that is by enabling different applications to make it much more easy to send, receive, and to store Bitcoin cash you know to anybody across the internet and CoinText is a way that this is actually happening.

04:38 – HOW COINTEXT WORKS

So, let me go through this a little bit. CoinText essentially, you’re going to ask for a regional number, you’re going to request a regional number and you’re going to text the word cash to your regions number. So, right I live in the US. So, I’m going to text you know this phone number right here, with the word cash and by doing that, it’ll actually create a seated wallet for me on the Bitcoin cash Blockchain itself. And my wallet will then be stored directly there right. And then I’ll be able to actually go and send, and receive Bitcoin cash through my phone while I’m not even on internet right. And that’s what they’re claiming here. I haven’t actually used this yet. And so, I just wanted to review it a little bit. I wanted to get the thoughts of the community and I am going to sign up here. And I’m going to start transacting with Bitcoin cash over my cell phone. And just see how it works. And when I do that I’ll obviously, let you guys see that happen and I’ll definitely show you how it works, because I’m very curious to see if it works well or not.

05:32 – BITCOIN CASH OVER SMS

So, Bitcoin cash over SMS. Transact Bitcoin cash with any type of mobile phone using simple text commands without the internet, apps accounts, or passwords. That’s very, very cool right. Simple secure and global and it will be built on top of the Bitcoin cash Blockchain.

05:52 – ABOUT COINTEXT

Okay so, find your number about CoinText probably worth reading. CoinText is a for-purpose project to deliver global finance to anyone with a mobile phone. Now I can see this being very, very useful for people in third-world countries that do not have access to banks, do not have access to cash on demand. But they may have mobile phones right? they could very easily use this to transfer wealth, or transfer value from one person, or one party to another person, or another party right; when they’re making an exchange as does any monetary system right. So, the ability to transact Bitcoin cash without the internet over SMS opens global market opportunities for billions of poor and underbanked people around the world. This is very true. I think it’s a very, very cool thing that they’re doing. And I think it’s going to propel the price of Bitcoin cash up higher even though it is down right now. But in the long term, I think by building applications like this; it definitely will help the cryptocurrency community gain adoption, it will help Bitcoin cash gain adoption, and it will become an actual you know tool that’s used and useful by people in their everyday lives. Right now a lot of people complain and ask why would I ever need Bitcoin right? Why would I ever even need it? But people in third-world countries will need Bitcoin, or Bitcoin cash to do transactions, because they may not have access to banks, and things like that right. So, it’s just kind of one reason or one facet. One thing I think is very cool about this app CoinText is that, there are text commands built into the service that allows you to receive, send, and check the balance of your Bitcoin cash directly on your phone. And literally, all you have to do is text different words in the…on your iPhone. You just text different words to a specific number and you’ll get all these commands. You’ll get all these things right. So, if you text for example, the word balance to your Bitcoin cash number, you’ll retrieve the balance in your wallet of Bitcoin cash that you have available right. If you text the word receive to the CoinText then you’ll be able to receive Bitcoin cash, you’ll get an address and you’ll be able to provide that to somebody else to send you Bitcoin cash over your phone right with or without internet. If you do send it, you’ll be able to send Bitcoin cash to somebody else and if you say send to address you’ll be able to send directly to a Bitcoin cash wallet right. Whereas send them out right here is you’re sending to your friends CoinText phone number, you’re sending Bitcoin cash directly to them. So, this is very, very cool and I’m very curious to know what you guys think of this and how do you think it will be adopted? I think for sure it’s going to be adopted in third-world countries and countries that don’t have access to banking. Not so sure if it’s going to be to adopt as well in the US, Australia, the UK, in more first world countries. I think it eventually will, but I think it’s going to take some time to catch on. And I think more merchants are going to need to accept Bitcoin cash before this will actually catch on. And I think that’s the key is getting the merchants to accept Bitcoin cash would be a complete game-changer right. Because I would love to pay for my services in Bitcoin cash, but most places, most people don’t accept Bitcoin cash as a form of payment. So, I can’t actually pay with it right. So, anyways one other thing I wanted to show you is the instructions here and again I’m going to sign up for this and make another video and show you exactly how it works. But right now I’m just trying to introduce you to what CoinText is. I’m not being paid for this; just think it’s a really cool service.

09:02 – INSTRUCTION ON HOW TO USE COINTEXT THROUGH YOUR MOBILE PHONE

So, this is instructions on again how to use CoinText through your mobile phone I went through these commands, these are just showing kind of demos of how the commands actually work. And then it goes into a little bit more specifics about how it works as well.

09:18 – FAQS

Frequently asked questions again, it just goes through how the actual service works and this service right here. It’s fairly similar to a service called circle right. So, if you remember I made a video maybe a week or so a couple weeks ago about an app called circle, which was recently acquired by Goldman Sachs. And Goldman Sachs bought this application as an acquisition to get their fingers into the cryptocurrency world. They also recently bought the exchange Polonex right. So, they’re trying to…Wall Street is trying to get their bloody fingers into cryptocurrency in all angles. I have been using circle, I think it’s a very cool app. it’s very similar to CoinText you don’t…you have to use Bitcoin cash. You could use a varieties of different cryptocurrencies and you text just like you do on CoinText. I’ve been pretty impressed with it. You can try this one out. I like this as well, but I’m curious to try out. CoinText and one other quick thing, when I say that merchants need to accept Bitcoin cash for it to really start skyrocketing and go up in price, and for tools like CoinText to be utilized, they are actually doing that right.

10:17 – PYXPUB

So, recently I stumbled across this tool called. It’s called Pyxpub.io right. A private payment gateway and point-of-sale solution for Bitcoin cash and I thought wow! That’s pretty interesting. It’s an open source interface, or point-of-sale system utilizing Bitcoin cash. And I think it’s pretty interesting. I played around with it a little bit on this live demo. I think it has a ways to go, but you can do simple things right. Like, make orders right here in Bitcoin cash. You can see a ledger in Bitcoin cash; you can make a payment in Bitcoin cash and in other Cryptocurrencies as well. And you can set up really this store this interface if you will, however, you would like right. So, that’s pretty cool that Bitcoin cash is doing that as well. But anyway I’m Dan from cryptoCamacho.com hopefully this was helpful? I’m very curious to see how you guys think CoinText will play out. If you’ve used it, let me know I’d love to get your opinion on that. But again I will talk to you next time. If you haven’t subscribed click on that little red button below on this video and you will get daily updates from me crypto Camacho see you guys.

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This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.