South American startup Moneero creates SMS bitcoin payment system
A starting of new bitcoin project in Uruguay is proposing to make this program easier using SMS platform on mobile phones.
A starting of new bitcoin project in Uruguay is proposing to make this program easier using SMS platform on mobile phones. According to Steven Morell who is the chief programming officer in the Moneero Company, the assumption is to make the use of bitcoin easy for every person.
The company presumes that this service, which is already made of use by many people all over the world, can be used on the 6.8bn mobile phones. The man told that their wish is to make bitcoin easy and comfortable in usage for those people who are not advanced in high technologies. Also he added that they would want people who ever heard about bitcoin in any SMI, to purchase the bitcoin if it was easy for them.
Moneero employee provides information about availability of Moneero account. He told that if a person possesses such account it will not be difficult to type in a phone number and a bitcoin amount. When the program answers positively, it means the bitcoin wallet has already been created and has become visible on the block chain. Finally, he mentioned that the company makes an address translation which is a type of DNS (or domain name) service for Bitcoin.
The purpose of other companies which created systems of bitcoins with the use of SMS is the usage of the massive numbers of phones. Taking Coinbase as an example, it is evident that it got an opportunity to send and receive text messages in the end of the summer.
On the contrary the strategy of Moneero Company is providing toilless bitcoin API usage. Moreover, developers do it in order to simplify the use of bitcoin in different systems. Morell specified that it makes for SMS, Twitter or any other platforms. The company has a partnership with other companies in order to build Bitcoin ATM, which is called a Bitcoin Teller Machine, or BTM.
There is a partnership between this company and existing hardware makers in order to form out the BTM. The company has already begun startup the building and it should tweak and test plenty of things and nowadays there is a process of making orders for this purpose. There are approximately 80 machines imported from nine countries. The BTM in its turn is only another type of transaction API of Moneero`s bitcoin. Morell told that the company has benefits due to building the system in many different locales for various compliance rules. He also added that all types of KYC procedures are supported by their API and if a person is a user of either a German Moneero or California Moneero, he will go through these appropriate procedures. There is maintenance of all these procedures by their API. They have possibility to regulate all of them.
The solution of basing the company in Uruguay is a conjunction of bitcoin booming increase in South America and clearness of regulatory environment.
Morell explained that they choose South America because of market opportunities. To be more concrete, it is important to emphasize that Uruguay is called the Switzerland of South America, because there is a very liberalized situation in this country. Uruguay is a country which has a very long banking tradition and each person can be sure that the bank will not confiscate his property or excessively tax money. Moreover he suggested that the USA is not an ideal place for starting a bitcoin due to rules of financial industry. Finally he told that it is essential to have a lot of money, a lot of time and it will take a lot of attempts to become a bank.