Bitcoin and SMS - CryptoVal

Aug 13, 20150 likes294 views

Here I explore a tool written with node.js to access blockchain analytics via SMS. Text in a wallet address and get back the current amount in that address - all without an internet connection. The Bitcoin Blockchain is an impressive model that can stabilize third world economies, but requiring the internet is a large barrier to entry. In developing countries especially, SMS availability far surpasses access to the web, so why haven't Bitcoin developers targeted this audience better? Talk given at South Bay JavaScript meetup on August 11th, 2015. Original event link: http://www.meetup.com/southbayjs/events/224239472/

This document from the Bitcoin Security Project discusses internet security and hacks that compromised over 575 million user accounts in 2013. It provides tips for improving security including hiring qualified developers, encrypting sensitive data, using secure storage methods like cold storage or paper wallets, taking advantage of free security resources, and starting a bug bounty program. The average security breach costs between $50,000 to $650,000 to remedy.

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Bitcoin is a decentralized digital currency that uses cryptography to secure transactions. It allows for peer-to-peer transactions without intermediaries like banks. Transactions are recorded on a public ledger called the blockchain, which uses mining and proof-of-work to validate transactions and create new blocks. Miners are incentivized by new bitcoins and transaction fees to devote resources to processing transactions and maintaining the blockchain. While it enables censorship-resistant transactions, bitcoin is not legal tender and faces risks from volatility, acceptance, and illicit use.

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