It may seem that using digital currencies should necessarily require access to Internet – you have virtual money thereafter transactions should be virtual as well. The situation used to be like this until the very recent events.
As you know progress is forging ahead at a quick rate nowadays. bitSIM broke through and made bitcoin available for a wider range of people all over the world. Having evaluated worldwide financial situation it found ideal way to make technologies easier – it created SIM card that actually acts as a bitcoin wallet. Access to Internet is no more needed for bitcoin transactions.
The most evident advantage of the invention is that it works on absolutely all cell phones regardless of their up-to-dateness. This news will be especially promising for developing countries where most people have ordinary phones.
Developing areas such as Africa and South America have always been a weak point of bitcoin promotion. The number of unbanked and underbanked people there is shocking – more than 2.5 billion adults. And they are all potential bitcoin users. These impressive opportunities have inspired bitSIM. It plans to produce about 50 billion SIM cards by 2020 and put them into service via Internet of Things.
Small but powerful hardware is called ZSIM. It is a chip placed in a plastic sheet. You should just sit it on the top of your ordinary SIM card and enjoy benefits. The operating principle is well explained by bitSIM co-founder Leon Gerard Vandenberg: “bitSIM acts as a conductor interposing commands between cell phone and SIM card.
Thus the phone thinks there is a SIM there and the original SIM thinks there is a phone there.” bitSim owners can make bitcoin transactions just by sending text messages. It has never been easier. This innovation can possibly become a real threat for traditional payment methods which have been at an advantage so far.
For protective purposes bitSIM uses PIN secure hardware token based on Java Card. According to bitSIM “this technology enables any Java-based application – such as mRemittance or mBanking – to run securely on smart cards and similarly-sized devices”.
ZSIM users are fully responsible for their funds. Safety is provided by safety keys known to owners only. You don’t have to inform phone manufacturers or mobile service providers to activate bitSIM. It does not intervene in the work of ordinary SIM card. It just empowers your phone and opens great payment possibilities.