- Mobile got stolen by someone who knows its working on their country
- SMS is probably vulnerable somehow, what if hackers can bypass the system of sending message through another reciepient?
- With the system, probably blockchain isnt gonna move faster than using traditional address to address as it uses an encrypted text messages and might got some error.
I have never used such service but-
1. Mobile can be stolen but it's obvious that you will have PIN code or something secure which no one will know.
2. It's possible. Exchanges are getting hacked too however, since it will be through sms, it's easy to trace the other party. There's nothing happening in blockchain, so reverse is possible.
3. I'm confused what you meant. If this service get huge success, on chain transactions may decreased.