QuickCoin, a startup with headquarteres in San Fransisco, introduced its ‘social wallet’ to allow its users making transactions in bitcoin.
The firm decided to collaborate with Facebook in order to further promote bitcoin and bring it to large masses. Moreover, QuickCoin is going to conclude other agreements with Facebook in the future.
Marshall Hayner, co-founder of the QuickCoin, said the company intends to simplify the process of the virtual currency usage:
“If average people are going to adopt bitcoin, they have to be able to use it without even really knowing they are using bitcoin, or feeling like they are subjected to a complicated process.”
The functions of the wallet interface include ‘Send Bitcoin’, ‘Receive Bitcoin’, ‘Logout’ and ‘Unlink Account’. The wallet also includs ‘bits’ to better indroduce bitcoin to inexperienced users.
“I would often hear ‘I can’t get into bitcoin, that’s way too expensive’, [but] the reality is that bitcoin is divisible into very tiny amounts,” Hayner noted.
Bitcoin’s smallest unit called ‘satoshi’ amounts to 0.00000001 of a bitcoin. A bit totals 0.000001 BTC, what equals to $0.00058 at current prices.
In order to send the digital currency, the users have to sign in to the service using their Facebook details. The app than includes Facebook friends to a list of contacts. Then users have to choose whom they want to send money to and click send.
Before confirming the transaction, the users can select whether to publish the message on the friend’s wall or just send a private message. The receipt is send after the transaction is made and a notification appears on the receiver’s timeline.
In order to make the wallet easier for users, QuickCoin introduced an option to send dollars instead of bitcoin. Additionally, the virtual money can be sent to an external wallet using the option ‘Send Bitcoin’.
Facebook is the best platform for promoting bitcoin. As of March 2014, the social network had about 1.28 billion users.
Still, Hayner and his co-founders, William Cotton and Nathan Lands, plan to work with other services in the future. Hayner said: “QuickCoin Social Wallet is our first product. Facebook is only the beginning and we have plans for some amazing features and partnerships in the months to come.”
To increase the number of the social wallet users, developers made it as simple as possible.
“Not everyone has the time to do extensive research about bitcoin before they begin to use it,” Hayner added. ”In fact, most of the people browsing the Internet today couldn’t tell you how DNS works, the same is true for bitcoin.”