BitPay, bitcoin processing company headquartered in Georgia, has presented a new application that will allow Facebook users to trade bitcoin.
The people will be able to easily buy and sell bitcoin in-person by arranging meetings between friends on the social network.
The new Facebook application will not allow users to sell bitcoin directly via the program. It will just help people to organize meetings and connect through the platform.
Dubbed Get Bits, the tool is expected to increase digital currency adoption via such popular social network as Facebook.
BitPay’s representatives commented that the company intended to use Facebook as a great opportunity to raise bitcoin usage. In addition, BitPay will preserve security using the network as a social login.
The firm said: “Because bitcoin is one of the only forms of payment which cannot be fraudulently reversed, selling bitcoin usually requires some level of trust in the buyer. To deal with this, Get Bits currently leverages the world’s largest ‘web of trust’, Facebook.”
In order to see a list of friends utilizing the new program, users have to sign into Facebook. Get Bits enables traders to sell and buy bitcoin and invite other friends to join the program.
Still, BitPay further admitted that users should be careful while making in-person transactions. “If a friend is interested in buying a significant amount of bitcoin from you, please consider exchanging in a physically secure environment,” the company added.
The launch of the new application follows the recent upsurge in the number of new bitcoin firms that are aimed at increasing digital currency awareness through social media.
Thus, in May, bitcoin startup QuickCoin, based in San Francisco, launched its social wallet that enables users to receive and send digital currency.
Furthermore, in July, Uruguay-based wallet services provider Moneero was opened.
The tool called Moneero ROX was issued in order to manage accounts and subaccounts in a range of currencies, such as bitcoin, litecoin, Ripple, fiat and others.