A social media business app that has the potential to enable traders circumvent the usual risk of theft of cash money has been introduced on Facebook. QuickCoin, a simple social media interface, shall enable users to transfer digital currency-bitcoin- to their friends on Facebook.
Each user is set to have free access to Facebook QuickCoin account known as a ‘social wallet’ where bitcoin is displayed in form of US dollars as well as ‘bits’ to ease the introduction of bitcoin transactions to the community of users among whom this is a new phenomenon.
‘Bits’ are units of bitcoin. A bit is worth a millionth bitcoin (0.000 001 BTC). The smallest unit of bitcoin however is known as a ‘satoshi’, named after the person who invented Bitcoin, and is worth 0.00000001 of a bitcoin.
A Bitcoin tracking index revealed Tuesday that one bitcoin costs about 583 US dollars, indicating that one bit would be worth approximately 0.000583 dollars in the current market, and 1000 bits 58.3 cents.
Bitcoin network, the electronic transaction system based on mathematical proof, was initiated by a software developer known as Satoshi Nakamoto in an attempt to solve the problem of centralized control of currency. This digital currency does not exist in any printed form; rather, it is created, held and transferred in electronic form. Out of this innovation people have been using crypto currency to transact businesses securely around the world.
Introduction of this form of transaction on Facebook is meant to accelerate its adoption given the large number of people that can be reached via this social media. Facebook currently claims an active user base of about 1.28 billion.
The new Facebook application QuickCoin has been designed for easy operation with very few task commands. It has a simple user interface with option buttons for ‘Receive Bitcoin’, ‘Send Bitcoin’, ‘Log Out’ and ‘Unlink Account’ only.
Its transaction charges have also been set very low, about 5 cents for each transaction, in addition to the fact that the service is provided for free. This little transaction fee, according to QuickCoin cofounder Marshall Hayner, is for the maintenance of the Bitcoin network. He added that the company hopes to gain as many users as possible and by some means monetize that in the future.
Operating the QuickCoin Facebook app involves a simple process of logging into one’s account and selecting the Facebook friend to transact with, then sending bitcoin. The users are required to sign into the service using their Facebook details. QuickCoin generates a list of the user’s contacts from the friends list and makes them accessible through the social wallet even if the friends have not personally signed up for the same.
Adding the unit of exchange to one’s bitcoin wallet involves clicking the ‘Receive Bitcoin’ button which prompts the service to generate a Quick Response Code with the wallet key.
To send funds from the account, users will use the ‘Send Bitcoin’ option. This sends the Facebook contact a notification in their timeline alerting them that funds have been sent to them. This procedure cannot be reversed by the sender. The only way to get back sent bitcoin is by the receiver resending them back.