BITCOIN TO BE SENT OVER FACEBOOK
Editors Note: This Article is Written by Jason De Costa and is published under his full consent.
An American startup based in San Franciso, QuickCoin is simplifying how the average crypto user can learn about and receive Bitcoin. By developing a social wallet, sending and receiving Bitcoins will be available on top social media platform, Facebook.
Quickcoin hopes to use Facebook’s widespread user base to make Bitcoin more popular in a viral fashion. Further partnerships with other platforms will be possible in the future as this is only the company’s initial attempt at targeting social media users.
The goal of simplifying Bitcoin to the average user is expressed by Quickcoin’s co-founder, Marshall Hayner:
“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.”
CLEAN USER INTERFACE
The service which is optimized and responsive for mobile users is simple to navigate and operate. The existing functions are intentionaly limited to reduce complexities. ‘Send Bitcoin’, ‘Receive Bitcoin’, ‘Logout’ and ‘Unlink Account’ will be the only functions available for the purpose of non complicated usage and understanding.
Included in the interface will be a value ticker with the fiat equivalent of the balance available. The wallet displays value in ‘bits‘ to help new users overcome their aversion to Bitcoin being associated with a high and expensive value. This is a noted problem that has been credited as a flaw to mass adoption of Bitcoin.
“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 said.
The value of Bitcoin is measured in ‘Satoshi’ named after it’s creator, Satoshi Nakamoto. The smallest unit is a eight decimal places, or 0.00000001 of a bitcoin – which is called ‘ 1 satoshi’. A ‘bit’ is equivalent to a more manageable 0.000001 BTC. Users of the social wallet must sign in to the service using their Facebook details.
The social wallet application then accesses the user’s list of contacts from their Facebook ‘friends’ list ,to whom the user is then able to send Bitcoins to. The recipients do not need to sign up for the application prior to receiving coins.
Much like an actual android wallet app, the users can top up or withdraw their balances easily. To add funds to their QuickCoin wallet, users can click the ‘Receive Bitcoin’ option, which brings up a QR code containing the wallet key. Funds can also be sent to an external wallet via the ‘Send Bitcoin’ option.
A recipient of Bitcoins send via the Quickcoin app will receive a Facebook notification alert similar to any other game app notification or activity notifications that they are already familiar with and used to seeing through frequent usage of Facebook.
The company’s move to start with Facebook as their launch pad is a sound decision. Facebook is currently the top advertising medium and the social network had around 1.28 billion users as of March 2014. Ever since it’s inception, Facebook has increased it’s userbase steadily around the world and has become a household brand.
Mr.Hayner and the fellow company co-founders, William Cotton and Nathan Lands (who organized February’s Bitcoin Fair in San Francisco), have revealed their plans to provide more services besides the Facebook project:
“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.”
Despite Bitcoin being around for a few years, mass adoption has yet to fully take flight due to restrictions and setbacks in the industry that still haunts the crypto world today.
The decentralized technology however, is still very early in it’s stages where scalability is concerned, and more and more modifications are being researched and implemented as we speak. The newer implementations are seen as too complex when a new adopter expresses any interest in digital currency.
Hence, QuickCoin’s founders aim at keeping it’s wallet as simple as possible to facilitate an uncomplicated passage for adoption. The company founders adhere to their belief that even aspects of the technology such as QR codes should only be introduced to users out of necessity in order to avoid confusion as well as aversion to Bitcoins.
“Not everyone has the time to do extensive research about bitcoin before they begin to use it,” said Hayner. ”In fact, most of the people browsing the Internet today couldn’t tell you how DNS works, the same is true for bitcoin.”
It is agreed that there is more ease in producing new innovations to be implemented into Bitcoin’s infrastructure than it is to educate and promote the benefits to potential adopters. Perhaps this user friendly concept that will coexist with one of the world’s most popular social network platforms will produce the key that Bitcoin needs in order to unlock the gates of mass adoption. Such innovations will no doubt be monitored closely by alternative currencies and followed if it is successfully executed.