QuickCoin app lets users send bitcoin through Facebook

This Facebook wallet is designed to be as simple as messaging

QuickCoin's bitcoin app for Facebook lets users send the cryptocurrency around for free.

QuickCoin's bitcoin app for Facebook lets users send the cryptocurrency around for free.

If you're intrigued by Bitcoin but daunted by how transactions work, there's an app for that -- and it's on Facebook.

QuickCoin lets users move the cryptocurrency around for free through the social network. It's a simple process of logging into an account, choosing a Facebook friend and sending bitcoin.

The accounts, called "social wallets," display bitcoin in U.S. dollars and in "bits," which are defined as 0.000001 bitcoin. That means US$5 would show up as roughly 8,548 bits instead of a fraction of one bitcoin.

One bitcoin was worth about $583 on Tuesday, according to CoinDesk's Bitcoin tracking index.

The app is designed to work on any device or platform and is being positioned as a way of simplifying Bitcoin for mainstream adoption since Facebook claims 1.28 billion active monthly users.

"You don't need to know how DNS works to surf the internet, so why should you have to know how Bitcoin works to use Bitcoin?" QuickCoin cofounder Marshall Hayner said in an online chat.

"The answer is clear: you shouldn't have to. We realized if we could make something that makes sense for everyone to use, we could reach a large audience with an amazing world-changing technology, and that's what we seek to do."

The app is using Facebook's API (application programming interface) and does not require the social media company's approval, according to Hayner. It's has been running for about a week and Facebook has not contacted the company so far.

Facebook did not immediately respond to a request for comment.

QuickCoin is a self-funded San Francisco-based startup that's being advised by Jackson Palmer, the creator of cryptocurrency Dogecoin.

As far as the company knows, it is compliant with regulations under the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), CEO and cofounder Nathan Lands said. FinCEN issued guidelines about virtual currency firms last year.

QuickCoin is offering the app service for free, although there is the standard cost of roughly 5 cents per transaction to maintain the Bitcoin network, Hayner said, adding the company hopes to gain as many users as possible and somehow monetize that in the future.

QuickCoin also wants to bring its Bitcoin app to other social media platforms, he said.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags internetFacebookInternet-based applications and servicesQuickCoin

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tim Hornyak

IDG News Service
Show Comments

Essentials

Brother MFC-L3745CDW Colour Laser Multifunction

Learn more >

Mobile

Exec

Budget

Back To Business Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?