Published on July 17, 2014 at 22:43
Called Get Bits, the Facebook application allows users an easy way to trade bitcoin in-person by helping to arrange meetings between friends on the network.
Notably, Get Bits does not allow users to transact through the app. Rather, it serves as a way for independent buyers and sellers to connect via a commonly used platform.
BitPay framed the launch as one that sought to use the power of social networking to boost bitcoin, while leveraging Facebook’s utility as a social login to preserve security in the process.
The company 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.”Users can sign into Facebook to view a list of friends that are using the program. From there, Get Bits allows users to gift and trade bitcoin or invite others to the program.
BitPay further advised that users should exercise caution during in-person exchanges, adding:
“If a friend is interested in buying a significant amount of bitcoin from you, please consider exchanging in a physically secure environment.”The launch comes amid a boom in the number of bitcoin companies seeking to leverage social media to spread digital currency adoption. In May, San Francisco-based QuickCoin launched a social wallet, while Uruguay-based Moneero launched with a social focus in July.
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay
