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QuickCoin app lets users send bitcoin through Facebook

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If youre intrigued by Bitcoin but daunted by how transactions work, theres an app for thatand its on Facebook.

QuickCoin lets users move the cryptocurrency around for free through the social network. Its 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 CoinDesks 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 dont 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 shouldnt 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 thats what we seek to do.

The app is using Facebooks API (application programming interface) and does not require the social media companys approval, according to Hayner. Its 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 thats being advised by Jackson Palmer, the creator of cryptocurrency Dogecoin.

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QuickCoin app lets users send bitcoin through Facebook

Regulations mulled for bitcoin

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State regulators in Massachusetts and others around the country are taking a close look at virtual currencies as bitcoin continues to grow in popularity.

We will be trying to come up with a model law or regulations states can use, said David Cotney, commissioner of the Massachusetts Division of Banks and chairman of the Emerging Payments Task Force. This has gotten a lot of attention, and we want to make sure when we act, we get it right.

The task force is made up of nine state regulators from around the country, and will look at everything from bitcoin to mobile payments.

Last week though, the task force held a hearing on bitcoin and other virtual currencies, hearing testimony from bitcoin companies and regulators, include Barbara Anthony, undersecretary of the Massachusetts Office of Consumer Affairs and Business Regulation.

Anthony said one of the key issues is that average consumers may be interested in bitcoin, but are not aware of some of the risks.

Consumers and average consumers need to know that there are certain drawbacks to trading in a virtual currency, Anthony said. The kinds of consumer protections that were used to, people have to understand they are not available to virtual currencies.

Things consumers should be aware of about bitcoin, Anthony said, include volatile worth and the fact there is no central authority that guarantees bitcoins worth.

You could buy $100 worth of bitcoin right now and over a period of time that value is not going to be $100, Anthony said.

Cotney said he is not planning on implementing any regulations on bitcoin immediately, but could down the road.

We will certainly be looking at the efforts of this task force to help guide us, Cotney said.

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Regulations mulled for bitcoin

Bitcoin Pizza Day — eBay Hacked Data for Sale — Shrem Free from House Arrest – Video

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Bitcoin Pizza Day -- eBay Hacked Data for Sale -- Shrem Free from House Arrest
2014 Bitcoin Costume Contest! Vote for your favorites! http://www.worldcryptonetwork.com/2014/05/2014-bitcoin-costume-contest.html Join the MadBitcoins Patreon for behind the scenes content!...

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Bitcoin Pizza Day -- eBay Hacked Data for Sale -- Shrem Free from House Arrest - Video

The Bitcoin Group #31 (Live) – Bitcoin Costume Contest — Bitcoin Pizza — BTC Foundation – Video

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The Bitcoin Group #31 (Live) - Bitcoin Costume Contest -- Bitcoin Pizza -- BTC Foundation
Donate: 18EQEiQBK1X2DyDL5Y18j78iw4NuNHoLej Featuring... Chris Ellis (http://feathercoin.com), Kristov Atlas (http://anonymousbitcoinbook.com/), M.K. Lords (http://bitcoinnotbombs.com), and...

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The Bitcoin Group #31 (Live) - Bitcoin Costume Contest -- Bitcoin Pizza -- BTC Foundation - Video


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