[2014-05-27] CD: Facebook-Integrated Wallet Makes Sending Bitcoin as Easy as ...

[LiteCoinGuy]

Facebook-Integrated Wallet Makes Sending Bitcoin as Easy as Messaging

http://www.coindesk.com/facebook-integrated-wallet-makes-sending-bitcoin-easy-messaging/

[qwerty555]

Is this already active?

If this goes ahead it is huge!!!!!

if 1% of facebooks "users' 1.28 billion,  need just 1 coin that implies demand for 12.8 million coins or ALL the coins that exist.....of course the price increase caused by this demand will suggest that many will be buying just .05 or .005 of a coin.

More importantly if its on FB then commercial activity and merchants offering goods and services will increase exponentially.

[qwerty555]

yes it is up and running..it appears to be less that 72 hours old and fb posts show a confirmed user of the service 4 hrs ago. I will watch with interest...and buy some more coins  LOL

https://www.facebook.com/qcoin

[turvarya]

Users of the social wallet must sign in to the service using their Facebook details. The application then creates a list of contacts from Facebook friends to whom the user can send bitcoin – even if they have not signed up for the service.

That means, that you are not really sending Bitcoins. What happens if the friend denies the request, where do the Bitcoins go?

[ENEWIT]

I don't understand is such service necessary? Can anyone explain this to me

[qwerty555]

I don't understand is such service necessary? Can anyone explain this to me

not necessary as with many many things in our lives...just convenient for 1.2 billion potential users.

eg easily send money to buy a birthday present to family or friend far away ( which seems one of the more popular potential uses)

[turvarya]

I don't understand is such service necessary? Can anyone explain this to me

For mass adoption we need
1) a user-friendly software, and I don't mean in the sense you might think of, sending Bitcoins to a facebook-friend rather than having to copy a cryptic string is a huge difference for a lot of people, especially if it is integrated in Facebook it self.
2) a platform where are already a lot of people, so facebook is perfect, since you also send direct FB-Notification(I hope people don't ignore them, as much as I do)

[rebuilder]

Users of the social wallet must sign in to the service using their Facebook details. The application then creates a list of contacts from Facebook friends to whom the user can send bitcoin – even if they have not signed up for the service.

That means, that you are not really sending Bitcoins. What happens if the friend denies the request, where do the Bitcoins go?

I'm guessing the operator of this service controls the private keys for all associated addresses. Funds sent to a friend would be held by the operator until redeemed. A web wallet with Facebook integration, in other words. Presumably with the caveats involved with letting others hold your BTC for you.

[MUFC]

It could bring bitcoin to the facebook masses, but will zuckerberg allow it on there?

[qwerty555]

It could bring bitcoin to the facebook masses, but will zuckerberg allow it on there?

at the moment its working ..with a few teething problems which are normal ( like bitcoin lol)  .I assume the app has been pre approved by FB or very soon it will be stopped. We should know for sure in the next few days

[Whitehouse]

Yeah, but look what happened to the blockchain app on iphones. Apple approved that then it went bye bye.

[giszmo]

Yeah, but look what happened to the blockchain app on iphones. Apple approved that then it went bye bye.

fb auto-approves everything. Try it out. Publish any hello world and it goes live within minutes. I did a fb wallet myself yeras ago and didn't promote it for security concerns.

[erono]

Awesome work. I posted on FB giving away one bitcent to any1 of my friends who wants one.

[qwerty555]

Awesome work. I posted on FB giving away one bitcent to any1 of my friends who wants one.

do they have to have a wallet address?  I assume so..can u send even if they don't have one?  If so what happens to the coin?

Ok I've tried it. It creates a wallet for you when you receive or send it has your new "quickcoin" wallet address. this will be different to your main wallet wherever it may be.

That new wallet needs to be loaded from another wallet , yours or any senders (fb or otherwise)  I expect when you send to a friend with no wallet it will create one for them..I will try that next  

There is apparently ( as per comments on their FB page) a 100bit per transaction charge currently, which is not prominently clear on their website or once the app is loaded . However 100 bits is affordable if you are sending over 1000 bits

The security aspect is log in with your regular fb log in then use the passphrase which you create ( 3 of them) lose the passphrase you lose your wallet.  Give the fb log in and passphrase to another ..they can empty your account...plus hacking of course

[qwerty555]

so here is the approximate cost of sending a $50 gift via facebook..thanks to coins.ph April


Wednesday 8:23pm
Hi..re the very new quickcoin http://www.quickcoin.co/ . which allows you to send bitcoin via facebook. If someone in the USA wants to send a $50 birthday gift to Mindanao and send it thru coins.ph fb..what would be the total cost including LBC and the net amount the relative would receive (there is a 100 bit service fee to quickcoin) TY
QuickCoin - Bitcoin Social Wallet.
www.quickcoin.co
26 minutes ago


Hi XXX! Thanks for posing such an interesting question. QuickCoin is incredibly exciting. I haven't had the chance to try out the service myself yet, but we could go through the process to get an estimate of the actual net amount that would get remitted-- The person sending money from the USA would first need to convert his US$50 to BTC. Basing it off CoinDesk's aggregated price which as of right now is US$563.83, and assuming that that person would use one of the US exchanges to get Bitcoin, he'd end up with something like 0.08868 BTC. Then he'd take that BTC and send it over with Quickcoin, which you said will charge 100 bits (0.0001BTC), so--pretending we've enabled this service already--then we at coins.ph would receive 0.08858 BTC via Facebook. We would then run that amount through our sell system. Our sell price as of this moment is PHP23,541. Quoted sell price (subtotal) on the site is Php2085. LBC charges Php125 for domestic remittances between Php2001 and Php2500, which means with the payout fees subtracted from subtotal, what the person in Mindanao would be able to claim would roughly be PHP1960. According to Google, the spot rate right now for USD to PHP is 43.80, which means US$50 is currently worth PHP2,190. If actual amount remitted ends up as PHP1,960, then in effect, the person in the US ends up paying PHP230 (or US$5.25) to get his US$50 from the US to Mindanao, into Philippine pesos. Hope that helps! Would love to hear your thoughts on QuickCoin and on making remittances cheaper/easier/faster Regards, April

Thanks April. That was exactly the calculation I was looking for. Approximate cost 11%.. If however they have the pesos deposited in a BPI bank account that would be free and and save them P125 with a total cost of P105 (4-5% ish.)

[wachtwoord]

I don't think this is THE killer app. But it could very well be one of the key applications right below it.

[PatMan]

Couldn't give a monkeys about FB tbh, or that NSA/CIA/FBI info selling twat Mr Zuckerburg.

Definitely not to be trusted.

[bryant.coleman]

Check their FB post:

You can do whatever you want as long as your are compliant with your State and Country law.

lol... refer Bitlegal before you are using this service. 

[bitbaby]

This would be helpful in getting people curious and getting them joining the cryptocurrency train. But my only concerns are the safety of coins of tippers. As with any tipping service one has to fill up their wallets at FB. I don't know how secure these coins be in an FB wallet even if the amount of coins is little.

[giszmo]

This would be helpful in getting people curious and getting them joining the cryptocurrency train. But my only concerns are the safety of coins of tippers. As with any tipping service one has to fill up their wallets at FB. I don't know how secure these coins be in an FB wallet even if the amount of coins is little.

How is their cold storage policy? Do we know them? Can we sue them?

These are the basic questions you should ask before trusting anybody with your money.