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Digital Money: Bitcoin


We’ve got an international time, so why not an international currency? Bitcoin is an online currency. It uses via peer-to-peer technology to operate with no central authority or banks. Bitcoin is very egalitarian by being an open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. 

It’s like digitally paying in cash. You can move money without using an intermediary like a bank, Paypal, Western Union. You don't need to attach your identity to the payment. Probably best of all, no one can shut your wallet down, like what happened to Wikileaks when payment providers refused to process payments. 

While Bitcoin is more the local currency of the Internet, the entire world is online and so it’s the closest thing we’ve got to an international currency. 

Bitcoin manages transactions and issues bitcoins collectively through the network, allowing new uses through its payment system. An example of new uses, Bitcoin Believers, also known as technolibertarians or digital gold bugs, could send me bitcoins for writing an article about Bitcoin, it's almost like a social network tip jar! And the opportunity for building businesses around micropayments in cryptocurrencies is enormous.

To raise awareness of this new currency, ChangeTip allows people to send bitcoin tips over social media. Promoting it as "the love button for the internet".


The largest social platform, Facebook now has added ChangeTip to its list of supported platforms. The integration of Bitcoin making an entrance onto Facebook is a major step forward. The San Francisco based company hopes to encourage more consumers to use bitcoin. Other social media platforms that support ChangeTip are Twitter and Reddit.

"Facebook is the biggest social media network, so it was a top priority for us," said
Dan Held, vice president for product. “With over 1 billion users enabling this on Facebook opens up a unique way to bring new people into bitcoin”

ChangeTip has just released an app on Facebook, where users can access the tipping pool.

Users need to connect their accounts in the ChangeTip panel, to send a bitcoin tip via Facebook. Facebook will then show the option of ChangeTip on its main tipping screen.

User can specify the amount of their tip in fiat denominations, BTC or ‘a moniker’. ‘A moniker’ is a nickname set in ChangeTip’s platform like ‘Beer’ or ‘Cheeseburger’ that indicated a certain value.

"We want people to be creative on ChangeTip," Held said.

Once the tip is sent, it will appear on the receiver’s timeline. The sender has the option to write a personal message on the post.

It took several weeks to build the integration, ChangeTip’s team said but the opportunity of growth via Facebook made it worth the effort.

Jessica Smith 

Australian girl, Jessica is loving England but is missing the sunshine! She loves writing, dogs and plays hockey! Follow her @JessicaAtSMF

Contact us on Twitter, on Facebook, or leave your comments below. To find out about social media training or management why not take a look at our website for more info http://socialmediacambridge.co.uk/.
Digital Money: Bitcoin Reviewed by Unknown on Sunday, May 31, 2015 Rating: 5

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