ChangeTip, a Bitcoin microtransaction company, has expanded their tipping tool to Facebook, the biggest social media platform. Facebook’s billions of users will now be able to send bitcoins to each other, even if they are just worth pennies, to show appreciation for posts.
The announcement was made at the North American Bitcoin Conference Miami, where ChangeTip CEO, Nick Sullivan, said the adoption of bitcoin on Facebook could be monumental for bitcoin’s growth.
[blockquote]“This frictionless, instantaneous movement of money allows us to connect with each other in new and meaningful ways. Businesses are discovering that they, too, can harness micropayments to build and improve their businesses,”[/blockquote]
After giving ChangeTip access to your Facebook account, you will be able to send friends bitcoins by typing their name into the Facebook field under the main header, the tip will then appear as a wall post on the receiver’s profile. The person will then be able to claim their Bitcoin. An optional message can be included with the tip and ChangeTip is also available through a Facebook app.
Many users were disappointed that they were not able to tip other users in the comment section, a feature ChangeTip enthusiasts have come to love on many other social media websites. ChangeTip calls itself the “love button of the internet” and being able to reward each other’s comments is a core part of the app’s functionality.
“Due to the limitations placed on us by Facebook we can only tip by a wall post. We’re looking at creative ways to enable tipping other ways,” said Dan Held, Vice President of Product Management at ChangeTip.
Despite the current limitations the overall reaction to the new expansion was very positive. The reddit thread announcing the addition of Facebook was filled with enthusiasm from people about their first tips on the global social network.
“Its WORKING..Just sent out 10 tips to Facebook friends…This will go viral fast!!,” wrote reddit user Wvspecialkvw.
ChangeTip has been become a fixture of the online bitcoin community in recent months. Proponents of the service enjoy spreading the “bitcoin wealth” and rewarding users for interesting or informative posts. Many people also think tipping those unfamiliar with Bitcoin will help increase adoption of the digital currency and eventually serve as a new way to monetise content
Changetip’s usage hit a recent high during the Bitpay sponsored Bitcoin Bowl in December. During the BitPay sponsored college football game, numerous bitcoin experts, as well as mainstream celebrities, participated in a tipping frenzy.
ChangeTip launched in December of 2013 and was only available on a small number of social media platforms. As the year progressed, the tipping tool expanded to over 35 social media platforms, including Google+, Youtube, Tumblr, and Github. The internet love button has done especially well on Reddit and Twitter.
At the time of press, the company has processed $80,904.18 worth of microtransactions and has 60,575 users.
On December 2, the company announced it has raised $3.5m in a series A funding round. Pantera Capital, a bitcoin focused venture capital, led the round because they believed the company could be bitcoin’s gateway to the mainstream. Other investors included 500 Startups, Boldstart Ventures and CryptoCurrency Partners.
“Tipping is likely to be bitcoin’s first killer app – seamlessly integrated into social media, enabling people to send money in a free, fun, instantaneous way without borders or minimums. This could have a huge impact on bitcoin adoption,” read a Pantera Capital report.
Banner image courtesy of Changetip