Bitcoin microtransactions startup ChangeTip, which allows people to send bitcoin tips over social media, has now added Facebook to its list of supported platforms.
With the move, ChangeTip adds to its existing list of popular social media services, which include Twitter and Reddit.
However, the team framed the integration of Facebook as a notable step forward. By leveraging the world’s largest social network, the San Francisco-based company hopes to encourage more consumers to use bitcoin.
Dan Held, its newly appointed vice president for product, told CoinDesk:
“With over 1 billion users, enabling this on Facebook opens up a unique way to bring new people into bitcoin.”
Sending a Facebook bitcoin tip
To send a bitcoin tip on Facebook, users first need to connect their accounts within the ChangeTip settings panel.
The Facebook option will show in ChangeTip’s main tipping screen and the interface will populate the ‘Send to’ field with the user’s Facebook friends.
While transactions are made in bitcoin, users can opt to specify the amount of their tips in fiat denominations, BTC or ‘a moniker’ – a nickname set in ChangeTip’s platform, like ‘cheeseburger’, that indicates a certain value.
“We want people to be creative on ChangeTip,” Held said.
Once a tip is sent, it appears on the receiver’s timeline, and the sender has the option to write a personal message on the post.
The ChangeTip team said it took several weeks to build the integration, but that the opportunity made it worth the effort.
“Facebook is the biggest social media network, so it was a top priority for us,” said Held.
There is also a ChangeTip app on Facebook where users can access the tipping tool.
Bitcoin microtransactions
The opportunity for building businesses around micropayments in cryptocurrencies is immense.
Even so, there isn’t currently a dominant company in the space. Bitcoin services provider Coinbase has built a tipping tool, and startup Dogetipbot recently raised seed capital to facilitate dogecoin tips on sites like Reddit and Twitch.tv.
ChangeTip has raised more than $4m to date from investors such as Crypto Currency Partners and Pantera Capital.
Facebook image via Shutterstock