QuickCoin lets users move the cryptocurrency around for free through the social network. It’s 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.
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.