Are you looking for a way to buy and sell Bitcoin? Many in the Bitcoin community have their routine of where they go to trade Bitcoin. Whether that is through an exchange, local sources, or selling goods and services, we want each source to be trusted. What if there was a place you could go that would search your friends and see who wants to buy or sell Bitcoin? A new platform called CoinTouch does just that.
CoinTouch is a service that connects with your Facebook friends list and searches for active Bitcoiners within your own trusted group of acquaintances. Created by Chris Beach, CoinTouch allows users to bypass a third party and deal directly with the people you trust most. Additionally, the platform is free of fees and provides a way to buy/sell to your extended network. Even further, CoinTouch does not ask for payment information or personal information, aside from requesting access to your friends list.
CoinTouch adds another layer to finding friends who trade Bitcoin. The service also searches friends of friends to provide an even more expansive list. Using CoinTouch, users navigate a easy-to-use menu that allows you to place a “bid to buy” or “offer to sell” to your own Bitcoin community within your friends list. Additionally, CoinTouch also supports a long list of altcoins and other virtual currencies, including Dogecoin, Auroracoin, NXT, Litecoin, Namecoin and more.
The new platform also gives users the ability to set their own rate based on BitStamp, BTC-E, Coindesk and Coinbase, which can also be bought or sold anywhere between -20 and +20 of the current rate. In terms of local currency, CoinTouch supports nearly 20 currencies from around the world, most popularly USD and EUR.
The idea behind CoinTouch could prove to be yet another popular way to buy and sell Bitcoin and other virtual currencies locally, much like localbitcoins. With a platform that only allows you to trade with your extended friends list, one would think that the amount of successful transactions would increase, simply because a user is more likely to know the individual directly.
For those just getting started, it could also serve as an easy way to gain a grasp on virtual currencies. On the other hand, there may be evident security risks, especially for inexperienced users. Users could choose to share secure information via Facebook and not through the platform provided, which could open them up to hacking attempts and theft.
It will be important that if you use CoinTouch to remember not to share sensitive information via Facebook or any other social media platform. It would be recommended that these transactions happen in-person, which should be simple, because they will likely be someone you have a direct relationship with.
CoinTouch delivers an interesting platform that can decrease the barrier to entry for those just getting started with Bitcoin. Additionally, creating something that severs the ties to exchanges and third parties will allow even the most experienced Bitcoin enthusiast to buy and sell virtual currencies throughout their own community of friends.
To try CoinTouch visit www.cointouch.com
Adam is a writer and musician on a mission. With a strong background in marketing and sales, Adam covers topics aimed directly at spreading knowledge of and supporting the growth of Bitcoin and cryptocurrencies. Adam resides in one of the best tech hubs in the US - Atlanta. @adamhhofman