Topic: SNAPCHAT allows users to send money (through square)... (Read 1727 times)

Every financial company know the payment processing is a lucrative business and want a piece of the pie.

Transaction is essentially nothing more than changing some number on the database(s).

The amount of information that banks/financial institutions collect on their customers is not up to the individual banks, it is set via law as banks must collect certain information in order to remain compliant with the AML/KYC laws.

http://snapcoin.com/ is for sale.

snapbit.com redirects to http://bitcoin.me/

Snapchat is not secure. I saw the video and kept laughing for about a minute. Snapchat is one of the most downloaded messaging applications yet it fails to deliver even foundamental security to it's suers.

The google playstore installs alone are ~500 million. But the developers just can't get their shit together. There are several serious functionality and compatibility bugs with the app that were never actually fixed. "Snaps" are supposed to be permanently deleted after a set time, but in the past a database was hacked and thousands of people had their personal images and videos stolen and leaked on the internet in an event called the snappening. Snapchat blamed the incident on third party apps but they never explained how the user data was actually obtained. This incident  demonstrated how badly snapchat is constructed, and that it doesn't even provide it's users with fundamental protection and privacy. And now they went on to create a money transaction service? This isn't even what it was designed for. I can't see how this functionallity would gain any traction from a demographic that mostly consists of teenagers.

This must be the least secure, most useless and inconvinient way to tranfer money. And most people don't seem to like it either. Maybe this will be the start of snapchat's downfall. There are better messaging apps that deserve more attention out there anyway.

Until banks and businesses learn that we don't want them to have information about us, bitcoin will be the optimal choice for anonymity thus making it more likely to become mainstream.

I agree that things like snapcash and apple pay will likely get people to be much more comfortable with mobile payments which could potentially lead to greater consumer adoption for bitcoin if the ways consumers can use it would increase.

SnapChat includes a script that records your Location, Full Name, Birth Date and SSN with every transaction.......

http://t.co/Lxu1dcs99i

This just shows that digitized currency is definitely where the market is headed. It is getting easier and easier to send money and as people find out what bitcoin has to offer and that they can do the same thing with it as with snapcash then thats when they will begin switching over to bitcoin.

Well in theory you would have the same consumer protections with snapcash as you would with using a credit card so your money would really not be at risk.

What I would think would prevent people from utilizing snapcash is the fact that many people use snapchat to send the kinds of pictures that they do not want others to see and probably do not want their credit card associated with that kind of activity

Well if they would have accepted BTC then it would have been great for the community.

they will never use bitcoins unless the video made by coinbase or circle.

I'd rather use ChangeTip.
It's integrated into all the popular Social media and if it's not, you just post the direct link/Url to your profile on ChangeTip ^Smile^

Fast and Friendly ^LoL^

I think it's about integration and ease of use and also adoption. If suddenly a send bitcoin option popped up that would pique a lot of interest. It's also easier to send money to your best mate Jimmy on snapchat via simple click or two as opposed to sending money to 1jsklgt5h9ohy6gyb77b4 by booting up your wallet etc.


The wut made me laugh  .

Also, this service will not be free.  Notice that there is no mention of fees in any of the advertisements for Snapcash.  Plus, who the heck would trust Snapchat with real money?

As your title says, they are using square which is essentially a credit card processor. This is really little different from someone using paypal to send money to others, and I think this is a way to get more people to use snapchat so they can sell more ads.

I don't see any reason why anyone would want to send bitcoin to someone via snapchat when they could simply use a blockchain.info wallet to achieve the exact same result

I got a snapchat from Team Snapchat. It was a video of a girl sending a guy money to pay for a gift for their mother.

a) wut
b) Imagine if they integrated BTC using maybe Circle or Coinbase.