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Backslash launches its peer-to-peer Bitcoin wallet

Backslash has made sending bitcoins easy and convenient by leveraging social media platforms with their new peer-to-peer bitcoin wallet.

Two Stanford graduates, Roneil Rumburg and Paul Benigeri, created the company when they found it difficult to find and send money to one another, VentureBeat reported.

The peer-to-peer wallet links up with the user's Facebook or Twitter account, enabling the user to send coins via social media. The friend receiving the bitcoins gets a message through the social media platform with a direct link to the bitcoins. If the receiver is Backslash user, they can access their bitcoin directly from their wallet.

“We want to remove the friction from transactions. That means that right now we have to host wallets. But we don’t want people to put a ton of Bitcoin in it,” said cofounder Rumburg. The company’s focus is to generate fast transactions rather than storing money.

Backslash concentrates on encouraging its consumers to transact, a continuing problem for not just Bitcoin but other digital currencies as well. The main reason being digital currency holders typically refrain from spending them. To push for more spending and sending, Backslash offers its users “bits” – small amounts of Bitcoin, every time they get someone to sign up for the wallet.

The offer seems to be working as the company has said that since its public beta launch in September, Backslash has obtained 15,000 users who have made at least 50,000 transactions to date.

Since the release, Backslash allows users to transact Bitcoin and Dogecoin currency.

Rumburg and Benigeri have also said that while the wallet does not currently host a mobile application, there is one currently in the works.

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