Sending and receiving BSV over the traditional Internet is not yet a frictionless process, but a new BSV payment service called PeerSend aims to change this. PeerSend is a unique offering in the BSV blockchain ecosystem, allowing users to integrate BSV payments with existing social media platforms through the medium of a free and lightweight browser extension.
If you have PeerSend installed on your browser and linked to your BSV wallet, it is possible to send BSV to any users across most major social media websites, even if they don’t have a BSV wallet themselves. If the receiving user does not have PeerSend installed, they will receive a message prompting them to install the extension and receive their payment.
The BSV blockchain is the only public blockchain that scales unbounded and can facilitate micro- or nano-transactions with ultra-low transaction fees, making it an ideal tool for easily and cheaply transferring money over the Internet. Through its integration with HandCash, PeerSend delivers a user experience that is easy to understand and accessible to those who have not even heard of Bitcoin before.
To get started with PeerSend, simply visit the official website, install the browser extension and create or connect a HandCash wallet. Once you have activated PeerSend, you will be able to send BSV to users by hovering over their HandCash address or clicking on the PeerSend icon that appears on the content they post.
PeerSend allows you to send BSV over any social media platform or website, including:
To find out more about PeerSend and how it works, Bitcoin Association spoke to Jeff Baek, Co-founder of Peer Technologies – the company behind the PeerSend extension.
Easy and accessible BSV payments on the Internet
‘PeerSend is a browser extension that you can connect your HandCash wallet to and then you can send BSV over virtually any website or any social media platform, even to those who don’t have a HandCash wallet or extension, or don’t know anything about Bitcoin,’ Baek explains.
‘We thought that there was a problem in Bitcoin: it’s difficult to integrate Bitcoin, first of all, because it requires some sort of coding and development, and at the same time, Bitcoin only works in proprietary services. We wanted to create something that can be used on existing web services like Facebook, Twitter and Reddit to allow non-developers or even 100% of web users to be sending BSV freely on these platforms.’
The foundation of PeerSend’s accessibility is that it modifies the user’s browser interface to facilitate these payments instead of the actual service they are interacting with.
‘PeerSend is a browser extension that modifies the web page interface. For example, when PeerSend allows users to send money to others on Twitter, we don’t technically need permission from Twitter because we can modify the interface from the user’s computer and we can create a payment button on Twitter or Facebook without their permission. That’s how the users can send money over these existing platforms,’ Baek says.
‘We wanted a way to send money to non-BSV people or to non-crypto people on existing platforms. That was a demand we made on ourselves. We thought of some solutions and after doing some research, it turned out the browser extension was the only option to integrate the entire Internet into Bitcoin.’
Baek and his team aim to grow the adoption of the BSV blockchain by enabling the easy and cheap transfer of funds over existing social media platforms. The ability to send BSV to non-crypto users is crucial to growing this adoption and exposing everyday Internet users to the real and useful applications of the BSV network.
How it works and future plans
Using the example of Elon Musk and Twitter, Baek demonstrates how easy it is to send funds to others, as well as the safeguards they have added to protect unclaimed funds and assure people that the service is legitimate.
‘Let’s say you are a BSV user on Twitter and you want to send $100 to Elon Musk. You can just go to Elon Musk, scroll down to a Twitter post that you like and there will be a PeerSend payment button that you can click on to send any amount that you want. After sending the money, there is another button you can click which is labelled “share”. This allows you to leave a comment on Elon Musk’s Twitter post saying something like, “Hey Elon, I sent you a hundred dollars. You can claim the hundred dollars through this link”,’ Baek explains.
‘The receiver can then click the link to download the PeerSend extension, sign in to HandCash [or create an account], and then if they connect their Twitter account, they will see the money in their HandCash account.’
He notes that this payment is cancelled and the funds are reverted to the sender if unclaimed after 24 hours. This is to prevent funds from sitting in an inaccessible and unclaimed escrow forever, in the case that the receiver does not sign up to claim them.
This elegantly simple BSV payment system running on the traditional Internet can be applied to many different communities, and it can also be used for e-commerce payments and other applications, both of which Baek is considering.
‘We’re going to continue adding more social platforms like Reddit and GitHub, any form of community will be considered for addition. But PeerSend is not only about sending money from one person to another, it can also be used as an e-commerce tool. For example, if you insert your home address at PeerSend, then you can technically go to any e-commerce sites like Amazon or eBay and without logging in or registering, you can click the product you want to buy.’
‘We could create a button to buy with BSV and if a user clicks this, then we’ll do the currency conversion and deliver, because we know the address will use a third-party API to deliver that product. This means e-commerce websites can be merged into a single identity and cash system. Imagine you don’t have to ever give away your identity, sign up for anything, fill out credit card information, or verify your email again. All these funnels are entirely gone. The web services are just in your hands, and they don’t have to know anything about Bitcoin,’ he says.
To get started using PeerSend on all your favourite online platforms, visit the official website to install the browser extension.