System and Method for Performing Social Media Cryptocurrency Transactions

A method comprising:

• receiving via a social media application an identification of a first user and a second user, wherein the social media application is integrated with a cryptocurrency wallet which enables a transfer of a value from the first user to the second user utilizing a blockchain-based system in which a distributed consensus protocol operating on a plurality of distributed compute nodes updates a distributed ledger when transactions occur and in which multiple copies of the distributed ledger exist across the plurality of distributed compute nodes;
• receiving a confirmation from the first user of a payment of an amount of currency to the second user within the social media application;
• and
• based on the confirmation, initiating a transaction which results in the payment from the first user to the second user of the amount of the currency which is recorded on the blockchain-based system in which the transaction is added to a block in the blockchain-based system according to the distributed consensus protocol.

A method comprising:

• engaging, by a first user, in a social media interaction with a second user using a social media application;
• receiving a confirmation of an authorized payment within the social media application of a blockchain-based payment from the second user to the first user, wherein the social media application comprises an integrated cryptocurrency wallet which enables a transfer of a value from the second user to the first user utilizing a blockchain-based system in which a distributed consensus protocol operating on a plurality of distributed compute nodes updates a distributed ledger when transactions occur and in which multiple copies of the distributed ledger exist across the plurality of distributed compute nodes;
• and
• receiving, as managed by the social media application, the blockchain-based payment at a first wallet associated with the first user from a second wallet associated with the second user.