Twitter is interested in cryptocurrencies as now twitter letting users request tips in Bitcoin via its app, becoming the first major social platform to encourage use of cryptocurrency as a form of payment. The company plans on releasing the option to connect crypto wallets and use them as a tag for ownership of NFTs shared on tweets.
Twitter has been testing tipping for a couple of months and they’ve finally rolled the feature out globally. It will be available on both iOS and Android. Users of Twitter will soon be able to accept payments in 9 different traditional currencies thanks to this upcoming feature
The Bitcoin tips are facilitated by Strike, a Lightning Network app that runs on the Bitcoin blockchain network. Lightning is designed to enable faster and cheaper transactions with Bitcoin. The people behind it have received funding from Twitter CEO Jack Dorsey, an outspoken Bitcoin advocate who tweeted in June that it was “only a matter of time” before Twitter supported payments via the protocol.
Only a matter of time— jack⚡️ (@jack) June 11, 2021
Strike works in 49 out of 50 US states. The exceptions are New York and Hawaii. Strike also has a presence internationally in El Salvador. In addition to their username, Twitter users can also add their Bitcoin addresses. Doing so will prompt them to be able to copy and paste the Bitcoin address into their cryptocurrency wallet of choice in order to send tips.
Twitter is interested in cryptocurrencies
The Twitter app will notify someone when they receive a tip in Bitcoins through Strike. They can quickly reply, thank the tipper, or express their reaction with an emoji. Twitter will also create invoices for its most popular users so they can keep track of the tips they receive. Crypto has been proven to be one of the best solutions for people in underbanked regions of the world and we’ve seen it catch on fast.
Bitcoin isn’t the sole focus of Twitter’s crypto plans. The company also announced that it’ll be adding support for authentication relating to NFTs, or non-fungible tokens, by letting people connect their crypto wallets. “NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner’s NFT as authentic,” said a company spokesperson.
Non-fungible tokens have been around for a while, but they became much more common in recent months. For example, one can trade & buy digital art on the Ethereum blockchain with them. A few months ago, the main Twitter account with millions of followers did a giveaway of tokens that are minted at Rarible
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.