Twitter is definitely paving way for the mainstream adoption of cryptocurrency by becoming the first social media platform that accepts Bitcoin as a means of payment for tipping.
Since May 2021, Twitter has been experimenting with the tipping feature with the main purpose of helping creators make money from the content they post on Twitter. Also, creators will gain 100% of the profit because Twitter won’t be taking any cuts from the feature.
The new feature was announced globally on 30th September and will allow users to add their Bitcoin address to send and receive cryptocurrency tips.
Get Paid With Crypto
Previously, fans can only use fiat currency and traditional payment services like Square’s Cash app and PayPal’s Venmo to tip their favourite content creators.
Now, Twitter has added more payment services including:
Bandcamp, Cash App, Chipper, GoFundMe, Patreon, PayPal, PicPay, Razorpay, Venmo, Wealthsimple Cash
While the function is now deployed for iOS users, Android users will soon be able to enjoy the function in the coming weeks.
“We want everyone on Twitter to have access to avenues to get paid,” Esther Crawford, Twitter product manager said in a statement.
“Digital currencies that encourage more people to participate in the economy, and help people send money to each other across borders and with as little friction as possible, help us do it,”
Twitter also integrated Strike, a Bitcoin-specific wallet app that is built on Bitcoin Lightning Network. That means you can give and receive Bitcoins free and instantly.
Besides the tipping feature, Twitter also hinted loudly that they are testing a feature that will allow users to authenticate and showcase their NFT collections on the app, making it possible to sell and buy NFTs on the platform to support digital art creators.
Twitter wants users to be able to connect their crypto wallets to Twitter and verify their ownership of NFT using a special badge.
Twitter’s CEO Is A Bitcoin Lover
It wasn’t a surprise when Twitter is integrating blockchain technology and cryptocurrencies into the platform seeing how Jack Dorsey, Twitter’s CEO is a huge supporter of the cryptocurrency.
Dorsey, who is known to favour Bitcoin over other cryptocurrencies has a lot of things to say about Bitcoin, one is that Bitcoin will be a big part of Twitter’s future and also the native currency for the internet.
“Much of the innovation enabled by Bitcoin is above currency to be had, and Twitter is committed to decentralizing social media and providing more financial incentives,” said Dorsey.
After the Thursday announcement, the price of Bitcoin has soared above $44,800 in the early afternoon, according to Cointelegraph Markets Pro.
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