Twitter once again proved its support of the crypto industry by announcing the ability to use Bitcoin (BTC/USD) for tipping. Starting now, every Twitter account that has its own Bitcoin wallet can connect it and send or receive tips.
However, it is worth noting that this is only a small part of a much larger initiative, as the company seeks to expand its support for all kinds of payment processors. Twitter would like to see the likes of Cash App, Venmo, Patreon, GoFundMe, RazorPay, PicPay, and others all get supported by its social network. Bitcoin is only the first step on that journey.
Details about Bitcoin tipping
The arrival of Bitcoin tipping was announced by Twitter’s Staff Product Manager, Esther Crawford, who explained the feature in an article called Bringing Tips To Everyone. Crawford explains that the company wishes to see everyone on Twitter have access to pathways to getting paid. Especially since digital currencies have the potential to encourage more people to participate in the global economy
The payments will take place on Bitcoin’s Lightning Network (LN), which the article also explained. The LN was developed as a solution for Bitcoin’s inability to scale, although it did not see the levels of adoption that it was hoping for. Now, it has a chance to try it one more time, thanks to Twitter’s massive crypto community.
Another thing to note is that only iOS users can use tipping on Twitter via their mobile devices. However, support for Android will arrive soon, as well, it just takes a bit longer.
Starting today, we’re rolling out Tips to everyone on iOS globally and bringing it to people on Android in the coming weeks. 🧵 https://t.co/GXKPSIpWYT
— Esther Crawford (@esthercrawford) September 23, 2021
Twitter is also looking into NFTs
One more very important thing to note is that Twitter will not be a Bitcoin maximalist, even though its CEO, Jack Dorsey, is. Dorsey has been dismissing the potential value of other cryptos and their networks, even when it comes to giants like Ethereum and Cardano.
Twitter will not be doing the same. In fact, the company itself is also exploring the possibility of using NFTs within the platform in its desire to help support creators who make and share their art.
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