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Tuesday, July 5, 2022

Bitcoin Tipping Makes Twitter the El Salvador of Social Media

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Twitter made news today following the introduction of cryptocurrency payment options over its platform. It has further announced Tips, a new tipping feature.

Using Tips, a user can link any other payment platform to Bitcoin.

The service will further facilitate users to tip Bitcoin to their preferred social media creators accredited for activating the service.  They can do so through platforms such as Venmo, Patreon, and Cash App.

Alongside the launch, Twitter intends to accelerate non-fungible tokens (NFT).

For the previous few months gone by, Tips was in the testing phase. As of current, it has been rolled out for iOS alone. A launch is, however, in the pipeline for Android users as well. Presently, there is no clarity on whether the interface is available for access by desktop users as well.

A new icon will be featured apart from the follow-up button that facilitates payment profiles when using the service.

It is also noteworthy that currently, the tipping feature is subject to the terms and conditions of 3P platforms.

Esther Crawford, a Twitter Product team member has issued a statement. She has expressed that according to them, the continuation of incentivization of the different types of conversions that people are looking forward to is very much possible. They are likely to choose to go ahead with the idea. 

Twitter is currently using Strike. Strike is a Bitcoin payment service that operates over the Lightning Network and facilitates quick transfers. But as of now, Strike is available only for the users residing in El Salvador and the US, including New York and Hawaii.

Twitter’s thought process behind the launch is facilitating financial inclusion and borderless digital payments, a Twitter user has highlighted.

It was during June that Jack Dorsey confirmed the coming of Strike on the platform. But presently, it is available for use in selected regions alone. One of the possible reasons for the development is the regulatory uncertainty prevalent in a few of the places worldwide. 

Another Twitter user has also pitted Mark Zuckerberg against Jack Dorsey. Diem is Facebook’s in-house currency. It was merely last week that Facebook had claimed that Diem is going to be a distinctive and new class of cryptocurrency.

More platforms than ever are looking at cryptocurrency trading for the future. In such circumstances, let us consider what is there to follow on Twitter.

It was in June that Dorsey had announced his Defi project focused on Bitcoin. He had announced it via Square Inc., his payments company. Soon after, Square Inc. launched TBD and explained its functioning as a sound global monetary system. 

As we write this article, BTC is falling afresh. It had initially spiked sharply after the aforementioned news was released. The new fall is attributed to the market-related fears and uncertainties due to China.

 #wazirxwarriors #btc #bitcoin #china

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