Twitter Enables Bitcoin Tipping on Its Platform, Plans to Support Users to Unlock NFTs Services
Nicholas Otieno Sep 24, 2021 09:45
Twitter has moved to let its users tip content creators using Bitcoin to help users earn money for the platform. The social media giant is also expanding its reach to support users to authenticate and showcase their NFT digital assets.
Twitter Inc has announced that it will now allow people to tip their favourite content creators using Bitcoin on the popular social network.
On Thursday, September 23, Twitter announced that it will roll out its tips feature globally to all Apple iOS users this week and plans to enable the feature to become available for Android users in the coming weeks.
Apart from Bitcoin, Twitter will allow users to tip with fiat currency using more traditional payment services like PayPal’s Venmo and Square’s Cash app.
The social media giant said that it is not processing the payment itself.
Twitter is integrating the Strike, a Bitcoin wallet app that runs on the Lightning Network protocol, on its platform to facilitate the Bitcoin tips. Lightning is designed to enable cheaper and faster transactions using the flagship cryptocurrency.
Strike digital wallet company works in all US states except Hawaii and New York.
In addition to their Strike usernames, Twitter users will be able to add their Bitcoin addresses to their profiles, which people can then copy and paste into their crypto wallet of choice to send such cryptocurrency tips.
Twitter’s app will notify someone when they obtain a Bitcoin tip via Strike, lighting them to quickly reply by saying “thank you” or sending an emoji reaction to the tipper. The firm will also generate invoices for creators to track the tips they get.
The company confirmed that it would not take a commission of any money sent through its Tip feature.
Besides that, Twitter also stated on Thursday that it is experimenting with a feature that would allow users to authenticate and showcase their collections of NFT digital assets on the social network. Though the company did not provide more details about the blockchain project, it stated it plans to support authentication for non-fungible tokens (NFTs) by letting people connect their crypto wallets, which is another way the firm seeks to support creators who make digital art.
“NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner’s NFT as authentic,” Esther Crawford, Twitter’s product lead for creator monetization, said during a call with journalists on Thursday.
Bitcoin as Big Part of Twitter’s Future
In July, Twitter CEO Jack Dorsey told investors that Bitcoin would be a “big part” of the company’s future as he sees opportunities to integrate the crypto asset into existing Twitter products and services, including subscriptions, commerce, and other new additions such as Twitter Tip Jar and Super Follows.
Dorsey has been a strong supporter of Bitcoin for many years, and now he is taking his further commitment to implement the cryptocurrency into the Twitter platform.
The Twitter CEO has often publicly touted the cryptocurrency, stating that it reminds him of the “early days of the internet” and that there was “nothing more impractical” in his life to working on.
Dorsey introduced Bitcoin to investors during Twitter’s second-quarter earnings calls, stating that it could help the firm accelerate its product expansion while also noting that it was the “best candidate” to become the Internet’s “native currency.”
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