Twitter's move on bitcoins is worth more than a tip

Tips feature extended worldwide to support content creators. Also accept cryptocurrencies. But the social network looks to the other: a decentralized internet

Photo: Andrew Burton / Getty Images “Develop a decentralized internet directly on Twitter and offer creators the ability to turn followers into fans and fans into funds, allowing them to continue to shape culture by holding meaningful conversations with one's audience ". With this vision, explained by Esthter Crawford product manager for creator monetization, Twitter has extended the Tips function to users all over the world since Thursday, at the same time implementing the possibility of rewarding favorite accounts with bitcoin and also targeting the world of non-fungible token.

The "tips" function was launched in May in a limited version under the name of Tip Jar. Several users with a certain following, in fact, already habitually insert in their bio and in their tweets the link to the PayPal or Venmo payment profiles to ask for financial support from the followers. Now the San Francisco company has decided to facilitate their activity beyond the functions of "like" or "retweet" and without withholding percentages on the transaction.

The payment services related to the tipping function will be Cash App, Patreon, Venmo, Bandcamp, Chipper, Razorpay, Waltshimple Cash. In the user profile there will be a special space where you can insert the link to your payment account hosted on these apps, which can also be used to promote donations for social causes or support any person or project. On the other side of the screen, the follower will see a banknote icon next to the "Follow" button. By making a “tap”, a screen will appear with the various payment options that the creator has actually activated. In addition to those already listed, there are also GoFundMe, an online fundraising platform and PicPay, a Brazilian mobile payment platform.

Initially available only on iOS, the function will be extended to Android users over the next few weeks, but that's not all because Tips will also enable bitcoin payments using the Strike API, a platform currently only available to users in the United States and El Salvador. Strike is based on the Lightining Network, a parallel superstructure of the blockchain that allows transactions to be accelerated and cheaper. Alternatively, users can copy or paste their own or someone else's address linked to any bitcoin wallet, to receive or send cryptocurrency payments.

Crawford assured, during the presentation, that these functions will be progressively deployed. in "dozens of countries" even outside the United States, to ensure that everyone can receive payments. She then added that the platform is exploring a way to authenticate and prove ownership of NFTs, already used by some users as a profile icon, allowing them to connect it to a crypto wallet and become increasingly known as digital content creators. This series of initiatives is consistent with the direction indicated by Jack Dorsey, who also sold his first tweet as NFT a few months ago and bought bitcoin with his Square fintech platform. Among other initiatives, in fact, Twitter is supporting the Bluesky project, aimed at creating a new standard for a decentralized social network, which the Californian company itself should eventually use.

https://twitter.com / esthercrawford / status / 1441236270982729735? ref_src = twsrc% 5Etfw




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Topics

Bitcoin Cryptocurrencies Finance Fintech Social media Social Network Twitter globalData.fldTopic = "Bitcoin, Cryptocurrencies, Finance, Fintech, Social media, Social Networks, Twitter "

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