Twitter rolls out tipping with Bitcoin and has plans to support NFTs in the future. Twitter in a blog post announced the latest feature that will allow users to send and receive tips in Bitcoin through its app. Thus making Twitter the first social media platform to adopt cryptocurrency as a payment method.
The social media giant tested the tipping feature back in May, though it was not available to everyone until Thursday. The latest feature added will enable Twitter users to tip their favorite content creators or Twitter celebrities with Bitcoin. Soon Twitter will also be introducing support for the GoFundMe campaigns for users.
Allowing More Tipping Platform
Earlier Twitter allowed platforms like CashApp and Venmo to send suggestions, though now the list has got more diverse as it allows more methods for users to tip certain accounts on the network. Twitter is also not taking any money sent through the Tips feature.
Twitter users can now link their Bitcoin Lightning wallets with the app and their Bitcoin address to start exchanging tips in Bitcoin. The Lightning wallets are widely popular among the masses as they carry low transaction fees. Currently, Twitter uses Strike, a payments platform built on the Bitcoin Lightning network. Twitter is an early adopter when it comes to using cryptocurrencies, need to wait and watch what Facebook’s take on this will be.Esther Crawford, a product executive at Twitter said, “There’s this growing interest among creators to use apps that run on the blockchain. We want to help creators participate in the promise of an evolving decentralized internet directly on Twitter.”
Twitter is not the first platform to add support for cryptocurrencies. Jack Dorsey, Twitter, CEO is a great cryptocurrency enthusiast and also believes in decentralization and NFTs (or Non Fungible Tokens) are essential for that decentralized network.In the future, Twitter also has plans to support authentication for NFTs by letting people connect their cryptocurrency wallets. According to a Twitter spokesperson, “NFT authentication will come in the form of a badge, shown in profile pictures, marking the owner’s NFT as authentic.” This will allow users to mark their NFTs as authentic, right on Twitter to avoid any conflict, and even have the chance to show it off.
The popularity of NFTs has gained immensely over the years, Twitter has even initiated giveaways of NFTs before. Currently, the tipping feature is available only for iOS users and soon will be released for Android in the weeks ahead.
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