Twitter users now have a range of payment options to choose from, when sending and receiving tips through the social media platform, including sending bitcoin via the Lightning Network.
Bitcoin for Tips on Twitter
In a blog post on Thursday (September 23, 2021), Twitter’s product manager Esther Crawford announced that the company has integrated bitcoin into the tipping feature on the platform. People can send bitcoin tips to content creators on Twitter over the Lightning Network through payment app Strike or can add their BTC address to receive crypto tips directly.
The Lightning Network (LN) is a second layer solution that enables faster and cheaper bitcoin transactions. According to Crawford, users will need to have a Strike account and add their Strike username to receive tips over LN. The app is available in the US, excluding New York and Hawaii, and also in El Salvador.
There is also a list of traditional payment services available for Twitter users to send tips. They include Patreon, Venmo, Square’s CashApp, Venmo, Chipper, Wealthsimple Cash, Bandcamp, GoFundMe, and Brazilian mobile payment platform PicPay.
Meanwhile, the introduction of bitcoin is Twitter’s way of broadening accessibility to receiving payments. According to Crawford:
“We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible – help us get there.”
Twitter Also Exploring NFT Authentication
Twitter first announced the Tips feature back in May, as a way to enable people to send money to their favorite content creators on the social media platform. Users needed to add the tipping feature on their profile, with the icon appearing next to the “follow” button, to start sending and receiving tips.
The latest announcement states that the feature is available globally, but only for Apple iOS users, with Crawford stating that it would extend to Android users in the coming weeks. Twitter, however, said that it has no cut in the money gotten through the tipping feature.
Apart from enabling bitcoin tips, the social media giant is also looking at NFTs. According to the Twitter product manager, the company is planning to introduce a feature that supports NFT verification.
Speaking on the matter, Crawford said:
“We’re excited to soon explore NFT authentication. It’s a way to support creators making this art with a stamp to demonstrate authenticity. By allowing people to directly connect their crypto wallets, they can track and showcase their NFT ownership on Twitter.”
The Twitter executive did not mention how the company intends to launch this feature or give a time frame for its launch.
Jack Dorsey is a Major Bitcoin Proponent
The latest development, meanwhile, is not surprising, as Twitter’s CEO Jack Dorsey, who is also the founder and CEO of Square, is an outspoken bitcoin proponent. Back in 2018, Dorsey said that BTC could become the “single global currency of the internet”.
During the firm’s Q2 earnings call back in July, Dorsey told investors that bitcoin would be a big part of Twitter’s future. The CEO added, saying that if there was an Internet global currency, it would benefit the company which could move quickly with some of its products and services, which include subscriptions, commerce, Tip bar, and Super Follows.