Twitter implemented Bitcoin to allow its users to make and receive payments and tips with this cryptocurrency on the social media platform.
Starting this Thursday, Twitter enabled payments and micropayments with bitcoin to help entrepreneurs and content creators receive tips through the cryptocurrency on the social network. Now, the market-leading cryptocurrency has become the native currency of the microblogging network. Jack Dorsey, CEO of Twitter and Square, shared a post from Jack Mallers, CEO of Strike, revealing the news. Twitter integrated with Strike API to enable bitcoin payments through second layer solution Lightning Network.
Mallers explained that payments and tips in bitcoin through Twitter's social platform were enabled only for users of Apple's iOS operating system, while the function will be progressively activated in other operating systems such as Android in the coming weeks. Payments with bitcoin, as indicated by the CEO of Strike, can be made to and from anywhere in the world, instantly and free of charge. In addition to this, Mallers assured that the implementation of bitcoin on Twitter will unlock a whole new set of payments use cases never seen before.
Earlier this month, Dorsey had reported that Twitter would enable bitcoin payments through Tip Jar, the tips designed by the social network to financially support content creators and entrepreneurs. This feature allows Twitter users to send micropayments and tips in fiat money or bitcoins to creators as support for their work and dedication.
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Jack Dorsey, Twitter and Bitcoin
In July, Jack Dorsey reported that Bitcoin would become Twitter's native cryptocurrency, and that it would become an essential part of the platform to ensure its future development and growth. Dorsey is one of the best-known bitcoiners in the crypto industry and a strong defender of cryptocurrency.
As CEO of Twitter, Dorsey trusts in Bitcoin as a tool of empowerment, development and evolution, which will allow him to offer better products and services to his users, while at the same time being able to develop new ways to help users have better and more secure experiences within the social platform.
New features within Twitter
Through Bitcoin payments, Twitter seeks to democratize access to the innovative financial services encompassed by the crypto industry. The social network wants to offer instant and free global payments to anyone, at any time and from anywhere in the world, to improve everyone's financial experiences. In addition to this, Twitter will implement Bitcoin as an incentive tool for users to determine the type of conversations they want to see within the social network.
Esther Crawford, product lead for monetization at Twitter, said payments and tips will help users continue to drive the kind of conversations they want. The social network will also integrate a feature to warn users when they are engaging in “heated” conversations, as well as a feature to help creators monetize content on Spaces.
On Twitter, it will also be possible to track performance within the network and offer monthly subscriptions to followers, among many other functions to optimize the platform.
Bitcoin recovers 10% of its value
The Twitter news was one of the drivers of the price of Bitcoin this Thursday. The cryptocurrency has grown more than 10% in the last few hours, approaching the $45.000 by BTC at the time of this edition.
On Tuesday, the value of BTC fell to 40k amid concerns sparked by China's real estate giant Evergrande. However, the news that the country's government is helping the company refinance its debt and the announcement by the United States Federal Reserve (FED) to print more money have also been substantial factors in the recovery and growth of BTC in the last hours.
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