Twitter, the world's leading mini-blogging social network, will enable bitcoin payments through the Tip Jar feature on the platform.
Bitcoin (BTC), the largest cryptocurrency in the industry by market capitalization, will soon be available among the existing payment options on the social network Twitter, through the Tip Jar function.
The information was published by the platform's mobile developer Alessandro Paluzzi, who revealed through his account an image of the new payment service. According to this post, Twitter users will soon be able to receive payments quickly and securely using bitcoin on the platform. Payments in BTC will be enabled through the network second layer Lightning Network.
Paluzzi assures that Twitter is already working on the development of the new payment method, so users will soon be able to use it. cryptocurrency as a new type of digital money, allowing people anywhere in the world to make or receive payments quickly and securely over the internet. The development also noted that the Lightning Network integration will ensure that payments and transactions are made quickly, with much lower commission fees than on the main Bitcoin network.
Tip Jar is a tipping feature enabled on Twitter to help content creators on the social network monetize their content. This tool allows them to receive financial contributions from their followers.
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Bitcoin and Lightning Network on Twitter
At the moment, the new Bitcoin payments functionality is in beta on Twitter iOS, as reported news aggregator MacRumors. According to the website, there is still no set date for the public launch of this new payment feature on the social network.
Custodial and non-custodial wallets
Twitter will include both custodial and non-custodial wallets for its new BTC payment feature, providing users with a variety of options to make payments from the wallet of their choice.
However, Paluzzi's post shows that in order to set up bitcoin payments on the social network, users will need to connect to the Strike wallet.
Mini tutorial on Bitcoin
The new payment feature will include a mini tutorial about Bitcoin payments on the platform. The company's idea is that users will be directed to this tutorial to obtain more details about the new option; such as how it works and its benefits. In addition, Twitter will integrate brief concepts about what Bitcoin and the Lightning Network are, in order to encourage knowledge and education among users of the social network.
The company defines Bitcoin as “the world’s first widely adopted cryptocurrency”, highlighting its potential as digital money for the Internet. On the other hand, it indicates that the Lightning Network is a technological innovation designed to offer fast and accessible cross-border payments, with very low commission fees.
Bitcoin, an essential part of Twitter's future
Twitter is starting to work on a new Bitcoin payment feature after CEO Jack Dorsey said that Bitcoin would be an essential tool to ensure the social network's future development and innovation.
During a conference call with Twitter investors in July, where he discussed the company’s financial results for the second quarter of 2021, Dorsey explained that cryptocurrency would soon be integrated into the social media platform’s products and services, including commerce, subscriptions, payment services, and other new additions such as Super Follows.
At the time, Dorsey did not elaborate on how Bitcoin would be integrated into Twitter's products and services. However, he made it clear that the cryptocurrency would be one of the social network's top priorities. Dorsey wants to drive the growth, development, and adoption of cryptocurrency around the world, to ensure the social network's innovation in the future. The company's CEO also has plans to further integrate with NFTs and to encourage the decentralization of social media through his BlueSky project.
Continue reading: Lightning Network on Twitter: Jack Dorsey suggests it's “just a matter of time”
