As one of Jack Dorsey’s companies, Twitter is beginning to show an increased affinity for the blockchain and digital currency innovations-primarily through Bitcoin.
Months after releasing the Tip Jar feature, American microblogging and social networking platform, Twitter Inc (NYSE: TWTR) is notably laying the groundwork to integrate the Bitcoin (BTC) option as one of its tipping options. According to MacRumors, Twitter’s latest beta update in the iOS version introduces support for providing content creators with Bitcoin tips.
While this feature has not yet been enabled, the report noted that the code in the beta suggests Twitter is in the process of rolling it out. The Tip Jar feature was introduced back in May and it empowers content creators beyond likes, retweets and follows. As noted by Esther Crawford, Twitter’s Senior Product Manager, the new feature will serve as a way for people to send and receive tips.
Currently available to journalists, creators, Non-Governmental Organizations (NGOs), and experts, the Tip Jar is available to Android and iOS users, and the feature can be activated on the eligible user’s profile, just next to the follow button. The services or payment service providers that currently can be added as part of the feature include Bandcamp, Cash App, Patreon, PayPal and Venmo. Twitter takes no cut of the funds received as tips, and on Android, tips can also be sent within Spaces.
Twitter Backing Bitcoin for Tips
As one of Jack Dorsey’s companies, Twitter is beginning to show an increased affinity for the blockchain and digital currency innovations-primarily through Bitcoin. While Dorsey’s Square Inc (NYSE: SQ) has a significant amount of Bitcoin assets on its balance sheet, Twitter is supporting an initiative to build a decentralized social networking standard with the mission to empower more users.
The embrace of Bitcoin only reinforces the interest Dorsey has in the digital currency ecosystem. As reported by MacRumors, details in Twitter beta revealed that users will be directed through a Bitcoin tutorial which will include details on the Bitcoin Lightning Network and custodial and non-custodial Bitcoin wallets. These are essential to understand how the network operates as well as in educating users on the options to store their Bitcoin for ease of use as a tipping asset.
The Wallet of Satoshi, Strike, and Blue Wallet are among the examples of custodial wallets the social media giant outlined, and Muun, Breez, Phoenix, and Zap were outlined as examples of non-custodial wallets. As the entire operation is likely to work with the Bitcoin Lightning Network, Twitter said the users will need a Strike account.
“We use Strike to generate Bitcoin Lightning invoices so you’ll need to connect your account to accept Bitcoin tips,” the update reads.
The support for Bitcoin is a positive step in the growing desire to get the digital currency into the mainstream adoption cycle. At its peak, millions of Twitter users will come to gain exposure to the cryptocurrency through the Tip Jar feature, a move that may impact the price of the asset. At the time of writing, Bitcoin is trading at $47,401.94, down 0.19% in the past 24 hours according to CoinMarketCap.
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