October 3, 2022

Twitter Launches Support For Bitcoin Tips on Lightning Network. NFTs Could Come Soon

3 min read

Twitter, the favorite social network among cryptocurrency fans, has just announced that it will let its users to send out Bitcoin to any account with a BTC wallet.

Enabling Bitcoin tips becomes part of an even larger initiative. The company is broadening its assistance for payment processors of all kinds, including Patreon, Cash App, Venmo, Razorpay, GoFundMe, and Brazilian start-up PicPay, which functions as a comparable to Paypal or Venmo with some extra alternatives such as cashback purchases, returns on deposits or QR payments.

Twitter Embraces Bitcoin

In the article entitled “Bringing Tips to Everyone,” Esther Crawford, Twitter’s Staff Product Manager, discussed that cryptocurrencies were in tune with Twitter’s philosphy:

We desire everybody on Twitter to have access to pathways to get paid. Digital currencies that motivate more people to take part in the economy and help people send out each other cash throughout borders and with as little friction as possible– help us arrive.

The post likewise clarifies that Bitcoin payments will take place on the Lightning Network thanks to a collaboration with Strike, which confirms a previous report by Cryptopotato.

Lightning Network is an experimental layer two scalability service for Bitcoin that allows for immediate deals at minimal costs. Simply put, the performance appears to be aimed at promoting in-app micropayments.

Graphical representation of how the Lightning Network works, Image TheBlockPro.com
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BTC payments on Twitter will take place on the Lightning Network, an innovation that runs on top of the Bitcoin blockchain, Image TheBlockPro.com Although this is the very first time Twitter has provided support for Bitcoin micropayments, the fact is that Twitter users currently had a taste of the experience. To begin, users could get payments by means of Paypal and other service providers, and Bitcoin pointers were currently a reality by means of popular tipping bots and tasks like Tippercoin, BottlePay or Dropbit, which enabled users to associate a Twitter account with a Lightning Network wallet to get tips through a basic command. Dropbit was ceased when its creator was jailed on money laundering charges.

For now, Bitcoin payments are available only for iOS users. Crawford said Twitter will release assistance for Android devices in the coming weeks.

Bitcoin “Maximalists”

Twitter’s CEO, Jack Dorsey, is an outspoken Bitcoin maximalist. On various events, he has actually stated that Bitcoin could be destined to become the currency of the internet while dismissing his concentrate on other cryptocurrencies such as Ethereum or Cardano. Thinking about the magnitude of Twitter, this relocation might be the primary step towards the much dreamed global adoption.

However, regardless of Jack Dorsey’s maximalism, the blockchain includes much more than Bitcoin, and the Twitter team is aware of that. According to Mashable, Crawford stated that Twitter developers are exploring making use of NFTs within the platform as decentralized types of identity security.

“We’re thrilled to soon check out NFT authentication. It’s a way to support developers making this art with a stamp to demonstrate credibility. By enabling people to straight connect their crypto wallets, they can track and showcase their NFT ownership on Twitter.”

Twitter did not explain precisely what item its development group was expecting to release, nor which blockchain will be selected to mint the NFTs; nevertheless, once the service goes live, it will appear to the world that Twitter is chain agnostic, much to the unhappiness of numerous bitcoin maximalist.