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Twitter has been beta testing the Bitcoin Lightning Tipping service, allowing users to tip each other with small amounts of bitcoin. The service uses a “channel” on their servers for transactions, which are completed in milliseconds. The only requirement is that you have a Twitter account and at least one bitcoin wallet. This new feature can be accessed by clicking the user icon near the message field, then selecting “Send Tips” from the drop-down menu.
In 2019, Facebook tried to revolutionize the financial industry by introducing its very own cryptocurrency Libra (later renamed Diem) but faced a lot of legalities from the U.S. Government. The fear was that cryptocurrency would take over and become more valuable than the U.S. dollar. Several other countries such as India have tried to disincentive the public from using cryptocurrency as demand for their own currency will plummet. This was a major reason why tech giants such as Facebook and Google were not able to jump on the cryptocurrency hype train…until now.
The inside talk about the Bitcoin lightning tipping service:
Twitter, being one of the biggest and most influential tech companies, has recently announced that it would be incorporating Cryptocurrency into its user interface. This is the first time that a major tech company is implementing blockchain technology. Jack Dorsey has promised that crypto will arrive at Twitter in July and recently Alessandro Paluzzi, a mobile developer, tweeted about it. In it, he mentioned that the service would decrease the cost attached with transactions made with cryptocurrencies. A wallet will be set up and the whole process is completely secure. But this is just a test and the whole service will not be open to everyone until it is over.
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With Twitter coming into the Cryptocurrency industry, accessibility to use cryptocurrency will rise. It is believed that the service will be similar to PayPal’s cryptocurrency services, except that an application called Strike will be used to make invoices.
Jack Dorsey is increasing his stake in other cryptocurrency exchanges such as Square, Bitcoin mining, and Blue sky. This means that Twitter’s cryptocurrency could possibly merge with other companies to become effective.
Another reason why this is a major change in the industry is how it affects social media ads. With in-built payment platforms on social media, consumers can easily buy goods online. This can increase engagement as well as ad revenue for companies such as Twitter.