A game changer for the introduction of crypto?
Amid the recent price volatility of Bitcoin (BTC) and the rest of the crypto market, news from social media giant Twitter has reported that it is poised to enable the adoption of Bitcoin for relatively unnoticed content creators.
According to reports, Twitter’s latest iOS beta is being invented with BTC becoming part of the company’s upcoming Tip Jar module. If implemented, the move could have a significant impact on the global crypto landscape as it could instill much-needed confidence in other social media companies to do so.
Merrick Theobald, vice president of marketing for crypto payments company BitPay, told Cointelegraph that as more mainstream companies like Twitter accept crypto and openly support bitcoin and blockchain technology, it will help drive the industry forward as “blockchain- Payments are the best way to make transactions ”. online, ”adding,“ Twitter’s desire to add Bitcoin to Twitter’s tipping jar accepts a new approach and difference from fintech and will help accelerate adoption. “
Additionally, Theobald is intrigued by the prospect of bringing two great digital technologies together – namely blockchain payments and tweeting – especially as more and more crypto owners are looking for their future way to spend their digital assets. “The crypto market is huge with a total market capitalization of over $ 2 trillion,” he said.
Crypto education and ease of use will fuel Twitter’s BTC experiment
Despite growing awareness, the crypto industry is still in the early stages of widespread adoption, with most casual Twitter users still unaware of the technical knowledge of relative technology. For example, even many tech-savvy social media users may not be adequately trained in how to buy, store, and manage their digital assets and may skip the payment option altogether.
Wes Levitt, Head of Strategy at Theta Labs – a decentralized, peer-to-peer data sharing and distribution platform – seems to agree with this assessment, but also believes that Twitter can vastly improve the overall experience its users the company can get involved in and add:
“This has a good chance of getting it into production as Jack is a huge bitcoin supporter and owner. If his goal is widespread crypto adoption, he knows that exposing Twitter’s 300 million+ active users to Bitcoin is a good place to start. “
From his point of view, it is important that users also have the option of topping up their tips through a linked PayPal account, as well as other traditional services like Apple Pay and others, so that they don’t get pushed down their throats by the cryptocurrency. “You need this feature to gain traction before you hit users with the complexities of crypto transactions,” concluded Levitt.
When the crypto-tip feature is actually on its way, BTC will be added as accepted payment options on Tip Jar along with traditional portals like PayPal and Venmo. The rollout could also result in Twitter providing its users with a short guide to Bitcoin and the Lightning Network. Ultimately, any bitcoin-based tips will most likely be facilitated by using the above-mentioned Lightning Network, which reduces the cost of transaction execution.
Not everyone is sold on the go
While some believe that if Twitter accepts BTC, it could have a huge positive impact on the crypto ecosystem, not all seem to agree with this view. For example, Nimrod Lehavi, CEO of Simplex – a crypto payments infrastructure company – told Cointelegraph that the BTC cap is not necessarily a “killer function,” explained:
“Twitter Crypto is a very vibrant neighborhood indeed, but I really doubt tipping has anything to do with opinion polls. You gain influence on social networks when your opinion is valuable. And there are many ways to make money from it. “
While, in Lehavi’s eyes, creating such a rotating mechanism is fairly straightforward, the challenge will arise of identifying the ups and downs that can help make such a global vision a reality. “It’s a big question about how users top up their credit to make money and influencers to make money,” he added.
He suggested that while Twitter could offer users an initial grant for tips, it remains to be seen how things go from there because if the move is successful it could lay the groundwork for many other companies to follow .
Did Twitter break through cryptocurrency?
It’s worth noting that Twitter CEO Jack Dorsey hinted that a bullish option for Bitcoin was in the works back in May when his social media company unveiled the “Tip Jar” concept, designed to enable platform users to become content creators with . reward at the push of a button.
However, a bitcoin cap option appears to be just one of many developments that have centered on the launch of BTC for the social media giant in recent months, such as decentralized exchanges for bitcoin earlier this August.
Similarly, Dorsey announced in July that Square, an American digital payments and financial services company that it also owns, is also actively developing a custodial support hardware wallet for Bitcoin.
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Finally, in several interviews held earlier this year, Dorsey stated that he sees Bitcoin as the key to Twitter’s future, while Twitter has a comprehensive roadmap that includes the use of Bitcoin, including many commercial and corporate registry-based activities.
If Twitter’s bitcoin cap option bears fruit soon, it could create a domino effect that could lead not only social media companies but other financial institutions from various sectors to consider. Using digital assets is one of the ways to make payments easier.
Additionally, the move could also act as a nudge to crypto as a legitimate means of payment, especially in the eyes of people who may be on the fence about investing in the asset. Additionally, it will help BTC fulfill one of the most important use cases for cryptocurrency – that is, a means of payment – that its proponents have been championing for over a decade. .