Strike CEO Explains Why Twitter’s Bitcoin Tips Are Helping Bigger Crypto Than You Think

Twitter announced Thursday that it will use Strike’s Lightning infrastructure to enable Bitcoin Tips, a feature that Twitter users can use to tip others.

The company says the Bitcoin Tips feature will roll out globally on Apple iOS this week, while Android users will have to wait a few more weeks.

With Twitter CEO Jack Dorsey being a strong proponent of Bitcoin, some say the move will bring Bitcoin closer to the traditional financial system.

Commenting on it, Strike CEO Jack Mallers said the relationship is more than just a reward for social media influencers (KOLs) (helping them get tips straight from fans). ), but left a “big deal” with the crypto community.

A large amount of Twitter with Bitcoin

As you know, Twitter users can already get cash tips with traditional payment systems like Squares Cash App or PayPal’s Venmo. So, is there a major difference in getting tips with Bitcoin Lightning?

Of course it does, since Bitcoin Lightning is the only global network that integrates Twitter. Not all countries support Cash App and Venmo, but Bitcoin and Strike are available to anyone with a smartphone, no matter where they live.

“Let me be clear, the Bitcoin currency network is the only global currency network that integrates Twitter,” Jack Mallers, CEO of Strike, told CNBC.

https://twitter.com/PowerLunch/status/1441112489316343821?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

By combining it with Twitter, one of the world’s leading social networking platforms, users can pay anyone in the world, according to Mallers.

Different global crypto regulations are not the problem

Recently, US regulators began to remind crypto users of the implications of using digital assets as currency.

However, Mallers said this was not an issue related to Twitter tips as users never deal with Bitcoin. He continued to expand and said people needed to decouple BTC from the Bitcoin network.

In the strike infrastructure, people will only do business in their local currency, but the Bitcoin Lightning network will carry the information.

“With Strike we deposit and settle the value worldwide, immediately and free of charge. Allows you to trade in US dollars, Japanese yen, and euros. In reality, nobody touches Bitcoin in the Twitter tips product. “

To reinforce the importance of this fact, Mallers highlighted current problems with the use of old cross-border payment channels. That’s a long wait and sometimes high fees, especially for shipments to or from developing countries.

Just as the internet revolutionized communication by providing a single standard, Bitcoin does it with currencies. According to Mallers, the consequence of this is the “dematerialization” of all other payment networks.

Just as computers and smartphones have made the Internet more accessible for everyone, Twitter does it with the Bitcoin payment system. It’s much bigger than we think, this is just a “tip” on social networks.

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Khong Minh

According to Cryptoslate

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To reinforce the importance of this fact, Millers highlighted current problems with the use of old cross-border payment channels. That’s a long wait and sometimes high fees, especially for shipments to or from developing countries. Just as the internet revolutionized communication by providing a single standard, Bitcoin does it with currencies. According to Millers, the consequence of this is the “dematerialization” of all other payment networks. Just as computers and smartphones have made the Internet more accessible for everyone, Twitter does it with the Bitcoin payment system. It’s much bigger than we think, this is just a “tip” on social networks.