Twitter incorporates Bitcoin tipping
In an attempt by Twitter to remain relevant in the emerging crypto social media bridge the social media platform has implemented a marketing plan called Fans to funds Source by incorporating bitcoin lighting Layer Twitter users are now able to tip each other with Bitcoin through iOS app.
The company has been working for a while attempting to implement crypto currency into their network and due to the rise of block chain social media sites Twitter and Facebook have been attempting to remain relevant in the emerging industry.
Source mobile developer Alessandro Paluzzi leaked an image of a feature he appeared to be working on which enables Twitter users to tip with bitcoin.
Twitter also appears to be working with the Bitcoin lighting platform strike to make their tipping ability possible which will also utilise custodial and non custodial wallets Source
The feature will use cashapp which is an initiative operated by square which just so happens to be founded by the CEO of Twitter Jack Dorsey Source
The feature is only currently available to iOS users but will roll out to Android users in the coming months.
It further appears that Twitter is attempting to capitalise on recent sanctions imposed on money transfers to certain nations my stating they wish to also be able to support people with remittance to other parts of the globe and are investigating ways to enable purchases using their network and Bitcoin.
Twitter is also investigating way to incorporate NFTs into their platform to drive further mainstream adoption and enable Twitter users to buy, trade and sell art work.
They're also planning on further censoring their network with filters designed at keeping users safe and increasing user satisfaction Source
Opinion
Twitter has been attempting to roll out this initiative for some time and similarly Facebook attempted a similar initiative with its own currency but was met with restrictions from regulators as they felt that Facebook had the ability to destabilise entire countries. Infact if Facebook created its own currency it would automatically out tank hundreds of countries and their currencies.
So you could see how many countries would possibly just dump their own economy in favour of a private entity. Further work arounds are being developed by Facebook to enable their own currencies.
Hive already has the features Twitter wishes to release however as we note in the information above the Bitcoin tipping payment platform is owned and operated by the Twitter CEO so isn't inline with Decentralisation and stands to make Jack alot of money if it is successful.
Users should undertake adequate research prior to investing with the benefits most likely going to Twitter share holders rather than people participating in the network.
The marketing campaign says it all Fans to Funds
What are your thoughts on Twitters move?
Image sources provided supplemented by Canvapro subscription, this is not financial advice please do your own research
Posted Using LeoFinance Beta
