Twitter Now Incorporating Crypto Payment & NFT Authentication
On September 23, Twitter enabled the option to request tips in bitcoin via its mobile app, making it the first major social network to promote the usage of the cryptocurrency as a form of payment.
Users will be able to link their cryptocurrency wallets and verify the ownership of NFTs they tweet using a unique badge too.
Twitter began testing tipping in May 2021 using its ‘Tips’ tool to see how it would work. This is part of its ongoing investigation into how artists or influencers may earn money from their Twitter followers for the content they produce.
[READ MORE]: Twitter to roll out a Bitcoin tipping service
For Now, Tips Will Only Be Accessible For iOS Users
The feature was initially made accessible to Twitter iOS users, but will be made available to Android users in the following weeks.
Because the functionality is still in the process of being implemented, some users may have a longer wait time than others to get the update on their Twitter app.
Use ‘Tips’ Via Two Different Ways
One method is for users to download and install Strike, a bitcoin wallet application that operates on the Lightning Network protocol. Lightning is intended to make bitcoin transactions more efficient and less expensive by reducing transaction costs.
The firm behind it has received financing from Twitter CEO Jack Dorsey, who has been a vocal supporter of the cryptocurrency since tweeting in June 2021 that it was “just a matter of time” until the social media platform allowed payments made via the protocol.
However, Strike is currently unavailable in a number of countries, but other bitcoin lightning wallets, including Venmo, Cash App, Blue Wallet, and Wallet of Satoshi, among others, are anticipated to be linked with Tips in the near future.
When someone receives a bitcoin tip via Strike, the Twitter app will alert them, allowing them to swiftly respond to the tipper to express their gratitude or send an emoji response. In addition, Twitter will create invoices in order to keep track of the tips they get.
Another option is to utilise a non-custodial wallet, in which case you just need to enter your bitcoin address in order to begin receiving payments. This means you will have complete control over your money if you use a non-custodial wallet since the private key will always be with you.
When you allow Tips on your profile, you will have the option of adding your bitcoin address. It is possible for anyone to copy your address and paste it into a bitcoin wallet of their choosing in order to give you money directly.
Twitter’s Move Praised By Crypto Enthusiasts
The move has been greeted positively by the cryptocurrency community as Twitter has essentially transformed into a payment network for bitcoin transactions by allowing bitcoin tipping services for users.
According to them, widespread acceptance should take place in stages, and Twitter’s endorsement for bitcoin tipping will be a watershed event in reaching that goal. This breakthrough will almost certainly lead to other big social media networks enabling cryptocurrency payments on their platforms.
NFT Authentication Made Possible Through Twitter
Additionally, the social media firm said that it intends to enable authentication for non-fungible tokens (NFTs) by allowing users to link their cryptocurrency wallets. NFT authentication will take the shape of a badge that will be shown on profile photos, indicating that the owner’s NFT is genuine.
NFTs have lately gained favour as a means of purchasing and trading digital art on a number of blockchains; it was only a few months ago that the official Twitter account sold NFTs through an online marketplace called Rarible.
Share Your Thoughts!
What do you think of this development? Share your opinions in the comments below.