Twitter Will Allow Content Creators to be Paid in Bitcoin
- Twitter CEO Jack Dorsey announced he would be allowing the users of its platform to tip their favorite content creators with Bitcoin starting with Apple iOS users beginning this week.
- Users of the platform can link their Bitcoin wallet and use the Tip Jar feature to send Bitcoin to their content creator of choice.
- Dorsey is a big advocate for cryptocurrency and wishes to allow its users to use crypto and NFTs soon.
In May, Twitter developer Jack Dorsey initially announced that the company would be allowing its content creators to receive compensation through Bitcoin payments. Previously, if users on Twitter wished to tip their favorite content creator, they could only do so through the use of fiat currency.
Tipping with Bitcoin
The process of tipping social media content creators is quite simple. Before buying and selling Bitcoin, if people wished to send money to Twitter content creators, they must have done so by linking their debit and credit cards. With the new iOS update, users can now connect their Bitcoin address to transfer the digital currency. Android users will also access the Bitcoin tipping method in the coming weeks. Twitter will not take a percentage of the content creator’s tips.
However, as these transactions are performed using different third-party applications, the third party could potentially reserve a percentage of the money sent as their fee. Therefore, though Twitter may allow its users to receive payment in Bitcoin, they may still not retain all of the funds.
Before the new Apple iOS update, users could only send tips to creators through Cash App and Venmo. But, with the new tipping method that Twitter has put into place, users can receive their funds sooner. Typically, international transfers take days to process when dealing with fiat currency. Now, creators paid in cryptocurrency will have access to the funds in their Bitcoin wallets within seconds.
NFTs soon to come on Twitter
Non-Fungible Tokens (NFTs) are digital assets like photos (jpegs, png) and video clips that allow the owner to buy and sell similar to physical assets. An avid advocate for NFTs, Jack Dorsey has openly supported the use of NFTs and cryptocurrency. Dorsey’s company Square bought more than $170 million worth of bitcoin. As NFTs are one of the more recent trends in the crypto space, Dorsey wishes to incorporate NFTs into Twitter soon so owners of NFTs can showcase their pictures.
Image Credit: mundissima / Shutterstock.com
In conclusion, Twitter is taking an ambitious step by allowing users of their platform to receive crypto. Trends have shown that crypto is becoming increasingly popular. With Twitter being a trailblazer by becoming one of the first companies to allow Bitcoin transactions, Bitcoin and other cryptocurrencies will become a part of our daily financial transaction methods.
What do you think other companies will follow in the footsteps of Twitter and start accepting Bitcoin payments? Join the conversation in the comment section below and let us know what you think.