Substack platform users will gain the ability to pay for subscriptions with Bitcoins.
The platform has more than half a billion users, but for the beginning, payments in BTC are to apply only to selected publications on the subject of cryptocurrencies.
Instant and cheap BTC payments
Payments will be made using Lightning Network. The introduction of BTC payments will be made possible through integration with OpenNode (a popular BTC payment processor).
The announcement related to the partnership between OpenNode and the Substack platform was made on Monday. The integration aims to make it easier for writers to monetize in BTC:
“To make it easy for writers and publications to get paid in Bitcoin”.
What is Substack?
Founded in 2017, the Substack platform allows authors to create paid newsletters. There is no cost to produce the publication itself (but it doesn’t generate profits for authors either). Both the service and the authors make money when readers sign up for paid newsletters.
Popular newsletter categories include Culture, Politics, Finance, Sports, Comics, Music, Art, and of course Cryptocurrencies.
Subscribers to the latter will now be able to use their Bitcoins to get new information. Importantly, newsletter authors will be able to receive earnings in cryptocurrencies. Although initially the payment with BTC will be available only in the Crypto section, it is possible that in some time the platform will introduce it to other categories as well.
One of Substack’s investors is venture capital firm Andreessen Horowitz, which has already shown interest in the cryptocurrency market(Crypto Fund III | Andreessen Horowitz creates largest cryptocurrency investment fund ever).
Popular authors on Substack
In Poland, paid newsletters are not very popular, but abroad they are used by many users, which is confirmed by the huge growth of paid subscriptions on the Substack platform. While in March 2020 the number of paid subscriptions was around 100,000, in February this year it exceeded 500,000. Among the most popular authors are people well known in the cryptocurrency community: Willy Woo (The Bitcoin Forecast by Willy Woo) and Anthony Pompliano (The Pomp Letter).