By Hannah Perez
Forecast’ by analyst Willy Woo and ‘The Held Report’ by Dan Held.
The content platform Substack, which allows writers to earn money through online subscriptions, now accepts Bitcoin payments via the Lightning Network
As reported by several news outlets, the move follows a partnership between Substack and cryptocurrency payment processor OpenNode. Initially, the Bitcoin
payment alternative will only be available for a group of cryptocurrency-related publications on the platform, the company revealed in a Twitter post.
According to Decrypt, there are many popular crypto newsletters on Substack, but the feature is currently available for two crypto newsletters: ‘The BitcoinForecast’ by well-known analyst Willy Woo and ‘The Held Report‘ by Kraken exchange
growth leader Dan Held.
However, the company vowed to continue to expand the functionality as they look to offer more control to their users. “We hope to explore broader availability based on feedback and demand,” a spokesperson for the platform told The Block
Today we enabled Bitcoin payments, starting with select crypto publications.
We will continue to invest in features that offer writers more control over their subscriptions and community.
To read some of the great crypto writing on Substack, visit: https://t.co/e8M8K9VZ2W
– Substack (@SubstackInc) August 23, 2021
Substack accepts Bitcoin for crypto newsletters
in San Francisco, Substack allows writers to set up subscription-based publications. People use it to launch newsletters covering just about anything from cryptocurrencies to comics. Some Substack
newsletters are free, but writers can charge readers to consume content.
The platform ti
ene more than 500,000 paid subscribers, and the most popular writers earn more than six figures a year, according to Cointelegraph. Now, readers of both of these selected newsletters will be able to pay for their subscriptions at Bitcoin and certain publications will also be allowed to keep their earnings in cryptocurrency.
Substack will accept bitcoins both on-chain and through the Lightning Network, a solution designed to enable faster and cheaper transactions of small amounts of bitcoins. A spokesperson for the company told The Block:
‘We’re excited to introduce this option, even on a small scale to start with. Bitcoin payments are fast, convenient and secure, with low fees. We use Lightning Network for transactions, [which are] even faster than credit cards.
For its part, OpenNode highlighted to Decrypt media that this is the first initiative that allows writers and content creators to accept Bitcoin with which they have worked so far. Although he assured that “other platforms that offer economic autonomy to content creators” are also exploring the option.
Founded in 2017, Substack is backed by notable investors, including Andreessen Horowitz (a16z), Y Combinator, Fifty Years and others.
Version by Hannah Estefania Perez / DiarioBitcoin
Unsplash image edited in Canva