We had reported back in June that Twitter might introduce Bitcoin payments. Now, as Kayvon Beykpour shared, Twitter will implement Bitcoin payments in the form of some sort of tip. This would be the first enterprise-level introduction of Bitcoin tips by a global social media platform.
No more specific details have been released yet. But a screenshot has leaked showing Bitcoin and the Lightning Network introducing Twitter users interested in tipping. This suggests that some of the 200 million or so daily active Twitter users will be introduced to Bitcoin.
This could introduce individuals to cryptocurrencies through others giving them tips. Even though cryptocurrencies are trending, there continue to be numerous people who have not yet been exposed to cryptos.
Strike is limited to the US (with the exception of New York) and El Salvador, so Europe is left out. It’s also a custodian with AML and KYC requirements that can go as far as asking for SSNs, depending on usage. Nevertheless, this move represents another important step in terms of crypto adoption.
Twitter founder Jack Dorsey is a fan of bitcoin anyway and has already invested more than $50 million in BTC with his other company Square, which competes with PayPal as a payment service provider.
There are even cryptocurrencies that specialize in these mini-transactions for social media. Reddcoin, for example, originated as a fork of Litecoin and has been planning to establish this tipping function decentrally on different platforms for years.