Twitter is reportedly laying the groundwork to enable Bitcoin tips for content creators.
Twitter boss Jack Dorsey hinted at the arrival of Bitcoin on the social media platform back in mid-summer. In July, he said the leading cryptocurrency would be a “big part” of Twitter in the future.
According to MacRumors, the current Twitter beta suggests that this service will be tested while developer Alessandro Paluzzi posted a picture on Twitter of what the service will look like.
– Alessandro Paluzzi (@ alex193a) September 1, 2021
When the Tip Jar was first introduced, Twitter allowed its users to add Bandcamp, Cash App, Patreon, PayPal and Venmo links to their Twitter profile.
Once bitcoin tipping is in place, users should no longer have to wait around 10 minutes for transactions to complete on the blockchain. That’s because Twitter reportedly plans to use Lightning Network (LN) technology for instant micropayments on the blockchain. The Lightning Network uses smart contracts for this, which have gained popularity in the Ethereum network.
Twitter plans to support both custodial and non-custodial BTC wallets. A non-custodial wallet is rather decentralized and gives the owner the option of keeping their own private keys. With a custodial wallet, a third party has the private keys, such as a crypto exchange.
A Bitcoin tapping feature on Twitter is just the latest in a series of BTC-focused developments for the social media giant and for Dorsey himself. In early August, the Twitter and Square boss announced plans to build a decentralized exchange for Bitcoin.
Last week, Dorsey selected cryptocurrency developer and privacy veteran Jay Graber to lead efforts to build a decentralized social media network called Bluesky.
Jack Dorsey was also recently critical of Ethereum and other coins in terms of their founding principles, security and centralization.
Image @ Pixabay / License