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Bitcoin: will Twitter integrate the cryptocurrency soon? | Markets

The big winners of the last few weeks include Solana (SOL), Avalanche (AVAX) and NEAR Protocol (NEAR). The market capitalization of the cryptos is 2.34 trillion. and the total value of decentralized finance (DeFi) is just over $ 99 billion. The dominance of bitcoin (Bitcoin 51,465.00 -0.55%) is 41.4% and Ethereum 19.7%.

Twitter (TWTR 64.66 + 0.09%) and bitcoin

Reports like some banter on Twitter suggest the social media company is preparing for a bitcoin integration. The beta version of a planned update includes a bitcoin tip feature that uses the Lightning network and is operated by Strike.

The Bitcoin payment company Strike, founded by Jack Maller, is also a technology partner in El Salvador in the introduction of Bitcoin as legal tender. The integration of tips or tips can also be used for Super Follows, Commerce and Subscriptions. So it’s basically a feature for Twitter users, their community and their ecosystem to monetize.

It is interesting that Twitter is the first social media company to offer users a way of monetizing their creation that is not part of the traditional financial infrastructure – and thus protects users from oppression by financial companies.

Small step and big thing

Perhaps that is a lesson from the OnlyFans case. The web service for the provision of web content for a fee recently fell victim to the arbitrariness of the payment provider.

Decentralization for a more robust and free society: The starting signal was Bitcoin with a decentralized monetary system. Which other systems will migrate from central to decentralized in the next few years?

Even if it looks like a small addition, Twitter’s move is a big deal – not only does it allow creators to make money with a globally accessible payment system, but also that everyone anywhere in the world with their wallet for Can vote content that he likes without having to have a bank account.

200 million potential Bitcoin users?

With over 200 million daily active users, Twitter is number sixteen of the most popular social media platforms in the world. Integration with the Lightning Network will familiarize many of these users, most of whom have never used Bitcoin, with a monetary system that is fast, decentralized, and non-censored.

Holistically, Jack Dorsey’s approach is clear and different from most of his competitors: He focuses on bringing a traditionally centralized area like social media ever closer to a decentralized future.

Bitcoin as the most popular asset

Almost half of US investors have invested in cryptos in the past six months, according to a study by Bakkt. Bitcoin takes first place among the assets. According to the cross-border survey, investors consider cryptos to be a reliable asset class.

In South Korea, investors between the ages of 30 and 39 are the largest investors in cryptos, while over three quarters of Russian investors consider them the most future-oriented form of investment. There is a similar trend in all other countries.

The adaptation of cryptos is progressing, and it is becoming more and more clear that they reflect one way of thinking or the other: either those who welcome innovation and growth, or those who indulge in nostalgic memories.

Central banks are experimenting with CBDC

The central banks of Australia, Malaysia, Singapore and South Africa are introducing a new platform for cross-border payments with central bank digital currency (CBDC).

The Bank for International Settlements (BIS) has announced a prototype with which financial transactions can be processed more cheaply and quickly without intermediaries.

The CBDC goal is the same for every use case: shorter processing times for cross-border payments without friction losses in the form of fees for third parties. This has become more and more of a central concern for the BIS in recent years.

The El Salvador case

The Central American country was the first country in the world to make Bitcoin legal tender alongside the US dollar in June 2021 through a law that comes into force on September 7th. On the same day, El Salvador will also launch a wallet called Chivo, which will support transactions in both of the country’s legal currencies – the US dollar and Bitcoin.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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