Social media platform Twitter (NYSE: TWTR) made it known recently that it will now permit various users to provide tips to creators while using bitcoin.
In May, Twitter came out with tipping as a test feature in order to see how creators are able to gain payments from followers for material that they put out on Twitter. Last Thursday, the company made the announcement that the Tips feature would come out on a worldwide level to all Mac users (NASDAQ: AAPL) and for all Android users (NASDAQ: GOOGL) in the upcoming weeks.
Twitter users were able to tip with forms of money while utilizing more regular methods of payment, like Square's (NYSE: SQ) Cash app and PayPal's (NASDAQ: PYPL)Venmo. Twitter will additionally permit users to put in bitcoin addresses in order to send and receive these types of bitcoin tips. This particular method of payment will make Twitter the very first social media platform to endorse cryptocurrency as a form of payment.
Twitter also intends to allow a link their cryptocurrency wallets and initiating control of NFTs that they tweet with a badge.
Bitcoin tips on Twitter are administered by Strike, which is a bitcoin wallet app that runs through Lightning Network. The Lightning Network is meant to permit quicker and more inexpensive transactions via bitcoin. Funding has been provided by Twitter CEO Jack Dorsey, who recently wrote in a tweet that it was "only a matter of time" before Twitter distributed payments in this manner.
Strike is workable all over America except for in New York and Hawaii, as well as El Salvador. On top of having the Strike usernames, Twitter users will be able to put bitcoin addresses on their profile, which individuals can then copy and paste into cryptocurrency wallets in order to send out tips.
With Twitter's new form of tipping via cryptocurrency, there will be more opportunities for users to appreciate posts from creators.