The news helped Bitcoin hit $45,000 for the first time in four days... but unfortunately, it didn't last.
Twitter has officially announced that cryptocurrencies are being added as a payment method for its tipping feature.
Tips enable the social network’s users to make financial contributions to the accounts that they’re following.
The company says there are a plethora of potential use cases. It could mean supporting an up-and-coming comic, helping a small business that is going through a rough patch, or donating to charity.
According to Twitter, Tips will be rolled out to iOS users first, with Android to follow in the coming weeks.
Cash App and Venmo are among the payment services supported by Tips — along with Strike, an app that has been built on the Lightning Network to make Bitcoin transactions faster and cheaper. This latter tool is only going to be available if you’re in El Salvador or the U.S.
Echoing remarks made during an earnings conference call earlier this year, Twitter’s announcement added:
“We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible — help us get there.”
Inevitably, there was plenty of excitement about Tips in crypto circles — not least because it’s a simple way to transfer Bitcoin that’s being rolled out by a major platform.
Another feature that hasn’t been commanding as many column inches relates to how Twitter will enable non-fungible tokens to be verified, a crucial step in proving the authenticity of digital art.
Crypto collectible enthusiasts now use a wide range of NFT avatars — including Bored Apes and Crypto Punks — as profile pictures.