In the 3rd quarter of last year, Twitter launched a crypto tipping service for 18+ Twitter account holders. Previously, users only had the option to tip with fiat money on Twitters tipping jar. The tips feature enables users to support content creators, fund raising, or simply tip an account holder that needs help.
Bitcoin (BTC) Tipping
Since September 2021, users can send Bitcoin (BTC) tips using the Strike App built on the Lightening Network. Strike enables instant and free payments globally. Eligible users would need to open a Strike account to receive Bitcoin Tips. Bitcoin tippers are able to use any Bitcoin Lightening wallet to send tips to a Strike account.
Other available Twitter payment platforms and services included Venmo, Wealthsimple Cash, Razorpay, Patreon, GoFundMe, Cash App, and Bandcamp amongst others.
Twitter Expands Tipping Options to Include Ethereum (ETH)
Overnight, Twitter tweeted that it has enabled the option for users to send and receive Ethereum (ETH). In addition to Ethereum, Twitter also added payment platforms Paga, Barter, and Paytm.
Twitters goal is for Twitter creators and journalists to receive rewards for Twitter content. The platform is also looking to make it easier for content providers to work in any location by expanding the tipping options.
Users can simply go to the tip icon on a Twitter profile to send tips and the expansion of options should make it even easier for Tippers.
Regulatory Landscape in a State of Flux
While the latest additions will be welcomed by content providers, it remains to be seen whether regulators will impact its use. Concerns over the use of cryptos for money laundering and other illicit activity have led to a number of governments and regulators calling for a global crypto regulatory framework.
Earlier this year, the White House announced the imminent release of an Executive Order. The order will task U.S agencies to regulate digital assets as a matter of national security. Twitters expansion to include Ethereum could therefore raise the prospects of increased regulatory oversight.
Leave a Reply