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Friday, June 14, 2024

Twitter: introducing Bitcoin payment feature on its platform

Twitter has started to introduce a Bitcoin payment feature compatible with Lightning Network on its platform. This is part of the company’s strategy to reward creators of cryptocurrency content. The main digital asset was not chosen by chance: Twitter CEO Jack Dorsey has long been known for his active support of the crypto sphere. In addition, when announcing the new features, company representatives noted that “Bitcoin works without global borders” and that Twitter will be able to “join the world of decentralization” with the help of initiatives similar. We talk about what’s going on in more detail.

Recall that Lightning Network is a second level Bitcoin network. In fact, it is an add-on on top of the main BTC blockchain, which only fixes the results of multiple transactions after they are completed. The advantages of LN are the high speed of transactions due to the characteristics of the network and the low cost of sending coins. 

Bitcoin on Twitter

The “tip” in BTC can be sent in two ways. The first is to use Square’s Cash App or Go Fund Me payment gateways. The second is to make a payment through the Strike platform, built on the second-tier Bitcoin Lightning Network solution. As we have already noted, LN is an important infrastructure development that allows you to make almost instant Bitcoin transactions with a small commission.

As Decrypt indicates, so far the crypto transactions feature is available in the Twitter app only for iOS users. Support for Android operating systems will be added in the near future. In the official Twitter account also appeared instructions on how one user can send coins to another.

It should be noted that the function can be activated in the profile settings. Accordingly, there the user will indicate their own cryptocurrency address, which will be used to receive funds.

The crypto payments acceptance initiative is part of Twitter’s global content monetization strategy. Among other companies of this type, features such as “Super Follows” and “Spaces” conferences, available so far only to a limited number of people on the platform.

Lightning Network users reacted very positively to the news: the day before, the number of new LN nodes and channels between them increased by 23.68% and 22.24%, respectively. According to the 1ML service, at the time of writing this article, 27,082 nodes with over 73,662 channels are active on Lightning Network.

What is happening is also linked to the situation in El Salvador. Recall that on September 7, 2021, Bitcoin became an official payment tool, with which you can pay almost anywhere. At the same time, transactions take place through Lightning Network, which allows parties to save on commissions.

Fulmo startup CEO Jeff Gallas said innovations on Twitter will have a positive impact on innovation uptake in the Bitcoin ecosystem. Here is his line.

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“It’s very interesting to watch the latest Lightning Network introduction to the real world. More and more pieces of the puzzle come together. “

Twitter’s decision to use the Lightning Network was no accident: the network is designed for micropayments, which means it’s ideal for small transactions for everyone in the world. At the same time, even people who were not interested in crypto can receive transfers from other users around the world, which will only increase the popularity of Bitcoin.

We believe that the implementation of this feature can be compared to the support for cryptocurrencies on the PayPal platform, announced in the fall of 2020. Now even digital asset critics will understand that they have at least one clear advantage under the form of transferring value anywhere in the world for penny commissions. And it’s a great opportunity to start learning and using cryptocurrency.

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