Social networking titan Twitter says it is expanding the crypto assets and payments platforms compatible with its new tipping feature. In a new announcement, Twitter tells its 6,900,000 followers that it will now be incorporating wallet addresses associated with top altcoin Ethereum (ETH) into its tipping feature. The social media giant says it will also […]
The post Social Media Giant Twitter Adds Leading Altcoin Ethereum (ETH) to Tipping Feature appeared first on The Daily Hodl.
Users will still need to provide a full Ethereum address however as ENS domains have not yet been integrated.
In Sept. 2021, Twitter enabled Bitcoin payments as the first cryptocurrency payment option available via its tipping jar. Wednesday, the social media platform added a slew of fresh payment services to these existing tipping options, including Ethereum (ETH).
Have you set up Tips on your profile yet so it's easy for people to show their support?
— Twitter Support (@TwitterSupport) February 16, 2022
Yes: Cool, we’ve added Paga, Barter by Flutterwave, Paytm, and the option to add your Ethereum address.
No: What are you waiting for? Here's how: https://t.co/Id5TwTpnCF
Users looking to receive ETH tips simply need to enable the platform's tipping features, and add an Ethereum address to the dedicated section of their profile. However, an attempt to add an ENS domain name in place of a full alpha-numeric address proved unsuccessful, prompting an error box that indicated punctuation was invalid.
When it comes to Bitcoin, tips can be sent through the Bitcoin Lightning Network, which sends payment using the Strike app. The company provided no other details pertaining to tipping in ETH, however. For now, tips are only available for users on iOS and Android phones. According to Twitter, users keep 100% of the tips they receive.
Related: Bitcoin Lightning Network goes live on Cash App
The company stated that tips can be used to "show support, show appreciation, help out or reward anyone you want – from emerging creators and journalists to Twitter Spaces hosts." Other payment services include Cash App, GoFundMe, Patreon, Wealthsimple and Venmo.
Recently, Twitter rolled out a feature that allows Twitter Blue users to upload nonfungible tokens, or NFTs, as their profile pictures, but limited that capability to iOS.
In mid-October 2021, Twitter founder Jack Dorsey revealed the payments firm Block Inc. (formally Square) was considering joining the bitcoin mining industry. Three months later, Dorsey tweeted that his firm was “officially building an open bitcoin mining system.” The Block’s Hardware General Manager: ‘We See Bitcoin Mining as a Long-Term Need for a Future That […]
Dorsey suggested that the new initiative is incentivizing content creation and cryptocurrency adoption alike.
Back in September, Twitter became the first major social media platform to adopt Bitcoin (BTC) tipping, enabling users to send BTC directly to their favorite content creators through the site’s native frontend. The company also allowed users to send their BTC over the Bitcoin Lightning Network to ensure near-instant settlement times.
In response to an analyst's question regarding how cryptocurrencies play into the company's overall global strategy, Dorsey said the following during the company’s third-quarter earnings call on Oct. 26:
“It [Bitcoin tipping] allows for much more speed. Both tipping subscriptions are new. These are products that we want to make sure that again, we started small and we figure out the right product that people want to stick with and they're evaluating every single day. And then we'll roll them out to more and more people and scale it and continue to iterate on the product.”
Dorsey anticipated that the company could eventually integrate Bitcoin tipping with enterprise initiatives, such as in partnerships with advertisers on the platform. The number of monetizable users on Twitter has grown by 13% year over year to 211 million worldwide.
Earlier this month, financial services platform Square — also founded by Dorsey — announced plans to build an open source bitcoin mining ecosystem. At the time, Dorsey stated that the company's goal was to help further decentralize Bitcoin in order to increase the technology's distributed resilience.
Following the latest report from Cambridge University that shows a large percentage of the Bitcoin network’s hashrate resides in the United States, the CEO of Twitter and Square, Jack Dorsey, has announced that Square is considering building a “bitcoin mining system based on custom silicon.” Square Considers Building a Mining System On the same day […]
On March 23, the creator of the blog platform read.cash and the social media application noise.cash revealed a new project called tipb.ch. The application allows anyone to create a customizable short address that can be used for tips rather than having to share a long BCH address on social media platforms. Platform Tipb.ch Allows You […]
