Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
Twitter has finally launched its tipping service. The new feature should allow fans to easily reward content creators on the platform. Also, the service allows users to receive tips in Bitcoin.
Receiving Tips in Bitcoin
Twitter revealed the Tip Jar feature in May, near the height of the crypto industry’s total market cap. Also, they said that it would enable users to connect their Twitter accounts to more traditional payment platforms for rewards. These included Bandcamp, Cash App, Patreon, PayPal and Venmo– but not the Bitcoin network.
Rather, it wasn’t until July that Twitter CEO Jack Dorsey hinted at Bitcoin being one of his platform’s payment options. He called it “a big part of [Twitter’s] future,” and said it could be utilized in many of Twitter’s future applications. These included the Tip Jar, Subscriptions, and ‘Super Follows’.
I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it.– Jack Dorsey, CEO of Twitter.
Further confirmation came earlier this month, after code within a recent Twitter beta suggested Bitcoin-compatibility with the tip-jar. It included a tutorial for getting started with digital wallets and the lightning network, to familiarize the Twitter-sphere with Bitcoin.
Today, Twitter has rolled out the tipping service to IOS users across the world. Meanwhile, tipping with Bitcoin remains exclusive to users within the US and El Salvador– the country which made Bitcoin legal tender weeks ago. Android users will gain tipping access within a few weeks.
Twitter will not take any pay cut from tips exchanged between users.
Dorsey + Mallers: A Bullish Combination
Notably, the tipping service necessitates that users use Strike– the Bitcoin payment app created by Zap– for facilitating transactions. The founder of Zap is Jack Mallers. You may remember the young developer as the one who brought Bitcoin to El Salvador through Strike.
Both Mallers and Dorsey are extremely passionate about using Bitcoin to expand economic inclusion across the world. Dorsey called it the most important work of his lifetime at June’s Bitcoin Conference. There, he said that he would leave Twitter if Bitcoin needed him more.
At “The B Word” conference in July, Dorsey even said that he hopes Bitcoin “creates world peace”.