Enabling Crypto Currency with Twitter Tips
Twitter’s “Tips” feature is finally here. From this week, every Twitter IOS user can opt to add the “Tips” option to his account. Android users will have to wait a week or two as Twitter will be rolling out the feature to Android users too. We have already explained all the key features of Twitter Tips in our recent blog. As we already reported, the new live version has a few additional perks over the pilot version launched a few months ago. Learn everything about the new “Twitter tips” here,
Setting up the “Tips” option
Click on the “Edit Profile” option in your iOS application. Then, tap on the option “Tips”. Twitter will take you to a page comprising of “General Tipping Policy”. Read through the policy and accept the terms. It is mandatory to accept the “General Tipping Policy” in order to use “Twitter Tips”. After accepting the policy, you can tap on “Allow Tips” and then set up a payment method through which you wish to send and receive Tips. Please note that the payment service is of third-party and Twitter does not have ownership over the payment services. Hence, read all the terms and conditions of the third-party service carefully before using them.
Payment Platforms supported by Twitter Tips
We already reported that Twitter supports Bandcamp, Cash App, Patreon, PayPal, Razorpay, and Venmo in third-party payment options. In addition to the above platforms, Twitter now supports “Chipper” and “Wealthsimple Cash”.
Also, Twitter users can use Online Fundraising platforms to tip. This feature was not available in the pilot version and is a new addition. “GoFundMe” (Online Fundraising platform) and “PicPay” (Brazilian payments platform) are the available fundraising platforms as of now. Twitter will be adding a few more fundraising platforms in the coming weeks.
There is one more surprise announcement from Twitter in terms of Payment options. You can now use Bitcoins to tip a Twitter user. This is the first time a major tech company is accepting Bitcoin as a mode of payment.
Bitcoin as a Payment option
Twitter’s announcement that Bitcoin can be used as a payment option is the main reason why “Twitter Tips” is trending in a lot of headlines. A leading social media platform accepting Bitcoin means that many other tech platforms will follow Twitter in accepting Bitcoins. However, if you are someone following Twitter closely, you would have seen this coming. Twitter’s CEO Jack Dorsey made the following statement in July,
“If the internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach.”
In a way, Bitcoin is a gift to Twitter and other social media platforms. Over the years, social media platforms need to rely on building payment methods in local currencies only. That remained a huge problem in improving paid services all over the world. For instance, for someone in London wishing to pay for an online infotainment show hosted in the United States, the currency conversion and other complications would come in. Whereas with Bitcoin entering the arena, anyone from any remote place in the world can make a payment to another Twitter user through Bitcoin.
The next question anyone will have is about how exactly can a user make a Bitcoin payment? Well, we will explain,
Tipping through a Lightning Network
If a user wants to tip with a Bitcoin in Twitter, the user can achieve it through a payment application called “Strike”. Strike is built with Bitcoin Lightning Network. This is claimed to be the easiest and the fastest way to send Bitcoins.
So, if you are looking to Tip with Bitcoins, you need to open an account with “Strike”. “Strike” does not charge you for transactions. Strike is now available only for users from the USA and El Salvador.
Many might have a question as why Bitcoin! To clear the air, Twitter in their recent statement made the below remark about the reason why Bitcoin is considered as a payment option,
“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.”
Conclusion
With Twitter enabling Bitcoin for Twitter Tips, it is expected that Bitcoin payments as an option will be extended to Ticketed Spaces, Super follows and other paid Twitter services. Need more help in understanding how to send and receive Tips? Check our Twitter blog on sending and receiving tips in Twitter. Still have questions? Drop a comment and we are happy to help.
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