Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

People will be able to mark their NFTs as legitimate on Twitter.
Twitter

Twitter is turning on the ability to ask for tips in Bitcoin through its app, making it the first major social network to encourage use of the cryptocurrency as a method of payment. The company also plans to let users connect their crypto wallets and authenticate the ownership of NFTs they tweet with a special badge.

Twitter has been testing tipping for a few months now, but the company hasn’t made tips widely available until Thursday, when the feature is rolling out globally on iOS with Android to follow. Besides Bitcoin, Twitter will let users connect nine traditional payment providers, including Venmo and Cash App, to their profiles to accept tips. Twitter isn’t processing the payments itself.

The Bitcoin tips are facilitated by Strike, a Bitcoin wallet app that runs on the Lightning Network protocol. Lightning is designed to enable faster and cheaper transactions using Bitcoin. The company behind it has received funding from Twitter CEO Jack Dorsey, a staunch Bitcoin advocate who tweeted in June that it was “only a matter of time” before Twitter supported payments via the protocol.

Strike works in all US states except New York and Hawaii, and the country of El Salvador. In addition to their Strike usernames, Twitter users will also be able to add their Bitcoin addresses to their profile, which people can then copy and paste into their crypto wallet of choice to send tips.

How tipping with Bitcoin works on Twitter.
Image: Twitter

Twitter’s app will notify someone when they receive a Bitcoin tip via Strike, letting them quickly reply to the tipper to say thanks or send an emoji reaction. Twitter will also generate invoices for creators to track the tips they receive. “Bitcoin represents one of the best solutions” for enabling people to transact in underbanked regions of the world, Esther Crawford, Twitter’s product lead for creator monetization, said Thursday during a call with reporters.

Bitcoin isn't the extent of Twitter’s crypto plans: the company said it is also planning to support authentication for NFTs, or non-fungible tokens, by letting people connect their crypto wallets. “NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner’s NFT as authentic,” a company spokesperson said.

NFTs have recently boomed in popularity as a way to buy and trade digital art on the Ethereum blockchain. A few months ago, the main Twitter account did a giveaway of NFTs that were minted on a marketplace called Rarible.

Comments

I’ll never understand the relentless waste of resources trying to get people to use BTC as money. Bitcoin sucks as a unit of account, and therefore sucks for payments.

Not even people who own Bitcoin want to pay in Bitcoin.

https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp

Do some homework. Bitcoin is the greatest "money" ever invented/discovered in human history. Probably a 1000x better then Gold.

Gold isn’t used as money (virtually anywhere) for very good reasons. Even if Bitcoin is digital gold (big IF – time will tell) it sucks as money. It will never replace fiat for so many reasons but mostly because you can’t create new Bitcoin (that’s the whole usp of it being digital gold) and the creation of money (fiat) is critical for the issuance of credit. The increase in money supply when new credit is issued is completely fundamental to gdp growth and our entire economic system. That’s one reason among so many as to why Bitcoin never replaces fiat.

the internet sucked for video consumption at one point. Technology takes time.

Nothing to do with sucking. It just doesn’t and can’t fulfil the role that fiat does. It might be ok as digital gold. But not as money. Read my post again.

The NFT thing is pretty huge imo. Verification without giving up anonymity is big. People thinking that tipping will be big, not sure on that. There’s been plenty of services for this, but people are cheap.

Verification of what though? PNGs?

Yeah, brother i spent $1,000 on this jpeg!
Me, oh? (Right click > save.)

That’s not really how NFT’s work, and how verification of ownership could work. Your comment gives me the "What is internet?" vibe.

the thing isnt about where the art is stored, its about the ownership.

Case in point, an owner of a Bored Ape "PNG" will be able to sell his image to anyone for ~100K. The same thing you said you could "right click and save" is worth 0

It’s the same as saying, "hey, the Mona Lisa is not worth 850Million because I can get a print of it for $2.99 at Target"

You can’t, the original Mona Lisa is not a digital print, whereas 1st png and 100th copy is the same, so original is not authentic or "original" in any way, nor would anyone go to Paris to see a png

It’s not so much about originality, it’s about verifiable ownership.

Your’ it’s the same argument breaks down the moment you try to resell the 100th copy. Without the verifiable ownership it’s worthless (doesn’t matter that its byte for byte the same)

But I give you the one that "no one will go to Paris to see a PNG".

Except all you’re actually selling is an arbitrary ID of a receipt of the Bored Ape image with a link that may or may not even work within a couple months.

Lots of projects are now using IPFS and Arweave… that are a lot more censorship-resistant

But you are right, lots of NFT projects are also using google photos and whatnot.

This sounds dumb as all hell

NFTs are a waste of good resources.

Could make the same argument for the entire web.

Okay let’s hear it. How are NFTs the same as the Internet in terms of resources used to operate them and the utility each service gives?

both are a complete waste of time and attention(the only resources that really matter imo). but if we’re going to spend more time in a digital space. digital ownership needs to get figured out, so why not NFTs.

The NFT news is a bigger deal than "tipping"

Currently there are ~0.3M users on Opensea. Twitter has 300M MAU. Even if 1% of those get interested, that will 10X the number of users on OS.

Strike is needed for lightning, strike provides the service of generating the invoice since you need an always node to generate invoices.To monitor monitor impermanent loss, yry this DEX tracking App at https://www.dexfolio.org/

For using NFTs to prove ownership of your own profile pic, I’d like to see how this pans out in practice. The idea is sound, but lets see the implementation.

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