According to reports, the social media powerhouse is exploring the possibility of adding Bitcoin as a payment method for rewarding content creators on the network.
According to code seen in a recent Twitter beta, the company is using the lightning network to integrate a Bitcoin payment option for its new “Tip Jar” feature. Though Bitcoin tips are not now available to beta customers, code suggests that it may be added as a payment option alongside Cash App, Bandcamp, Patreon, Venmo, and PayPal in the near future.
For those who are new to Bitcoin, the network will walk users through a Bitcoin tutorial, which will cover topics like custodial wallets, non-custodial wallets, and the Bitcoin Lightning Network. Zap, Breez, and Phoenix are all examples of custodial wallets, whereas Strike, Blue Wallet, and Wallet of Satoshi are all examples of non-custodial wallets. According to the wording, using the new Twitter feature would require a Strike account:
“We use Strike to generate Bitcoin Lightning invoices so you’ll need to connect your account to accept Bitcoin tips”
Bitcoin recommendations were not unexpected: in July, Jack Dorsey informed investors that Bitcoin would be a “significant part of Twitter’s future.” He particularly cited the tip jar as one product that could benefit from the network at the time, along with a few others, such as subscription and commerce. The corporation has not yet announced a launch date for its new Bitcoin feature.
Through the use of Strike and the Lightning Network
The strike is a payment application built by Zap solutions that enables the immediate purchase and transfer of Bitcoin between parties – without any additional costs. The application accomplishes this through the use of the lightning network, a layer two solution that addresses Bitcoin’s scalability issue caused by its slow transaction speeds.
Twitter’s use of Strike is an intriguing and exciting development, indicating collaboration between two key companies in the Bitcoin space. Both Dorsey and Mallers (Founder of Zap) were featured speakers at the 12 000-person Bitcoin conference in June when Dorsey claimed that he would leave Square and Twitter if Bitcoin required his services more, while Mallers revealed that El Salvador will implement Bitcoin as legal cash.
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