Twitter has been discovered to be working on enabling users to add Bitcoin and Ethereum addresses to their profiles in order to collect cryptocurrency-based tips. This latest addition may be designed to improve the Tip Jar option that the microblogging platform introduced earlier this year. Through the Tip Jar function, Twitter is working on allowing users to send and receive tips in Bitcoin. Bitcoin might become a huge component of the company’s future. Alessandro Paluzzi, an app developer and reverse engineer, backed the claim with a tweet, saying that Twitter is working on allowing its users to add “Bitcoin and Ethereum addresses to your profile to accept tips via Tip Jar feature.” If Paluzzi is correct, Twitter’s Tip Jar function, which was unveiled in May, will be updated.
What is the Tip Jar Feature?
Tip Jar is a simple way to show your appreciation for the amazing people who contribute to the Twitter conversation. This is Twitter’s first step toward providing new options for individuals to receive and demonstrate support on Twitter — using money. Anyone using Twitter in English can send tips to the appropriate Twitter accounts for iOS and Android. For the time being, only a small number of people using Twitter in English can add Tip Jar to their profile and take tips. Creators, reporters, experts, and charitable organizations make up this group. Tip Jar will soon be available in more languages and more individuals will be able to incorporate it into their profiles.
How does the Tip Jar Feature Work?
If a Tip Jar icon appears beside the Follow button on a user’s profile page, it means the account’s Tip Jar is active. You will see a list of payment providers or platforms that the user has authorized if you tap the symbol. Choose your preferred payment processor or platform, and you will be transported away from Twitter to the app of your choice, where you may express your support in the amount you want. Bandcamp, Cash App, Patreon, PayPal, and Venmo are just a few of the services you may use right now. Twitter does not take a cut. Tips can be sent from within Spaces on Android, as well.
The Latest Addition to the Tip Jar Feature: Bitcoin
According to The Street, Alessandro Paluzzi, a well-known leaker and developer, posted an illustration of how the system is supposed to work. It may be linked with Twitter’s existing Tip Jar service, which uses Strike to allow instant Bitcoin transactions via the Lightning Network, according to the post. Paluzzi said he used reverse engineering to facilitate the feature on his phone after seeing the leaked picture, but it is still ineffective.
The leaked picture is not the only sign that Twitter is planning to integrate Bitcoin into Tip Jar. The Street also mentioned rumours from MacRumors concerning Twitter’s latest beta release. Although Bitcoin is not yet accessible as a tip option for beta users, code in the beta implies that Twitter is in the midst of implementing it.
According to TechCrunch, Twitter CEO Jack Dorsey acknowledged to investors during the company’s second-quarter earnings call that bitcoin will be a key component of the company’s future. He believes it is critical for Twitter and Twitter investors to keep looking at the space and investing actively in it. A Twitter representative confirmed to TechCrunch that this is the first time Dorsey has commented publicly on how Twitter may include bitcoin into its line-up. There is a lot of room for innovation beyond currency, particularly as we consider decentralising social media and offering greater economic incentives.
Dorsey is well-known for his advocacy for Bitcoin and other cryptocurrencies. Of course, he didn’t say how the cryptocurrency would be included, but it’s at least a statement that Twitter is open to collaborating with digital currencies. Dorsey is also no stranger to cryptocurrency. Square, his payments platform, has already expressed interest in incorporating Bitcoin into its network. Dorsey has also expressed interest in creating a decentralised cryptocurrency exchange. Dorsey and artist Jay-Z invested 500 Bitcoins, valued at over $23 million at the time, to fund Bitcoin growth in Africa and India in February of this year.
The integration of cryptocurrency to Twitter will be the newest in a string of initiatives aimed at assisting the platform’s creators in finding a means of income. It also illustrates the growing popularity of cryptocurrencies as a means of payment. Bitcoin has surpassed $50,000 for the second time, while Ethereum is growing to $3900 and garnering recognition as a payment method.
Users should not have to wait more than 10 minutes for payments to be finalised on the blockchain once the bitcoin tipping feature is implemented. Twitter is rumoured to be preparing to deploy the second-layer Lightning Network (LN) technology for fast micropayments on the blockchain. The Lightning Network accomplishes this by utilising smart contracts, which gained prominence on the Ethereum network. Both custodial and non-custodial BTC wallets appear to be supported by Twitter. A non-custodial wallet is more decentralised, allowing the owner to keep control of their private keys. A custodial wallet is one in which the private keys are held by a third party, such as a crypto exchange.
RazorPay was integrated as the first Indian payment channel to Twitter’s Tip Jar in June, allowing Indian users to receive tips on the platform as well. Twitter also revealed that the Tip Jar feature would be provided in Bengali, Gujarati, Hindi, Kannada, Marathi, and Tamil, among other Indian languages. Once a Tip Jar has been created, the user’s followers can help them by giving tips. And, thanks to RazorPay’s support, they can send money via a variety of methods, such as UPI, credit and debit cards, net banking, wallets, and so on.