Twitter has announced that it will now allow users to pay their favorite content creators within the social network using Bitcoin, making it the first major social network to encourage the use of cryptocurrency as a payment method. The company introduced tipping as a test feature in May as a way to experiment with helping content creators earn payments from their followers for the content they post on the platform. The company announced that its tipping feature is now rolling out globally to all iOS users this week and will become available to Android users in the coming weeks.
Previously, users could tip in fiat currency using more traditional payment services such as Square's Cash App and PayPal's Venmo. Bitcoin tips are facilitated by Strike, a Bitcoin wallet app that works over the Lightning Network protocol. The Lightning Network protocol is designed to enable faster and cheaper transactions using Bitcoin. The developer of the protocol, Blockstream, received funding from the CEO of Twitter.
Jack Dorsey tweeted in June that it was only a matter of time before the platform supported payments via the protocol. The company also allows users to add their own crypto wallet addresses to send and receive these crypto tips. The platform will not take any commission on any money sent through its tip feature. It's no surprise that Bitcoin is being integrated into Twitter's tip feature given that CEO Jack Dorsey is one of the most vocal supporters of cryptocurrency.
Dorsey has tweeted in the past few months that he is trying to get into the bitcoin mining business. He said he doesn't think there is anything more important to work on than Bitcoin. He even said that his hope is that Bitcoin will bring world peace. In addition, the platform said it is also experimenting with a feature that allows users to authenticate and view their collections of digital NFT assets, or non-fungible tokens, via the social network.
As a result, NFT authentication comes in the form of a badge that appears across the account images to identify the owner's NFT as genuine. The company did not provide many details or any details about this blockchain project. But she said it's another way to support content creators who make digital art.
The platform also announced plans to launch a Creator Fund for users who host Spaces. This is a way to stimulate more live acoustic events. Last year, the company launched Spaces. It is a feature in which users can listen and chat with others in audio-only virtual rooms. The company hopes that the upcoming fund will incentivize more users to host live audio events on the platform.