Twitter has reinvented itself and brought bitcoin tipping to network users, expanding the social network’s commitment to cryptocurrencies and its recognition as the future of money.
The founder of Twitter, Jack Dorsey is known as a maximalist and Bitcoin enthusiast. also founded Cash app, an application for cryptocurrency payments.
The company is expanding support for BTC micropayments to include all types of payment processors, such as: Patreon, Cash-App, Venmo, Razorpay, GoFundMe and including the Brazilian payment startup PicPay, which allows you to make cash purchases, deposit returns and payments with QR codes.
Although this is the first time Twitter has supported micro-payments with Bitcoin, Twitter users have already tried the experience.
To start, Users can already receive payments via PayPal and other providers, and tipping with Bitcoin was already a reality thanks to popular tip bots and projects such as Tippercoin and BottlePay, which allowed users to link a Twitter account to a Lightning Network wallet for quick and easy small payments.
Lightning Network has seen increased activity following the announcement
Following the announcement, activity on the Lightning Network (LN) increased 20% based on 1ML data. There are a total of 27,037 nodes in LN, of which 15,887 contain active payment channels.
The number of new channels rose by 8.4% over the course of the day to a total of 73,000. Network capacity increased by 19% and is now one step away from reaching the milestone of 3,000 bitcoins blocked on payment channels.
The Lightning Network is a Layer 2 scaling solution designed to speed up Bitcoin transactions and reduce fees while improving user privacy. The protocol focuses on micropayments and opens up a variety of new use cases, such as new revenue models for content creators or, in the case of Twitter, tips on social media.
Jack Dorsey had already indicated that Twitter would seek integration with the Lightning Network, which is “only a matter of time” before the social network integrates Lightning Network support into its platform. At the time, it was speculated that users would see this type of support in a micropayment product for the first time, which has now turned out to be true.
The product manager of the Twitter team, Esther Crawford said this week that the cryptocurrency tipping feature would be available to all iOS users and that the platform plans to roll out options for Android in the coming weeks:
“We want everyone on Twitter to have access to these means of payment. Digital currencies, which encourage more people to participate in the economy and help people send money to each other across borders and with as little friction as possible, will help us achieve this. “