Tag: Tipping

Sending Ethereum Tips on Twitter Becomes a Reality

by Blockchain News

After enabling Bitcoin tipping on its platform in September 2021, Twitter has stretched its hands by adding Ethereum to the mix. 

Through a tweet, Twitter said:

“Have you set up Tips on your profile yet so it’s easy for people to show their support? Yes: Cool, we’ve added Paga, Barter by Flutterwave, Paytm, and the option to add your Ethereum address.”

The tipping mechanism enables users to ask for support from different influencers and content creators on Twitter. Therefore, the latest development will allow Twitter users to send tips through the Ethereum (ETH) network.

The Bitcoin tipping feature used the Lightning Network payment gateway Strike to generate BTC Lightning invoices needed to make the payments. 

Therefore, the social media giant is opening up more opportunities by enabling ERC-20 tokens and ETH tips to be made through payment channels like Paytm, Barter by Flutterwave, and Paga.

Johnny Winston, the lead product manager of creator monetization at Twitter, welcomed this development and stated:

“We’re continuing to expand ways to get paid on Twitter which includes more choices for creators and fans who want to use crypto. We’re excited to add the ability for anyone to add their ETH address to Tips.”

Nevertheless, the new feature is not open to domain names utilized by the Ethereum Name Service (ENS). 

Twitter continues to delve deeper into the Ethereum ecosystem, given that it presented an official verification mechanism for non-fungible token (NFT) avatars, allowing some users to set the NFTs they owned as their profile picture last month.

The Twitter avatar of the verified NFT would be different from the standard avatar because it would entail a nice hexagonal border instead of a circle, denoting ownership on the blockchain.

Image source: Shutterstock

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Twitter CEO Jack Dorsey reiterates a positive outlook on Bitcoin tipping during earnings call

by Cointelegraph

Back in September, Twitter became the first major social media platform to adopt Bitcoin (BTC) tipping, enabling users to send BTC directly to their favorite content creators through the site’s native frontend. The company also allowed users to send their BTC over the Bitcoin Lightning Network to ensure near-instant settlement times.

In response to an analyst’s question regarding how cryptocurrencies play into the company’s overall global strategy, Dorsey said the following during the company’s third-quarter earnings call on Oct. 26:

“It [Bitcoin tipping] allows for much more speed. Both tipping subscriptions are new. These are products that we want to make sure that again, we started small and we figure out the right product that people want to stick with and they’re evaluating every single day. And then we’ll roll them out to more and more people and scale it and continue to iterate on the product.”

Dorsey anticipated that the company could eventually integrate Bitcoin tipping with enterprise initiatives, such as in partnerships with advertisers on the platform. The number of monetizable users on Twitter has grown by 13% year over year to 211 million worldwide.

Earlier this month, financial services platform Square — also founded by Dorsey — announced plans to build an open source bitcoin mining ecosystem. At the time, Dorsey stated that the company’s goal was to help further decentralize Bitcoin in order to increase the technology’s distributed resilience.