Twitter has started to introduce a Bitcoin payment feature compatible with the Lightning Network on its platform. It’s part of the company’s strategy to reward creators of cryptocurrency content. The main digital asset was not chosen by chance: Twitter CEO Jack Dorsey has long been known for his active support of the crypto sphere. Additionally, when announcing the new features, company representatives noted that “Bitcoin works without global borders” and that Twitter will be able to “join the world of decentralization” with similar initiatives. We talk about what’s going on in more detail.
Remember that Lightning Network is a second level Bitcoin network. In fact, it is an add-on on top of the main BTC blockchain, which only corrects the results of multiple transactions after they have been completed. The advantages of LN are the high speed of transactions due to the characteristics of the network and the low cost of sending coins.
Bitcoin on Twitter
The BTC “tip” can be sent in two ways. The first is to use Square’s Cash App or Go Fund Me payment gateways. The second is to make a payment through the Strike platform, built on the second level Bitcoin Lightning network solution. As we have already noted, LN is an important infrastructure development that allows you to make almost instant Bitcoin transactions with a small commission.
“Tipping allows you to tip in bitcoin or cash depending on how you configure your tip settings and regional availability of third-party payment providers.” #Twitter #tips #bitcoin https://t.co/51fzvM4Meg
– Bitcoin News (@BTCTN) September 24, 2021
As Decrypt points out, so far the crypto transactions feature is only available in the Twitter app for iOS users. Support for Android operating systems will be added in the near future. In the official Twitter account also appeared instructions on how one user can send coins to another.
Note that the function can be activated in the profile settings. As a result, the user will indicate their own cryptocurrency address there, which will be used to receive funds.
The crypto payments acceptance initiative is part of Twitter’s global content monetization strategy. Other companies of this type include features such as “Super Follows” and “Spaces” conferences, available so far only to a limited number of people on the platform.
Lightning Network users reacted very positively to the news: The day before, the number of new nodes and LN channels between them increased by 23.68% and 22.24%, respectively. According to the 1ML service, at the time of writing this article, 27,082 nodes with over 73,662 channels are active on Lightning Network.
What is happening is also linked to the situation in El Salvador. Recall that on September 7, 2021, Bitcoin became an official payment tool, with which you can pay almost anywhere. At the same time, transactions take place through Lightning Network, which allows parties to save on commissions.
Fulmo startup CEO Jeff Gallas said innovations on Twitter will have a positive impact on innovation uptake in the Bitcoin ecosystem. Here is his line.
“It’s very interesting to watch Lightning Network’s latest introduction to the real world. More and more pieces of the puzzle are coming together. “
Twitter’s decision to use the Lightning Network was no accident: the network is designed for micropayments, which means it’s great for small transactions for everyone. At the same time, even people who were not interested in crypto can receive transfers from other users around the world, which will only increase the popularity of Bitcoin.
We believe that the implementation of this feature can be compared to the support for cryptocurrencies on the PayPal platform, announced in the fall of 2020. Now even digital asset critics will understand that they have to. minus a clear benefit in the form of transferring value anywhere. in the world for penny commissions. And it’s a great opportunity to start learning and using cryptocurrency.