Twitter announced its plans to add the tipping feature dubbed ‘Tips’ (initially ‘Tip Jar’) to all users with more payment options to choose from. This includes the option to use Bitcoin as a mode of payment.
This comes at a time when the social media platform has been making moves to add more streams of revenue for the company and influencers on the site.
The Tips feature lets users receive monetary donations from their followers who value their content. This is definitely different from the Newsletter feature that also lets creators and influencers monetise their content for exclusive access.
“People already drop links to their payment profiles in their bios and in their Tweets. Tips make this easier to do, offering one fixed spot, right on your profile, where you can link to your Cash App, Patreon, Venmo, and other platforms where people can support you.” Twitter said in a statement.
“Whether you want to tip your favourite account because you adore their commentary, send some love to an emerging comedy creator for their hilarious Tweets, help a small business owner through a difficult time, give to an important cause — whatever you want to support (and we know you already have some ideas), Tips is here to help you do it.”
The first way in which Bitcoin will be used on Twitter is through a payments app called Strike. The Strike system is built on the Bitcoin Lightning Network and it delivers “instant and free payments globally.”
Additionally, the firm is also exploring the possibility of adding NFT authentication. Although they never went into specifics, a Twitter representative seemed to suggest that it was, indeed, working to bring NFT support.