Another big day for Bitcoin featuring Twitter Inc.
Another major Bitcoin breakthrough might be just around corner. Twitter has made headlines with its soon-to-be-launched tipping feature and rumors surrounding the biggest cryptocurrency Bitcoin, makes it all the most interesting. According to reports, Twitter is testing its operating system iOS Beta to enable Bitcoin tipping for content creators on its platforms.
- Twitter Inc. soon to implement micropayments through Bitcoin under its Tip Jar feature.
- CEO Jack Dorsey predicts that world’s biggest crypto is the future of Twitter.
- Content creators to be served with the new LN led micro BTC payments.
- Regulatory shortcomings still a problem for the final implementation.
Back in May, the platform introduced its Tip Jar feature and now, the cryptocurrency is set to take it a notch higher.
Apart from Tip Jar, CEO Jack Dorsey hinted in July that world’s biggest cryptocurrency may be integrated into several products more. In May, Twitter explained that Tip Jar included services such as PayPal, Venmo, Cash App, Patreon, Bandcamp and more. In July, Dorsey suggested through his social media handle that Bitcoin will soon play a big part in the future of Twitter and advocated that it is the best among all other currencies across internet.
HOW IS TWITTER PLANNING TO MAKE BITCOIN PAYMENTS WORKOUT?
Usually, payments through blockchain take not less than 10 minutes. However, with Twitter’s Bitcoin Tip Jar, a lot can be expected to change. Reports suggest that the platform is planning to use the second-layer Lightning Network (LN) to enable quick micropayments across blockchain. This concept of instant payments, which uses Smart Contracts, was first famed by the second biggest cryptocurrency, Ethereum.
So what kind of BTC wallets will be supported on the platform? Both custodial and non-custodial. While a custodial wallet allows a third party to have the private keys, example of which would be cypto exchanges, non-custodial wallets are more decentralized in nature. An owner of non-custodial wallet can hold his/her own private keys.
One of the biggest consequence of introducing Bitcoin micropayments across Twitter would be the elimination of KYC. Now that the payments across blockchain would take the LN route, the know-your-customer (KYC) regulations will no longer be required. The mandatory AML/KYC screening requirement across many platforms will no longer be required on Twitter and this might become a regulatory trouble.