Mon, December 23

Integration of Bitcoin in Twitter Through Lightning Network Platform

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Stripe, a global payment technology for businesses and marketplaces, has partnered with Twitter to launch the system of global crypto payouts on Thursday. Initially, Stripe would enable Twitter to pay a selected community of content creators with USD coins (USDC), Circle’s dollar-pegged stablecoin. Since 2010, Stripe has been helping many online businesses by facilitating programmable money payouts through its Global Payments and Treasury Network (GPTN). Now, Stripe provides assistance to its partnered platforms in converting their fiat into crypto payouts. Karan Sharma, Product Manager at Stripe wrote on blog: “While the ‘store of value’ aspects of cryptocurrencies typically receive the most attention, we view the prospect of ‘open-access global financial rails’ as being at least equally compelling. As a result, we’ve been exploring ways to use cryptocurrency-based platforms to unlock broader access.“ Multiple Payments Options For Recipients Since Polygon,a Layer 2 Ethereum-based blockchain, does faster transactions at low costs and possesses “broad wallet compatibility”,Stripe Connect chose to use it to initiate the crypto payouts. The creators can earn their crypto payouts from Twitter’s Ticketed Spaces and Super Follows via Connect, Stripe’s payment platform. Creators will have to sign up and pass through the Stripe’s Know Your Customer (KYC) onboarding checks and manage their accounts on Connect. They can also track the payouts into their crypto wallets via Stripe Express App. Users can either hold the earned cryptos or exchange it into another currency via Ethereum. Recently in early April, Le Monde chose Stripe as a platform to support its digital subscriptions amidst its global users. Back in March, FTX partnered with Stripe to enable its users to purchase crypto with debit cards and Automated Clearing House (ACH) directly from the bank. Bitcoin News
  • Twitter is also exploring NFT authentication.
  • Twitter also stated that the functionality would soon be available for Android users.

Users will be able to transfer bitcoin amongst one another using Twitter’s new capabilities. Twitter is adding Bitcoin to its Tips feature, which previously enabled users to donate money to others through PayPal and other third-party services.

Starting today, users may connect their bitcoin wallet to their profile. And transfer bitcoin straight from the app via Strike, a third-party payment tool based on the Bitcoin Lightning Network.

Tips were previously only available to select users but will soon be available to all iPhone users. Twitter said customers in Africa might not have access to conventional carriers; therefore, bitcoin is “one of the best solutions” available.

In a recent video, the lightning network platform demonstrated how Twitter is one of the world’s more effective value-transmission platforms. Twitter also stated that the functionality would soon be available for Android users.

Tipping is completely on third-party systems. Therefore, it does not get a share of contributions. In the case of a bitcoin lightning wallet invoice, Twitter will send a notice to the recipient that may be responded to using a predefined message or emojis.

Strike CEO Jack Mallers wrote:

“Starting today, Twitter will allow all iOS users around the globe to send tips over the Lightning Network.”

NFT Ownership on Twitter

Twitter is also exploring NFT authentication, allowing users to immediately link their crypto wallets and show off their NFT ownership on Twitter.

Users may now unsubscribe followers, which was previously done through ‘soft blocking,’ when someone blocks and then unblocks a user.

This will bring about a huge change as users will exchange bitcoin with minimal fees almost instantly across borders through the lightning network integration on Twitter.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.

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