Social media platform, Twitter has proposed introducing what it called the ‘Bitcoin Reward Feature’ that will allow users on the platform reward or tip content creators. According to reports, this feature will be integrated via Bitcoin’s Lightning Network, a decentralized layer-2 scaling solution that allows for instant payments. The Lightning Network has also been suggested as an apt solution to Bitcoin’s scalability problem.
However, the same reports indicate that the feature will be only rolled out for the iOS version of the social app. Twitter founder, Jack Dorsey had hinted at the feature before now. The latest development is an indication that Twitter is following up on its plan. The Bitcoin Reward feature is set to be added to the already integrated ‘Tip Jar’ which was rolled out in May.
Bitcoin to Join Other Payment Options
Payment options in the Tip jar include CashApp, Paypal and Paypal’s US-based app, Venmo. Upon the implementation of the proposed feature, BTC will become part of the options. Still, Android Twitter users are unable to access the Tip Jar feature currently. This capability aligns with the plans of founder Dorsey to make Bitcoin part of his platform’s future, as he noted in July. At the time, he declared that the top crypto asset was key to Twitter’s future.
Dorsey has remained a Bitcoin proponent for a long time, refusing to be lured by other crypto assets even after the largest altcoin, Ethereum, has been pitched to him on a number of occasions. Citing decentralization reasons, the Twitter and Square founder has declined investing in Ethereum. In contrast, he noted that Bitcoin offers more benefits due to its decentralized structure and the anonymity of its creator, referring to the pseudonymous Satoshi Nakamoto.
As mentioned, Twitter might have to provide tutorial videos guiding users on how to utilize the feature. Reports have further revealed that the proposed Bitcoin Reward feature will utilize Strike- a payment service that is already operating on the Lightning Network- to create Lightning invoices for transactions.
Square to Create Bitcoin Hardware Wallet and Decentralized Exchange
The Reward feature is part of the larger plan for Bitcoin-based innovations both on Twitter and Dorsey’s payment service firm, Square. Also in July, Dorsey revealed that Square was working on a hardware wallet for storing Bitcoin. The wallet will enable ‘assisted custody,’ meaning while users can have total control of funds stored there, Square will help protect their funds in the manner of a centralized exchange.
Earlier last month, Dorsey proposed setting up a DEX for Bitcoin. The existing and proposed projects revolving around Bitcoin signify mainstream adoption for the top crypto asset. Jack Dorsey is spearheading a new course for Twitter platform using Bitcoin. He is so bullish on Bitcoin that he unfollowed US lawmaker, Senator Warren back in May, after she called Bitcoin worthless.
