Game changer for encryption?

In all the recent price fluctuations of Bitcoin (Bitcoin) And other cryptocurrency markets, according to reports from the social media giant Twitter Ready to enable Bitcoin tipping For content creators, it is relatively ignored.

The report indicates that the latest Twitter iOS beta is being Designed Somehow help BTC become part of the company’s upcoming Tip Jar module. If implemented, this move may have a significant impact on the global encryption field, as it may inject the necessary confidence into other companies operating in the social media field.

Merrick Theobald, vice president of marketing for crypto payment company BitPay, told Cointelegraph that as more mainstream business entities such as Twitter accept encryption and openly support Bitcoin and blockchain technology, this will help push the industry forward because “blockchain Payment is the best way to transact online,” added: “Twitter’s desire to add Bitcoin to the Twitter Tipping Jar embraces this new and different financial technology approach and will help accelerate adoption.”

In addition, Theobald is interested in the prospect of the convergence of the two major digital technologies, namely blockchain payments and tweets, especially when more and more cryptocurrency holders seem to be looking for ways to use their digital assets. “The crypto market is huge, with a total market value of more than $2 trillion now,” he emphasized.

Encryption education and ease of use will drive Twitter’s BTC experiment

Despite the growing awareness, the encryption industry is still in the early stages of widespread adoption, and most casual Twitter users have not yet realized the ins and outs of this relatively new technology. For example, even many tech-savvy social media users may not be sufficiently educated on how to buy, store, and manage their digital assets, and may completely ignore Twitter’s Bitcoin tipping option.

Wes Levitt, director of strategy at Theta Labs, seems to agree with this assessment, but also believes that if Twitter can simplify the entire encrypted payment experience for its users, the company may make a difference, adding:

“Given that Jack is the main supporter and holder of Bitcoin, it is very likely that it will be put into production. If his goal is to adopt cryptocurrency widely, he knows that it is a very important thing to get the 300 million active users of Twitter to access Bitcoin. Good start.”

In his view, it is crucial that users can also choose to fund their tips through connected PayPal accounts and other traditional services such as Apple Pay, so that they will not be crushed by encryption technology. “Before you can hit users with the complexity of crypto transactions, you need to first gain the appeal of the feature,” Levitt said in the end.

In fact, if the encrypted tip function is under development, BTC will be added together with traditional gateways such as PayPal and Venmo as an acceptable payment option on Tip Jar. After launch, Twitter may also provide its users with concise tutorials on Bitcoin and the Lightning Network. Finally, all Bitcoin-based techniques are likely to be promoted through the use of the aforementioned Lightning Network, thereby reducing transaction costs.

Not everyone is sold on the move

Although some people believe that if Twitter adopts BTC, it may have a significant positive impact on the crypto ecosystem, but not everyone seems to agree with this assessment. For example, Nimrod Lehavi, CEO of Simplex, an encrypted payment infrastructure company, told Cointelegraph that the BTC tip jar is not necessarily a “killer feature” and elaborated:

“Crypto Twitter is indeed a very lively community, but I really doubt whether tipping is related to the spread of public opinion. In social networks, if your opinion is valuable, you will gain influence. And there are ways to monetize it. .”

Although creating such a tipping mechanism is very simple in Lehavi’s eyes, challenges arise when establishing entrance and exit ramps that help realize this global vision. He added: “This is a big question, how will users load more credits so that they can cash out tips and influencers.”

He suggested that although Twitter may provide its users with an initial amount to remind others, it remains to be seen how things will proceed, because if it succeeds, it may lay the foundation for many other companies to follow suit.

Twitter’s cryptocurrency attempt is already in the making?

It’s worth emphasizing that Twitter CEO Jack Dorsey had previously hinted that Bitcoin tipping options are under development — Back in May — When his social media company revealed its “Tip Jar” concept, the concept was designed to allow platform users to reward content creators with the push of a button.

In other words, the Bitcoin tipping option seems to be just one of the many strings in the social media giant’s BTC-focused adoption development in the past few months, just as Dorsey announced his plan earlier this August. He clearly stated his intentions. Plans to build a decentralized exchange for Bitcoin.

Similarly, in July, Dorsey revealed that Square, the US financial services and digital payment company he also owns, is also actively working on Development of “assisted custody” hardware wallets for Bitcoin.

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Finally, based on several interviews conducted earlier this year, Dorsey stated that he believes Bitcoin is The key to the future of Twitter Also note that Twitter has a comprehensive roadmap that includes the use of BTC in many commercial and subscription-based activities envisioned by the company.

If Twitter’s Bitcoin tipping option is implemented soon, it may trigger a domino effect. Not only social media companies but also other financial entities from various fields have begun to strongly consider using digital assets as one of the ways to promote payment.

In addition, this move may also become a turning point for encryption as a legal payment medium, especially in the eyes of those who may take a wait-and-see attitude when investing in digital assets. Not only that, it will also help BTC realize one of the most important use cases of cryptocurrency-namely the payment medium-which has been supported by its supporters for more than a decade.