Why the debut of tipping bitcoin on Twitter isn’t just about tipping

Everyone will soon be able to tip bitcoin on Twitter
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making the social media platform one of the first major companies to offer such a payment function on its platform.

The announcement comes after the site has been testing the feature for months. The tips will be available to Apple iOS users as early as this week and will be available to those using Android devices in the coming weeks.

And although the idea of ​​using bitcoin
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As a means of payment via Twitter seems like a small feather on the edge of bitcoin enthusiasts, several crypto bulls were quick to highlight the importance of the feature on the platform run by Jack Dorsey.

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CEO Michael Saylor shared a tweet from Hooded Strike founder Jack Mallers who illustrated at least one of the possibilities for tipping bitcoins on Twitter: remittance payments.

In a nondescript office overlooking the Chicago skyline, Mallers uses Twitter’s tipping feature to send bitcoins to a person he says is in El Salvador, the country that just made bitcoin its currency. official legal.

“I … we are in Chicago and we have David here at a Starbucks
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in El Salvador. David has a Strike account linked to his Twitter account and we are going to make an instant and final remittance payment in free cash through Twitter, ”says Mallers.

After sending the equivalent of $ 10 through the app, Mallers says “Boom!”

“We just made a free, instant remittance payment … via Twitter.”

“Why would anyone use Western Union
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again? When you take one of the largest internet social networks in the world and combine it with the best open currency networks in the world, Twitter accidentally becomes one of the best remittance experiences in the world, ”Mallers said.

“Western Union [King’s] pawn to E4, your move, ”Mallers intones at the end of the video, referring to a chess opening move common in chess. Western Union shareholders, however, appeared unflappable and their shares rose 1.2% Thursday night.

It is no coincidence that Mallers advocates the Twitter feature, the social media platform is using its Strike network to facilitate tipping.

Strike, the Chicago-based startup that Mallers launched alongside his parent company Zap Technologies, is also known for helping El Salvador adopt bitcoin.

Dorsey, for his part, has also been a strong supporter of cryptocurrencies and runs Square Inc.
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that has crypto on its platform.

Twitter also said that it aims to offer a feature that allows users to authenticate non-fungible or NFT tokens on its platform.

But overall, it seems unlikely that bitcoin tips will gain much traction on Twitter outside of remittance transfers. Bitcoin, the world’s number one crypto by market value, has become a store of value and has gained notoriety for its heartbreaking price swings.

Your peer assets aren’t much better, with Ether
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on the Ethereum blockchain and the active meme dogecoin
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also seeing strong gains and strong downward swings so far this year.

One big fear is trading bitcoin or Ether just to see the assets rise (or fall). In fact, about 11 years ago May 22, Laszlo Hanyecz, One of the early adopters of the new bitcoin cryptocurrency that had just been encrypted, he bought a couple of Papa Johns pizza cakes using 10,000 bitcoins. The purchase equaled approximately $ 41 in 2010, but would be valued at $ 448 million.

Regardless, Twitter shares are up 3.7% on the session and 23% year-to-date, compared with a 1.7% rise for the Dow Jones industrial average.
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and a 1.4% gain on the day for the S&P 500 index
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The Dow is up 14% so far this year, while the S&P 500 is up nearly 19% so far in 2021.

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