Twitter Rolls Out Bitcoin Tips and NFT Verification Feature

September 25, 2021, 10:00 AM AEST - 3 weeks ago

Twitter users worldwide can now tip each other via new integration with Bitcoin’s Lightning network. For now, it will only be available to those using the IOS operating system, with Android support coming soon.

Twitter Making Instant Payments

Early this month, news was circulating that Twitter was testing bitcoin tipping using the Lightning network. Confirmed on September 23, Twitter has officially launched its new tipping mechanism that allows tipping in bitcoin (BTC) for all global users. The aim is to support creators on the Twitter platform and those who use “Spaces” to hold events for dedicated audiences.

People already drop links to their payment profiles in their bios and in their Tweets […] Tips makes this easier to do, offering one fixed spot, right on your profile, where you can link to your Cash App, Patreon, Venmo, and other platforms where people can support you.

Esther Crawford, staff product manager, Twitter

Users will be able to tip with bitcoin through the Lightning network, a layer-2 payment protocol known for its low transaction fees. Twitter will not collect a fee for transactions made over Tips, nor did it mention any other cryptocurrencies that might be used alongside bitcoin.

How Will It Work?

Twitter users have two options when it comes to how they want to tip in bitcoin. The first is via a menu of payment options that include Square’s Cash App and Go Fund Me, which will allow users to send tips to a Bitcoin address or send money in a more conventional way.

The other is through tipping services like Strike that can connect to the Lightning network, a Bitcoin payment application. The payment will be made through the user’s personal profile on the platform.

Jack Dorsey has long been a fan of the Bitcoin network and with two of his companies (Twitter and Square) integrating bitcoin, it makes sense that he also runs a full node for the network.

Twitter NFTs Are Coming

Alongside the announcement of bitcoin tipping, Twitter also showed it has plans to integrate NFTs into its workings. No specific details were given as to which blockchain it will be running on or when the facility will become available, but Twitter intends to “explore NFTs for authentication”.

However, Twitter executive Esther Crawford stated that “it’s a way to support creators making this art with a stamp to demonstrate authenticity”, and that “by allowing people to connect their bitcoin wallets, they can track and showcase their NFT ownership on Twitter”.

As more large multinational companies start integrating blockchain technologies, the amount of value pumped into the system will increase from users continuing to adopt new features.

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