One of the largest social networks in the world, Twitter, has incorporated fast BTC payments through Lightning Network technology into its platform since yesterday. Many enthusiasts from the BTC community call this a turning point when it comes to adopting BTC as common currency.
Rumors that Twitter, founded and CEO by BTC maximalist Jack Dorsey, will be able to send BTC through its platform a few weeks ago. They have been reflected in reality since Thursday night. So at least for users of iOS operating systems, but also those who have Android, they will see new features in the near future.
BTC has become part of Twitter as part of a service to reward creators for creating quality content. In other words, if you use Twitter, you can send a small financial gift (tip) to another Twitter account that provides you with quality news. Apart from Fiat, however, they are also Bitcoins from the very beginning.
– Documenting BTC 📄 (@DocumentingBTC) September 23, 2021
There are two ways to send BTC – either users use third-party applications such as the Squre Cash App, or they reach for the Strike application, which supports very fast Lightning Network transactions for low fees.
It’s actually for everyone
It is important to note that Twitter does not plan to verify these creators. So it doesn’t happen that these “gifts” in BTC can only be received by verified creators of content that will have tens or hundreds of thousands of followers on Twitter. You can also add a BTC address to your profile, which means that someone else can send you Bitcoin via Twitter directly to you. So it’s not really just a tool for rewarding quality content. It is a tool through which anyone can send Bitcoins (Satoshi) to anyone via Twitter.
So is it a solution to the global problem of remittances or the high fees associated with them? As we have written several times in the case of El Salvador, $ 400 million a year is “lost” in the accounts of these Western Union-type payment intermediaries. Twitter is now coming up with something that may reinforce the idea of using express BTC payments worldwide.
“No one should blame the CEO of VISA, Western Union, Paypal, etc. If they’re grumpy at home today, “ jokingly remarked by former DHL top manager Alex Pilar, the founder of Palaemon Digital, who has recently made himself visible in the BTC community with engaging articles on cryptocurrencies.
No one should blame CEOs of VISA, Western Union, Paypal, etc. for being grumpy at home today. https://t.co/t4KvbhMSas
– Alex (@alexpilar) September 23, 2021
“Time to start shorting Western Union. Twitter + Strike will destroy your business model. Goodbye, “ Peter McCormack from What BTC Did, who should have an interview on the integration of BTC into Twitter with Jack Mallers today, told himself in a typical way.
Time to short Western Union.
Twitter + Strike destroyed your business model.
– Peter McCormack (@PeterMcCormack) September 23, 2021
What does it look like in practice?
Jack Mallers, who is behind the aforementioned Strike wallet and has recently made a name for making a significant contribution to the legalization of BTC in El Salvador, showed a smartphone screen on YouTube to demonstrate how easy it is to send a Twitter transaction through Strike to Lightning Network. The whole process after the basic account setup really takes only a few seconds. In this case, he sent $ 10 in BTC from Chicago to the capital of El Salvador – San Salvador.
The Twitter channel Documenting BTC commented on a video of the same transaction, but also with an explanation of Jack Mallers:
If you’re going to watch one video today, make it this one.
The future is here.
– Documenting BTC 📄 (@DocumentingBTC) September 23, 2021
Of course, many cryptocurrency fans were happy with the integration of BTC into one of the largest and most influential social networks in the world. They particularly welcomes the fact that Twitter will enable these services as part of the use of non-custodial wallets, ie those that are not enforced by third-party control and where users have private keys under their own control.
He pointed this out, for example Alex Gladstein who shared a “tweet” with the screen when setting up a wallet where you can receive tips (gifts). Twitter’s design nicely explains the pros and cons of custodioal and non-custodial wallets.
V interesting, hints at future functionality where users can plug in their own non-custodial Lightning wallet straight into Twitter 🔥 https://t.co/9IquRY99Dm
– Alex Gladstein @ ⚡ (@gladstein) September 24, 2021
“The Lightning Network has been successfully integrated into one state (El Salvador) and now into one of the largest social networks in the world. This is just the beginning of something very special…, ” Anthony Pompliano commented on the news, who subsequently sent Jack Mallers a $ 5 test donate BTC (Satoshi).
I just sent @jackmallers $ 5 across Twitter instantly.
This is the future.
Strike’s API just turned Twitter into one of the most powerful payment apps in the world.
Welcome to the future. Game on! 🔥 pic.twitter.com/bpYU7p0Hi4
– Pump 🌪 (@APompliano) September 23, 2021
Twitter also experimenting with NFT
In addition to sending BTC, Twitter plans to take a major step towards the increasingly popular nonfungible tokens, or NFT. These could play an important role due to their properties, for example in profile avatars, and could therefore also serve as a solution for verifying whether a given Twitter account is original or not. For years, Twitter has been struggling with the problem of creating fake profiles that pretend to be celebrities and try to deceive inexperienced users on their behalf with various fraudulent schemes.