Bitcoin price surges as Twitter announces BTC tipping option

Posted: 24 September 2021 3:59 pm
News
BitcoinPrice0924_Finder_1800x1000

BTC broke the all-important USD$45,000 barrier earlier today after Twitter announced its support for the digital asset.

  • Twitter's new "Tip Jar" will allow individuals to support their favourite social media influencers monetarily, both in the form of crypto as well as local fiat assets.
  • All BTC-related transactions taking place on the platform will be handled by crypto payments firm Strike.
  • Twitter CEO Jack Dorsey has been a long-time proponent of BTC, even having invested in the development of the Lightning Network back in 2018.

After it seemed as though bears had taken control of the market, Bitcoin, the world's largest cryptocurrency by total capitalisation, has made a remarkable comeback, rising from AUD$57,500 to over AUD$61,500 over the course of the last 48 hours. At press time, BTC is trading for AUD$60,780.

It is worth noting that this ongoing rally comes on the heels of social media behemoth Twitter announcing its support for Bitcoin as a payment option as part of its "tipping jar" feature. Not only that, the platform's Product Lead Kayvon Beykpour also announced that the firm is working on a number of new safety measures including the option of allowing users to remove themselves from conversations seamlessly.

The Tip Jar will be rolled out globally via an iOS and Android app, with users being able to tip content creators or basically anyone with a sizeable following to receive funds in Bitcoin as well as other local fiat options. On a more technical note, it should be highlighted that all of BTC's Twitter transactions will be handled by Strike, a crypto-centric payment suite that has been made to run atop the Lightning Network, a technology that enables users to send and receive BTC in a near-instant manner at fee rates that are practically nothing when compared with traditional avenues such as SWIFT, PayPal and MoneyGram.

How to buy Bitcoin

It was only a matter of time

Earlier this year, in July, Twitter CEO Jack Dorsey had hinted at the fact that he was looking to incorporate BTC as a payment option into Twitter's existing user interface, so this latest news does not come as that big of a surprise. However, what seems to have really grabbed everybody's attention is Twitter's decision to add NFT verification into its existing framework, which many experts believe is as significant a move as the company's new tipping feature.

In closing, it should be highlighted that over the last 6 odd months, NFT avatars on Twitter have seen a massive rise in popularity, with major mainstream celebrities including Jay-Z employing multimillion-dollar CryptoPunks as their profile pictures. In this regard, a mechanism that allows for the verification of these NFTs could help boost this fast-expanding ecosystem even more. Therefore, it will be interesting to see how the coming few days play out for the industry at large.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.


Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site