Twitter announced on Thursday that it will roll out a new feature for its users. The company is allowing its users to send and receive ‘Tips’ on the Bitcoin Lightning Network (LN).

An additional feature called ‘Tips’ will be available for its mobile app for both iOS and Android systems. The other feature the company announced was the non-fungible token (NFT) verification tools to cater to the needs of digital art enthusiasts in the booming market.

The ability to send and receive tips via the Lightning Network follows a major change in the bitcoin blockchain, which requires no fees or confirmations for small payments.

The current cost of making transactions on the LN is much cheaper than using other cryptocurrencies and a complete game-changer for BTC. This could lead to people opting for this route to tip others with cryptocurrency.

According to Esther Crawford, product manager at Twitter, the extra feature will be available to all its users worldwide. This is because BTC can be the best viable alternative as a worldwide, barrier-free solution, even though it is not yet used by everyone on the globe.

“People will be able to add a bitcoin lightning wallet or their bitcoin address to send and receive bitcoin Tips beginning today,” explained Crawford on a Thursday press call.

The new function is part of Twitter’s larger push to provide their users with more ways to monetize their content. The release made no mention of whether or when the feature will be available on the website version of Twitter.

The company also announced that it would partner with third-party payment methods, such as Jack Mallers’ Strike app for tipping on the platform. 

The social media giant stated it will not take away the portion of the tip money and the payments will be facilitated by third-party companies in different countries.

Pavan A

CBW - External Analyst

INDIA