Twitter adds Bitcoin lightning tipping feature

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Social media platform Twitter integrated bitcoin payments into the platform’s tipping feature last Thursday. It is currently only possible for IOS users to make bitcoin payments via Twitter. Twitter uses the lightning-fast and cheap Lightning Network for this, which many believe is the next step in Bitcoin adoption.

Jack Dorsey, CEO of Twitter, announced that it is now possible to tip with Bitcoin via the Twitter platform. Payments are made via the Lightning Network. This makes transactions almost instant and virtually free. All Bitcoin lightning apps such as Bluewallet, Muun and Bitcoin payment app Strike are supported. For now, the tip function is only available for iOS users, Twitter has announced that it will also make the new function possible for Android users within a few weeks.

The Lightning Network

The Lightning Network is a relatively new technology that has only been available since 2018. It is a network protocol and so-called second-layer scalability solution, which makes bitcoin payments lightning fast and cheap. You can do a bitcoin transaction for just a few satoshis that is almost instant, without compromising decentralization. The technology is still developing.

The Lightning Network works on the basis of payment channels that users open to each other, with which mutual Bitcoin transactions can be done ‘off-chain’. Only the final settlement is registered on the blockchain. The usual transaction costs on the blockchain and the block time of 10 minutes are therefore hardly applicable anymore. It also provides privacy benefits.

The Lightning Network is one of the ways the Bitcoin network can scale for mass use without sacrificing decentralization. Many people expect that more and more bitcoin transactions will take place via these types of ‘off-chain’ solutions in the future.

In a video Jack Mallers, CEO of Strike, shows how the new payment function works with Bitcoin.

A Bitcoinlightning payment via Twitter to Jack Mallers

Twitter & Bitcoin

Twitter’s tipping feature itself isn’t new. It was already possible to send money via Twitter with various payment apps. Most of these payment options only worked when both payer and recipient used the same service or bank. This limited accessibility. Because Bitcoin is an open monetary network that anyone can join, this is about to change.

The Bitcoin network works location independent. Anyone with an internet connection and Bitcoin wallet can send and receive transactions.

Jack Dorsey, Twitter CEO

?ǣThere is a huge opportunity for us to choose global, borderless payment options and Bitcoin is the best option for this. We know that not everyone in the world is transacting with bitcoin yet, but we think it’s a good solution, Twitter employee Esther Crawford told Reuters.

The CEO of Twitter is often mentioned in the Bitcoin world. The tech entrepreneur calls Bitcoin the ?ǣcurrency of the internet?ǥ. There is nothing more important to work on right now, he says. For example, he bought more Bitcoin with Square, he is now developing a hardware wallet, a peer-to-peer trading platform and has started mining Bitcoin.

The Lightning Network is a second-tier scalability solution for Bitcoin, with more than 10,000 Lightning nodes. Lightning wallets are easier than ever today and even setting up your own Lightning node is a cinch these days.

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