Twitter is working on integrating bitcoin into the ‘Tip Jar’

Twitter is reportedly working on implementing bitcoin payments on the social media platform. A screenshot and the code of the new beta would show that Twitter wants to offer users the opportunity to give each other small tips in bitcoin via the ‘Tip Jar’. It would use Strike and the Lightning Network.

Above: The screenshot of bitcoin’s integration in the Tip Jar

The code of the latest beta update shows that Twitter is in the process of adding bitcoin as a payment option to the ‘Tip Jar’, news site MacRumors reports. A circulating screenshot seems to confirm that.

Twitter introduced the Tip Jar earlier this year to allow users of the platform to give each other small tips. Since then, users can add a link to their profile to receive payments through various payment platforms.

According to reports, bitcoin would be added as a new payment option. It is still unknown when the actual implementation will follow.

Twitter’s product lead has since confirmed the rumours.

Explanation

The beta shows that users are informed about Bitcoin and the Lightning Network by means of a short explanation.

They also receive information about the differences between normal self-custodial wallets and custodial wallets. With the first type you manage the bitcoins yourself and with the second type you use a service provider.

Twitter proposes a number of wallet applications. Among the custodial options it mentions Strike, BlueWallet and Wallet of Satoshi and as examples of self-custodial wallets it mentions Muun wallet, Breez, Phoenix wallet and Zap.

Lightning Transactions & Strike

The Bitcoin payments are sent as Lightning transactions. As a result, transactions are almost instant and virtually free. It seems that Twitter has entered into a partnership with the bitcoin payment app Strike.

The explanation on the screenshot states that an account with Strike is required to receive bitcoin payments. We use Strike to generate Bitcoin Lightning invoices so you will need to connect your account to accept Bitcoin tips .

Twitter, Square & Jack Dorsey

Jack Dorsey, the CEO and founder of Twitter and Square, is an outspoken Bitcoin proponent. According to him, bitcoin is “the currency of the internet” and there is nothing more important to work on during its lifetime. He and his companies have been committed to Bitcoin for years now.

Square started by making it possible to buy and sell bitcoin through the popular Cash app, and the company converted 5% of its operating capital into bitcoin. Square also finances various Bitcoin developers.

Square also founded the Crypto Open Patent Alliance (COPA), which protects bitcoin companies from patent trolls, and invested $10 million dollars with the Bitcoin Clean Energy Investment Initiative to make Bitcoin greener. More recently, Square also announced plans for a self-custodial hardware wallet and a Bitcoin-based decentralized exchange.

Sister company Twitter has so far only added a Bitcoin emoji. Still, Dorsey has long insinuated that an integration of Bitcoin on the social media platform is “only a matter of time.” During the conversation with Elon Musk at the B-word event, Dorsey indicated that he is also thinking about facilitating general commerce via Twitter. Supporting bitcoin payments via the Tip Jar seems to be a first step in this.

Preferably, Dorsey sometimes lets slip, however, he would like to do something with ‘Bitcoin and Africa’. Those plans also seem to still be current.

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