Bitcoin: Twitter could enable BTC tips

A rumor started yesterday that Twitter is testing a new feature to allow its users to send tips in Bitcoin (BTC) using the Lightning Network. 

The rumors

The indiscretion was spread by MacRumors, because analyzing the beta code of the Tip Jar function , it would seem already set up to be able to send tips in BTC.

Tip Jar currently allows users to add links to Bandcamp, Cash App, Patreon, PayPal and Venmo to collect small donations from users, but according to MacRumors there will soon also be the option to pay in Bitcoin .

The details of the latest beta of this function would in fact indicate that users who choose BTC as a means of payment will be directed to a tutorial that includes details on the functioning of Lightning Network and on custodian and non-custodian wallets.

Bitcoin wallets for Twitter

The custodian wallets should include Strike, Blue Wallet and Wallet of Satoshi, while the non-custodian ones should include Muun, Breez, Phoenix and Zap. 

However, it seems that you will need to have a Strike account in order to use the feature, as Twitter appears to be using Strike to generate Bitcoin bills.

For now, support for tips paid in Bitcoin is only available on the beta version of Twitter, and not even for all users; furthermore, it is not yet known when this new feature will be officially released. 

Bitcoin tips with Lightning Network

Yesterday on Twitter, in addition to this indiscretion, a screenshot was also circulated a lot showing the screenshot of this beta version of the new feature that clearly shows the connection with Lightning Network and Strike.

In particular, it is the use of Lightning Network that makes the difference.

In fact, typically, when a user tips another, the donation amount is usually low or very low. With traditional fiat currency payment gateways, the transaction costs are likely to be higher than the amount sent, so it may be inconvenient to use fiat currency to send these little tips.

On the other hand, with LN the cost of transactions can be so negligible as to be negligible, even when sending small amounts.

For example, if a user wanted to send a half dollar tip, if LN asked for a half dollar fee, with half a dollar spent the recipient would still collect $ 0.495, while only $ 0.005 would be lost in commission costs.

Furthermore, if Twitter internally managed an LN node on which to transit these transactions, it could also collect the fees. Although these are very small per transaction, with millions of transactions they would start to become attractive, at least to cover the costs of the service.

Being able to use non-custodian wallets, although a Strike account is required, could allow virtually anyone to use this new feature, i.e. even those without a bank account or credit or debit card.

Given the huge efforts made by Twitter, Square and Jack Dorsey to create new use cases for Bitcoin based on the Lighting Network, at this point it seems very likely that BTC tips could be made public on Twitte r within a few weeks. or a few months.

News Source