CEO of MicroStrategy has shared a video explaining how Twitter could surpass Western Union as a remittance platform
Michael Saylor, head of business intelligence software maker MicroStrategy, a public company, has taken to Twitter to share a curious video.
A person in the video claims that, in the future, Twitter can easily leave Western Union behind and become one of the largest global remittance companies, thanks to Bitcoin.
Sending $10 in Bitcoin to El Salvador in seconds
The video guy, sitting in Chicago, demonstrates how he transferred Bitcoin to “David,” who at that moment was waiting in a Starbucks in El Salvador. The guy explains that David has a Strike account linked to his Twitter account, so the guy in Chicago has sent his friend in El Salvador a $10 remittance payment in Bitcoin by using the new tipping feature rolled out by Twitter on Thursday, Sept. 23.
The payment was made via the Lightning Network, which powers the tipping feature on Twitter—so far only for iOS users.
The sender stated that, after this, no one would want to use Western Union for remittances, and Twitter could turn into one of the best remittance experiences in the world thanks to its Bitcoin tipping feature.
Twitter announces Bitcoin tipping feature
On Thursday, the Twitter team announced that, this week, they are going to roll out the Tips feature. It allows anyone to tip a Twitter account owner whose content they like with Bitcoin, by using the Lightning Network.
So far, the feature is being launched for iOS users only, but the Twitter team has promised that it will be released for Android “soon” as well.
Many in the crypto community believe that this is a great step for Bitcoin adoption. Earlier this year, during an online conference with Tesla CEO Elon Musk and ARK CEO Cathie Woods, head of Twitter, Jack Dorsey, stated that Bitcoin is going to play a large role in the future of Twitter.
Twitter Launches Cryptocurrency Team
The social media giant is betting big on crypto
Social media platform Twitter has created its own cryptocurrency team in order to be part of the decentralized internet, according to a Wednesday report by The Financial Times.
The newly assembled team will be spearheaded by seasoned blockchain engineer Tess Rinearson.
Twitter launched a Bitcoin tipping service for iOS users in September and later started testing it on Android devices.
The company is also working on a feature that will make it possible for users to show off their non-fungible tokens (NFTs).
Twitter will start exploring decentralized applications and the broader Web3 ecosystem.
According to Rinearson, the company also aims to “push the boundaries” with its crypto-related initiatives:
Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.
Digital Currency Group CEO Barry Silbert described the development as a “big deal.”
Twitter CEO Jack Dorsey is known as a staunch Bitcoin advocate.
Twitter Allegedly Testing Bitcoin Tipping Service on Android Devices
Twitter is allegedly preparing to launch its Bitcoin tipping feature on devices powered by Android OS
According to Jane Manchun Wong, a Hong Kong-based technology researcher famous for discovering hidden features in popular apps, social media giant Twitter appears to be testing Bitcoin tipping on Android devices.
Wong shared a screenshot that supposedly shows the beta version of the feature.
Twitter started allowing its users to tip creators after launching its “tip jar” service in May. Initially, it was only possible to send money with the help of centralized payment providers, such as Venmo, PayPal and, of course, Square’s Cash App.
Lightning Network-powered Bitcoin payments were then added to Twitter beta in late August.
As reported by U.Today, Twitter officially announced Bitcoin support for iOS devices on Sept. 23, gradually rolling out the new service for all devices.
The company said that the Bitcoin tipping feature would come to Android users “soon,” without specifying the exact timeline.
The tech behind the new service is provided by crypto payments processor Strike.
Given that smartphones running the Android operating system boast a market share of 72%, the addition of Bitcoin tips is likely to boost the cryptocurrency’s wider adoption.
The NFT feature
In addition, Twitter is working on adding support for non-fungible token (NFT) authentication, according to its announcement published in late September.
The feature will make it possible for users to show off their NFTs on the social media platform.
A screenshot posted by Wong shows that the social media giant is now trialing a dedicated tab for collectibles.
On top of that, its mobile app will make it possible to view NFTs and read details about them.
Twitter CEO Masterfully Trolls Ethereum Holders (Again)
Twitter CEO Jack Dorsey has taken yet another jab at the Ethereum community
Twitter CEO Jack Dorsey has riled up the Ethereum community once again.
The tech billionaire posted a screenshot of a new Twitter feature that includes a tweet that calls Ethereum a scam.
I used @getvicarious to create and sync a list of all accounts I’m following, set that list to be reverse chron, named it “Latest” and pinned it, and now I can quickly swipe between ranked (algorithm) and all tweets as they happen
(inspired by an idea from team) pic.twitter.com/ZfSg9pGeds— jack⚡️ (@jack) August 12, 2021
While some suggested that the Ethereum-bashing tweet might have appeared on Dorsey’s feed coincidently, the 44-year-old entrepreneur clarified that there were no coincidences.
The Bitcoin community was obviously ecstatic after Dorsey took a jab at the rival cryptocurrency.
There are no coincidences— jack⚡️ (@jack) August 12, 2021
This is not the first time that the Twitter boss excels at trolling Ethereum holders. As reported by U.Today, Dorsey recently posted the #Eth hashtag on the cusp of the Tokyo Olympics to support Ethiopia, which did manage to win a gold medal in the men’s 10,000 meters event.
Prior to that, Dorsey, a staunch Bitcoin proponent, would reject the idea of investing in Ethereum (or any other altcoin).
Ethereum (Satoshi Vision)?
The tweet that sparked yet another tiff between Dorsey and Ethereans addresses a recent comment made by Justin Drake, researcher at the Ethereum Foundation, on popular blockchain podcast Unchained.
Drake made a flippant comment about Ethereum being the “accomplishment of Satoshi’s vision”:
Ethereum is the accomplishment of Satoshi’s vision… Ethereum is Bitcoin, in that sense.
This, of course, rubbed many Bitcoines the wrong way, and they went on to accuse Ethereum of being a centralized pre-mined cryptocurrency that is only useful for selling worthless JPEG rocks.