Twitter Introduces Ethereum (ETH) Tipping Services
Twitter adds ETH and multiple other payment methods to support content creators amid increased regulatory scrutiny.
Twitter introduced cryptocurrency tipping services for more than 18 account holders in 2021 3rd quarter. Previously, users could only tip on the social media platform’s tipping jar with fiat money. The tips functionality allows Twitter users to upkeep content providers, fundraising, or tip account holders in need of help.
Bitcoin (BTC) Tipping
The Strike Application created in Lightening Network allowed users to send BTC tips since 2021 September. Strike supports free and instant payments across the globe. Meanwhile, eligible users should open an account with Strike to receive BTC tips. However, Bitcoin tippers can utilize any BTC Lightening wallet when sending bonuses to Strike accounts.
Other available payment services and platforms on Twitter included Venmo, Bandcamp, Cash App, GoFundMe, Patreon, Razorpay, and Wealthsimple Cash.
Twitter Expands Tipping Methods, Adding Ethereum
The social media giant announced overnight that it introduced an option to allow users receive and send ETH tips. Besides Ethereum, Twitter added payment sites Paytm, Barter, and Paga. It further provided directions on how individuals can access and utilize the new services.
Twitter wants journalists and creators on the platform to collect rewards for their content. Moreover, the platform seeks to ensure content providers work regardless of their location through escalating the tipping selections. Users only need to tap the tip icon on the respective Twitter profile to access the tipping services. Also, the increased tipping option makes the work smooth for Tippers.
Increased Regulatory Scrutiny
While content providers may welcome the recent additions by Twitter, it is yet unclear whether watchdogs will affect its use. Concerns about the usage of crypto for money laundering and different illegal activities have attracted attention from regulators and governments, calling for a worldwide regulatory framework for the cryptocurrency marketplace.
The White House declared an impending Executive Order release early on the year. The order will allow the United States agencies to monitor virtual assets to ensure national security. Therefore, Twitter adding Ethereum services might attract more regulatory oversight.
What are your opinions on Twitter’s additional tipping options? You can share your thought in the section below.
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