Following the announcement of the new project, Dorsey said that the use of incentives is designed to drive both content creation and bitcoin adoption via the use of the new initiative.
Twitter allows donations in bitcoin
As recently as September, Twitter was the first major social media network to take Bitcoin (BTC) tips, when it became the first to do so in the United States. By utilizing the site’s native frontend interface, users may directly donate Bitcoin to their favorite content providers. The site’s native frontend interface is available via the site’s native frontend interface. Furthermore, customers could move their Bitcoins via the Bitcoin Lightning Network, which ensured that their transactions were completed in near-real-time.
Jack Dorsey’s statement
At the company’s third-quarter earnings call on October 26, Dorsey answered an analyst’s query concerning cryptocurrencies with the following response: “How do cryptocurrencies fit into the company’s larger global strategy?” He said that bitcoin tipping provides for a significant increase in the speed at which transactions are completed. This is the first time any of these subscriptions has been offered on the market. As previously said, these are goods that we want to ensure that customers continue to use and regularly evaluate to maintain our high standards.
Start small and work your way up to discovering the appropriate product that people would want to use for a long time. This is what we did. Next, we’ll want to scale up the delivery of the items to ever-increasing numbers of individuals while simultaneously extending the operation and continuing to innovate on the product itself.
Jack Dorsey’s forecast on bitcoin tippings
Recently, Twitter co-founder Jack Dorsey predicted that the firm might someday incorporate Bitcoin tipping into commercial operations, such as collaboration with advertising on the network, in an interview with Business Insider. In the last year, the number of monetizable Twitter users increased by 13 percent, reaching a total of 211 million users globally, according to Statista figures.
Jack Dorsey’s Square future goals
Square, the financial services platform founded by Dorsey, has revealed that it intends to provide an open-source bitcoin mining environment in the near future. A statement issued at the time said that Twitter’s purpose was to assist in continuing the decentralization of Bitcoin in order to strengthen the distributed resilience of the cryptocurrency, which Dorsey regarded as “an essential thing we can do.”
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