Could social networks be the digital onramp that cryptocurrencies need?

  • Experts believe that a whole new era of social networking, built on and around cryptocurrency, has begun
  • Twitter has been testing the tipping feature for a few months now, but only made it widely available last month on iOS.
  • The company also plans to support authentication for non-fungible tokens by allowing people to connect their crypto wallets

Two months ago, Twitter CEO Jack Dorsey told investors that bitcoin would be a “big part” of the company’s future. Despite being a staunch Bitcoin advocate himself for years, Dorsey never explained how to integrate the digital asset on the Twitter platform until recently. Twitter is now officially the first major social media network that allows users to guide their favorite creators on the platform. With Bitcoin – which is plausibly setting off a new trend among social networks to accept crypto payments.

before detection Dorsey’s crypto ambitions in JulyThe company introduced tipping as a test feature back in may, As a way of trying to help content creators earn payments from their followers for the content they post on Twitter. By the end of September, the hints feature was rolled out globally and users of Apple iOS devices were the first to gain access to it. The feature was made available to Android smartphone users shortly thereafter.

When touting Bitcoin to Investors on Twitter’s Q2 Earnings CallDorsey also said he sees opportunities to integrate cryptocurrency into existing Twitter products and services, including commerce, subscriptions, and other new additions like super follow.

During this year alone, Dorsey launched a $23.6 million Bitcoin fund with rap star Jay-Z and announced plans To lead his other company Squared in Decentralized Financial Services The market, with bitcoin as a gateway. Bitcoin has also been called one of three main directions for the future of Twitter, along with artificial intelligence and decentralization – the latter that Twitter is pursuing through its “Bluesky” initiative.

Bitcoin may be the beginning but it’s not the full scope of Twitter’s crypto plans. company She said It also plans to support the authentication of non-fungible tokens (NFTs), by allowing people to connect their crypto wallets.

Cryptography on social networks – the next big thing?

Experts argue that crypto-based social applications are The cornerstone of the evolution of cryptography. according to Queen Telegraph“As we emerge from a socially hungry but digitally-intensive pandemic, a whole new era of social applications built on and around cryptocurrency.” The report also notes that the combination of cryptocurrency activities – such as diving into decentralized finance (DeFi) or creation, Coordination and collection of NFTs It will evolve into a richer and more valuable form of online community life, benefiting all participants in the value chain.

Moreover, the writer believes that the culmination of these new technologies will be supported by social applications where users are in complete control of their data, money and even the platforms themselves. “With user-owned social applications guiding the conversation on topics such as DeFi management and the social and economic value of NFTs, cryptocurrency users will finally and fully be in the driver’s seat,” the report stated.

In fact, real-world cryptocurrency payments have always been casually connected to social networks — literally from the start. The first real Bitcoin transaction was the purchase of two pizzas – the transaction was mostly executed through a social networking forum.

Inevitably, crypto-based social networks will start to emerge, providing tremendous value to traders and enthusiasts. Experts also believe that the future of social media platforms, with cryptocurrencies embedded in the payments structure, will become a mainstay. Honest, Mamby, Hive, and Bitfinex are just a few of the crypto-based networks with social elements, which have been launched in the past two years.

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