Have you ever thought about getting paid in bitcoin through Twitter? The social network would be testing the functionality of allowing users to tip in bitcoin, according to the Mac Rumors website. According to the site, a code in the tester version of Twitter indicates that this service is being tested. Mobile developer Alessandro Paluzzi has also reportedly leaked an image of what the service will look like. However, so far, the social network has not confirmed the change.
According to the publication, the tipping function will use the Lightning Network to make payments of small values with bitcoin. Thus, producers will be able to accept bitcoin payments for premium content produced for their audience. The service will support both custodial and non-custodial wallets. The Lightning Network is a layer of the blockchain that enables fast transactions in a scalable way.
Based on the developer’s image of the functionality that was leaked, Twitter would be working with the Strike app to offer this service.
In July, Twitter CEO Jack Dorsey hinted that bitcoin would be connected to Tip Jar, a service to give tips through Twitter, announced in early 2021. He also added that bitcoin can be used for its other products, including Super Follows, Commerce, and Subscriptions.
Dorsey’s other company, Square, has bitcoin on its balance sheet and recently committed to developing a bitcoin hardware wallet.
Lightning Network enables payments in bitcoin in a scalable way
The Lightning Network was created to solve some technical limitations of the bitcoin blockchain. Through smart contracts, it allows bitcoin transactions to occur in near real-time. Although it was made for bitcoin, the LN can also be implemented in other blockchains.
It is based on a technology called “payment channels”. Thus: a payment channel for two parties is created when both create a multi-subscription transaction on the blockchain, where at least one party sends funds to the distributed record.