Twitter may put Western Union out of business with new Bitcoin transfer feature
|- Twitter to allow users to tip their favourite content creators in Bitcoin, rolls out a new feature for iOS devices.
- The social media giant plans to support authentication for NFTs and let users showcase their collection on Twitter.
- Crypto podcaster predicts that a combination of Twitter and Strike will take over Western Union.
Twitter has identified the key to incentivizing content creators and challenges payment giants with new Bitcoin tip feature.
Western Union faces threat from Twitter’s new “Bitcoin tips” feature
An American multinational financial services company with a market capitalization of $8.2 billion is now set to face intense competition from social network microblogging platform Twitter. Twitter has jumped in on the latest trends in cryptocurrencies by allowing users to tip their favorite content creators in Bitcoin.
In a bid to encourage conversations that a wider audience appreciates and finds useful, the platform plans to foray further into cryptocurrencies. Twitter has unveiled plans to support NFT authentication for users.
Twitter’s iOS users can send and receive tips using the leading cryptocurrency as part of measures to boost interest among creators in the space. The social media platform plans to allow users to showcase NFTs on their profile with authentication.
Esther Crawford, a product executive working on Twitter’s creator features, said,
There’s this growing interest among creators to use apps that run on the blockchain. We want to help creators participate in the promise of an evolving decentralized internet directly on Twitter.
The recent development has made Twitter the first large-scale social network to implement cryptocurrency tips and encourage the acceptance of BTC as a means of payment. After testing the feature for a few months and rolling it out to a handful of users, Twitter has now made it available to a larger audience.
Strike, a global instant payment network, is Twitter’s partner and facilitates Bitcoin payments on the microblogging platform. Strike is funded by Twitter CEO Jack Dorsey, and some crypto podcasters are of the opinion that a collaboration between the two can exceed the reach of Western Union.
Peter McCormack, popular cryptocurrency podcaster, recently tweeted
Time to short Western Union.
— Peter McCormack (@PeterMcCormack) September 23, 2021
Twitter + Strike destroyed your business model.
Goodbye.
Time to short Western Union.
— Peter McCormack (@PeterMcCormack) September 23, 2021
Twitter + Strike destroyed your business model.
Goodbye.
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