Twitter, the microblogging company of America, is also a social networking platform. It is teaming up with an online payments company named Stripe. Thus it will be letting merchants pay all customers in cryptos. Stipe will be accepting payments only in USDC. It is one such stablecoin that is pegged to the US dollar for now. It will allow various people who will not otherwise be capable of holding dollars to do it. It is expected that payouts will happen on the network of Polygon as it offers low fees. Other than this, there is the integration of Ether as well as wider wallet compatibility. If you are new to crypto investments then click here where crypto trading has become famous. It covers Rainbow, Coinbase wallet, and MetaMask.
All about Twitter and its crypto payments
Twitter will become the first merchant to make use of the new option of payment of StRipe. It will allow some users to collect all earnings in USDC. Twitter is focused on its creators that mostly has been on ways to provide creators with methods of monetizing services. It is provided to every user by social media. This addition of payments in crypto is an alluring move that will be indicating how this company will alter its monetization strategy. Now few of the services of the creator monetization on Twitter are Tips, Super Follows, and so on.
The latest move of Stripe too highlights the renewed interest of the company in cryptos. In 2018 January Stripe discontinued accepting payments in Bitcoin. It claimed that the volatility of the token along with its inefficiency rendered it not suitable for any ordinary transaction.But in 2021 October it declared that it will re-enter the sector of crypto and start to hire crypto talent. As USDC is pegged to the US dollar, it is perfect for using it as crypto with bigger price stability compared to Bitcoin and other cryptos. After creators get their earnings they will be able to hold all balance on Polygon or select to bridge to Ether and exchange it into another crypto. It has plans of supporting other kryptos beyond USDC by this year’s end. It will allow crypto payments in over 120 countries.
Elon Musk’s views on Twitter as a platform for crypto payments
Elon Musk the billionaire said that it makes complete sense for integrating digital payments into the social media platform Twitter. Now money is digital fundamentally, it has been for a long time now. He said this at Twitter’s virtual all-hands meeting. It will make huge sense for integrating payments into Twitter. Thus it is easy if you send money back and forth. Musk has been serving as Tesla’s CEO and made one agreement in place to buy Twitter for $44 billion. Even after a few public wavering regarding completing this deal, the purchase looks on track. The attendance of Elon Musk also suggested a few commitment levels, Twitter already tiptoed into crypto, It incorporated Bitcoin tipping last year under Jack Dorsey the then CEO. The functionality of Ether was added early in 2022. Twitter was also the first company that tried out one new program from Stripe the payments processor. In April it declared a feature to enable payments in USDC through Polygon.
A U.S. citizen also attempted to sue Elon Musk and Tesla for $258 billion. It was on the investor’s behalf who were defrauded allegedly by what he claimed is a Dogecoin pyramid scheme. Previously Elon Musk has been very supportive of DOGE. Most recently in May, he said that SpaceX’s merchandise will be soon able to be purchased with Dogecoin similarly as it will be possible for the merchandise Tesla.
Conclusion
Now Twitter is a business that is completely ad-based. Diversification of revenue sits across a huge variety of spaces and monetization of the creator is a really little component of it. The main trick is finding the perfect parts of Twitter to decentralize. Never try decentralizing all at once. Each user should suddenly be responsible to take care of a few private keys or something similar. By finding the perfect ways of opening up little access to one decentralized economic layer or giving people ways of taking their identity with them and not relying on any centralized service.
