An announcement was made by Twitter on Thursday to utilize the Lightning infrastructure of Strike to allow tipping while utilizing the BTC network. The firm stated the Tips feature thereof to be launched during this week on Apple iOS globally, whereas the Android users need to wait for some more weeks. Jack Dorsey (the CEO of Twitter), who is known as a prominent supporter of Bitcoin, according to some people, had always considered this move in his mind to be executed at a suitable time. Jack Mallers, the CEO of Strike, mentioned that this contract is much more than only benefitting the respective media influencers.
BTC and Twitter: a massive deal
Power Lunch of CNBC pointed out that Twitter consumers could even now tip with the Cash app of Square, Venmo by PayPal, and other such conventional systems. However, Bitcoin-Lightning is especially the sole network to be integrated by Twitter which would work globally. Venmo and Cash apps are both not supported by every country around the world; nonetheless, Strike is accessible to everyone using a smartphone irrespective of the respective locality.
Divergent global regulations for crypto are not an issue
Recently, the regulators of the United States have been raising the matter of regulations by reminding the consumers of cryptocurrency about the consequences of utilizing virtual assets, particularly as currency. Nevertheless, Mallers disclosed that this is not a problem concerning Twitter Tips because the customers certainly do not handle Bitcoin. He added that people require making a distinction between the Bitcoin asset and the network of Bitcoin. By using the infrastructure of Strike, the people will just be permitted to manipulate their domestic currency; however, the information will be carried by the Bitcoin-Lightning network.
Maller further revealed that they provide security to and stabilize the value of the assets immediately without a cost on a global level. The interference is allowed with only the domestic currency like the dollar, euro, and yen. Thus indeed, currently, there is no permission to make alterations to Bitcoin, according to Maller. He brought out the contemporary issues in utilizing the traditional methods of payment across the borders. A lot of them consume pretty much time to be accomplished, particularly when dealing with the developing nations in terms of sending and receiving. As per Maller, the result of the respective move involves the dematerialization of approximately all of the other networks for payment.