Since Elon Musk took the reins of Twitter, the platform has seen a steady influx of new features aimed at improving the user experience. However, the latest announcement may raise concerns among cryptocurrency enthusiasts. Indeed, Twitter has revealed its “Coins” project, a feature that will allow users to support content creators by purchasing “Coins” with fiat currency. It remains to be seen if this feature will actually be linked to cryptocurrency or if it will be a digital asset exclusive to Twitter.
Twitter launches “Coins” to support content creators
Twitter, one of the largest social networks in the world, recently announced the development of a feature called “Coins”. This feature allows users to support creators who tweet or share quality content by purchasing “Coins” with fiat money.
According to security researcher and blogger Jane Manchun Wong, the payment of Coins will be done on Stripe. She also noted that the likelihood of this payment being in fiat currency is “high.”
The news also suggests that Twitter is currently working on its purchase interface and a menu button for cryptos.
This feature is similar to other existing tip and reward systems on other social networking platforms, such as Reddit or Facebook. Users will be able to use Coins to reward creators of content they particularly like.
Twitter coins is not a cryptocurrency!
Although Twitter has not yet revealed all the details of the Coins feature,there is also no clear indication that Coins will be linked to cryptocurrency. Recent leaks reveal that the blue bird will use Stripe, an online payment network. However, payment on this platform will be able to be settled in fiat rather than cryptocurrency. Of course, it is possible that this will change in the future, as Stripe supports crypto payments.
Regardless, it remains to be seen how Twitter’s new Coins feature may evolve and whether it will be linked to cryptocurrency or not. It also remains to be seen how Twitter will differentiate its offering from its competitors.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.