— jack (@jack) February 5, 2019
A possible integration comes as little to no surprise, as Dorsey has not shied away from expressing his pro-Bitcoin views in the past, going as far as saying Bitcoin will ultimately be the world’s single currency. Although bullish, at the time of the quote (March 2018), Dorsey also expressed his hesitations that “[Bitcoin] does not have the capabilities right now to become an effective currency. It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”
Nearly every other social media platform has a system to send and receive payments. Facebook, Snapchat, Whatsapp, Instagram (even though it’s more retail focused) – you name it.
“Twitter differs from other social media platforms with payment integrations primarily in the way users use the platform. Facebook, Snapchat, and WhatsApp are all essentially closed systems of friends, and most posts are private to your friends and focus on fostering your relationships,” comments Troy Osinoff, a co-founder at NYC-based marketing agency JUICE and cryptocurrency aficionado. “Twitter (and Instagram) are generally you projecting out to strangers. Sure, some people make their account private, but most don’t. Many users find more value in interacting with strangers on Twitter than on Facebook.”
Twitter integrating Bitcoin payments seems more in line with how their userbase utilizes the platform. Twitter hasn’t historically served as much of an online retail marketplace, which Instagram seems to be gravitating towards, but it has done a great job at capturing real-time sentiments on a massive scale.
Bitcoin, paired with the second layer solutions created at Lightning Labs, would offer the Twitter community a near-instant method of transferring value in something as seamless as an invoice-by-tweet function.
The cryptocurrency community is usually quick to put the wagon in front of the horse, but the information is hard to ignore.
Is a Twitter-Bitcoin integration going to take Bitcoin to the moon? The integration definitely won’t hurt, but probably not. Twitter clocked in around 326 million users in Q3 2018 and integration would at a minimum expose millions of people to the cryptocurrency and potentially convert a smaller portion to start utilizing it to occasionally transact.
With 17.5 million BTC currently in circulation, the sheer increase in demand would likely cause a spike in price – but don’t be so quick to get caught up in price. The value of Twitter integrating Bitcoin isn’t in Bitcoin (or TWTR stock) appreciation, it’s in sparking unprecedented levels of mainstream usability.
“People shouldn’t be so focused on the daily news as much as they should pay attention to the macro trends of who invested in what, and where their interests are,” notes Jared Moore, a cryptocurrency enthusiast and Founder of Citadel LLC. “Consider the mass potential of a wallet with a decentralized exchange “dex”, a stablecoin, and digitized security all sendable through a massive social media platform like Twitter or Facebook.”
Integrating Bitcoin payments on Twitter would be a monumental occasion for the digital currency, especially so on a platform with a notably Bitcoin bull CEO like Jack Dorsey. Dorsey’s investments in scaleability solutions created by Lightning Labs will help reduce Bitcoin’s inefficiencies and take it one step forward in fulfilling Dorsey’s prophecy of a single global currency.
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