Twitter’s CEO, Jack Dorsey, has disclosed that the social media platform may soon join the cryptocurrency industry through the Lightning Network, an alternative Bitcoin network for fast payments. Dorsey is also the CEO of payments firm Square. On Friday, the platform’s creator responded to a follower by saying that it is just a “matter of time” until Twitter implements Bitcoin.
Despite this, there are no more specifics on how the Twitter and Bitcoin combination will operate. The most likely scenario is that the money is utilized in microtransactions on the site, which is increasingly focusing on monetization methods.
Only a matter of time
— jack (@jack) June 11, 2021
Twitter just introduced its premium version, the Blue, in which users may subscribe to a package for more services, but there is currently no method to pay using Bitcoin directly.
What is the Lightning Network?
Lightning Network is a secure online payment system that enables for immediate payments. The payment layer claims to be able to handle a comparable number of financial transactions as a credit card network. The approach has gotten a lot of attention in recent years. Merchants in El Salvador, for example, will be able to transact across the network.
The Lightning Network aims to speed up transactions and save costs by routing them via channels rather than using the Bitcoin blockchain to validate each one. It works in the same way as Visa and Mastercard’s settlement systems, instantly checking the buyer’s money and the seller’s request before completing the transaction later.
Dorsey’s Bitcoin Maximalism
Dorsey didn’t say if Lightning Network will be incorporated into Twitter or BlueSky, the initiative he announced in December to create a decentralized social media standard.
Dorsey confirmed his devotion to the cryptocurrency at the Bitcoin 2021 conference earlier this month, saying, “If I weren’t at Square or Twitter, I would be working on Bitcoin.” I’d abandon Square and Twitter in favor of Bitcoin if it need more assistance.”
When it was first reported that Square, Jack Dorsey’s payments startup, was working on its own Bitcoin payment mechanism, it was assumed that Twitter would follow suit. The corporation even negotiated a $5 million deal for the development of Bitcoin miners.