JVTech News “Twitter Coin is coming and it will radically change the platform” users are already setting the stage for the arrival of the coin
Since Elon Musk took over the reins of Twitter as CEO, the social network has seen some changes. While some cryptocurrency-related features have emerged on the platform, many expect to see the addition of a dedicated currency or crypto for the social network: the “Twitter Coin”.
Long before Elon Musk’s takeover of Twitter, the social network already offered cryptocurrency-related features. Called “Bitcoin tipping”, this service has been allowing donations to content creators on the social network using Bitcoin, since September 2021.
However, knowing Elon Musk’s attraction to Bitcoin and other cryptocurrencies, Twitter couldn’t stop there in adopting it after it was bought by the US billionaire. While nothing is official at the moment, some users have elements to think that Twitter is actively working on its own currency or cryptocurrency.
It is precisely from last December that the famous rumor of a “Twitter corner” began to spread like wildfire. Recently, new findings have clarified these rumors, creating a wave of excitement for the social network’s crypto/NFT community:
“Twitter Coins is coming and it will fundamentally change the platform. It’s a digital currency to reward content creators: better content = more money. If you’ve all dreamed of making a living with Twitter, here are 6 simple steps you need to take right now,” NFT_GOD tweeted.
However, it remains to be seen whether this famous “Twitter coin” will actually be a cryptocurrency.
“Twitter coin”: the new currency of Twitter
Through multiple posts on the social network, many users, including computer security researcher Jane Manchun Wong, have leaked screenshots in which several pages of the social network clearly show a Twitter “coin” system.
Precisely, on one of them, we can see the description of the Twitter currency:
“Coins allow you to support creators who tweet great content. Unused coins stay in your balance,” mentions Twitter’s buy coins page, or so it seems.
In addition, several acquisitions suggest that these “coins” will fuel a system of rewards and trophies for the most popular posts on Twitter.
However, it turns out that this “Twitter coin” will not be a cryptocurrency as some had hoped. Indeed, according to the latest news, these “Coins” will be available through the payment service provider Stripe, confirming that the “Twitter Coin” will be more like an internal payment system.
This model is very reminiscent of the Reddit discussion forum, which launched its own “Coins” a few years ago. It is therefore possible that Twitter will take this same path. Furthermore, Musk believes that no current blockchain could support the transactions of the entire social network.
These different items are still rumors until nothing is officially announced. However, it seems obvious that Twitter is working on “Twitter Coin”. How exactly that will materialize remains to be seen. We will certainly know more in the coming months.