Twitter CEO Jack Dorsey is developing a platform for a decentralised Bitcoin exchange. In a tweet, Dorsey revealed that his company Square Inc., a payment company, is currently working on an unregulated cryptocurrency market. Dorsey, who is well-known for his support for Bitcoin, said on Twitter that “TBD54566975” will launch a decentralised Bitcoin exchange.
Bitcoin will be a “huge part” of Twitter’s future, according to CEO Jack Dorsey, who sees potential to integrate the cryptocurrency with existing Twitter goods and services, such as commerce, subscriptions, and other new features like the Twitter Tip Jar and Super Follows.
Dorsey has long been a proponent of bitcoin, but the specifics of how it would be implemented on Twitter’s platform have yet to be revealed. Dorsey, on the other hand, has frequently praised the cryptocurrency, claiming that it reminds him of the “early days of the internet” and that there was “nothing more important” for him to work on in his lifetime.
Hardware wallets can be used to store digital currency offline and then sync with apps for internet transactions as needed. Another alternative for bitcoin owners is to use “virtual” wallets, which entails entrusting money to third parties and accessing funds via passwords. The proceeds from the auction of the first-ever tweet will be converted to Bitcoin by Twitter’s CEO.
Dorsey recently declared plans to take his other company Square into the decentralised financial services market via bitcoin after launching a $23.6 million bitcoin fund with Jay Z. Square also bought a majority share in Jay-TIDAL Z’s music service this year, with an eye toward how blockchain and cryptocurrencies can disrupt the music industry.
If the internet has a native currency, a global currency, they will be able to move much more quickly with products like Super Follows, Commerce, Subscriptions, and Tip Jar, and be able to reach every single person on the planet instead of going down a market-by-market-by-market approach,” Dorsey explained. “I believe this will play a significant role in our future. I believe there is a lot of room for innovation beyond cash, particularly as we consider decentralising social media and creating additional economic incentives. So he think it’s critical for Twitter and Twitter shareholders that they keep looking at the space and investing aggressively in it.
Twitter is working on making it possible for everyone to add their Bitcoin and Ethereum addresses to the profilein order to receive tips using the Tip Jar feature.” Earlier this year, Twitter introduced an update to the Tip Jar feature.
They used a screenshot to demonstrate how users will be aware that they will be able to get tips via the social networking site. Twitter’s Tip Jar, according to the screenshot, will leverage the Lightning Network to receive Bitcoin contributions. According to another screenshot, users will be able to collect tips in both Bitcoin and Ethereum.
One of the reasons for this is that the Bitcoin blockchain network is slow and not scalable enough to handle thousands of transactions per second, as required by a trading exchange, whether decentralised or not. The Bitcoin network was created with a specific use case in mind: peer-to-peer payment. Bitcoin has mostly been relegated as a premier store of value and inflation hedge due to its programming restrictions; it isn’t known for its capacity to handle high volume throughput.
Square will set up accounts at Twitter and software developer community website GitHub dedicated to a Bitcoin wallet design if it decides to go ahead with the project.
The most recent development emphasizes the growing popularity of cryptocurrencies as a means of payment and value exchange. Bitcoin, the most valuable digital asset, is currently trading about $51,000, while Ethereum is hovering around $4,000.
02 Feb 2023
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