News JVTech “Twitter Coin is Coming and Will Radically Change the Platform” Users are already preparing the ground for the currency’s arrival
A lot has happened on the social network since Elon Musk took over the reins from Twitter as CEO. While some cryptocurrency-related features have popped up on the platform, many are anticipating the addition of a currency or crypto dedicated to the social network: the “Twitter Coin”.
Crypto Twitter?
Long before Elon Musk took over Twitter, the social network was already offering cryptocurrency-related features. Dubbed “Bitcoin Tipping,” this service has been allowing donations to social network content creators using Bitcoin since September 2021.
However, knowing of Elon Musk’s attraction to Bitcoin and other cryptos, Twitter couldn’t stop at adoption after being bought out by the US billionaire. If nothing is official at the moment, some users have elements to believe that Twitter is actively working on its own currency or crypto.
Only since last December has the famous rumor of a “Twitter corner” spread like wildfire. Recently, new insights have cleared up these rumors and caused excitement in the crypto/NFT community of the social network:
“Twitter Coins is coming and will radically 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 from Twitter, here are 6 simple steps you must do now,” tweeted NFT_GOD.
However, it remains to be seen whether this famous “Twitter coin” will really be a cryptocurrency.
“Twitter Coin”: the new Twitter currency
Through the numerous posts on the social network, many users, including cybersecurity researcher Jane Manchun Wong, have leaked screenshots in which several pages of the social network clearly show a system of Twitter “coins”.
Exactly 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,” the Buy Twitter Coins page says, or so it seems.
Additionally, multiple footage suggests that these “coins” will power a system of rewards and trophies for the most forwarded posts on Twitter.
However, it turns out that this “Twitter coin” will not be a cryptocurrency as some have hoped. According to the latest news, these “coins” will indeed be available through payment service provider Stripe, confirming that the “Twitter Coin” will be more like an internal payment system.
This model is very similar to that of the discussion forum Reddit, which launched its own “coins” a few years ago. It is therefore possible that Twitter will follow the same path. Additionally, Musk believes that no current blockchain could support the transactions of the entire social network.
These various elements are still rumors until something is officially announced. However, it seems obvious that Twitter is working on “Twitter Coin”. It remains to be seen how exactly this will come about. We will certainly know a little more in the coming months.
