News JVTech “Twitter Coin is coming and will radically change the platform” users are already preparing the ground for the arrival of the currency
Since Elon Musk took over Twitter as CEO, the social network has seen some changes. While some cryptocurrency-related features have appeared on the platform, many expect to see the addition of a currency or crypto dedicated to the social network: the “Twitter coin”.
Long before Elon Musk’s takeover of Twitter, the social network already offered features related to cryptocurrency. This service called “Bitcoin tipping” allows donations to content creators on the social network using Bitcoin since September 2021.
But knowing Elon Musk’s attraction to Bitcoin and other cryptos, Twitter couldn’t stop there in adoption after it was bought out by the American 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.
It is precisely since last December that the famous rumor of a “Twitter corner” began to spread like wildfire. Recently, new findings have cleared up these rumors and created a wave of excitement for the social network’s crypto/NFT community:
“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 to take right now,” tweeted NFT_GOD.
However, it remains to be seen if this famous “Twitter coin” will really be a cryptocurrency.
“Twitter Coin”: the new Twitter currency
Through the many posts on the social network, many users, including cyber security researcher Jane Manchun Wong, leaked screenshots where 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. Unspent coins stay in your balance” the buy twitter coins page mentions or so it seems.
In addition, several catches suggest 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 hoped. In fact, according to the latest news, these “coins” will be available through the payment service provider Stripe, which confirms that the “Twitter coin” will be more like an internal payment system.
This model is very similar to the Reddit discussion forum, which launched its own “Coins” a few years ago. It is therefore possible that Twitter will follow the same path. Furthermore, Musk believes that no current blockchain could support the transactions on the entire social network.
These various elements are still rumors as long as nothing is officially announced. However, it seems obvious that Twitter is working on “Twitter Coin”. Exactly how this will materialize remains to be seen. We’ll know a little more for sure in the coming months.