The utility of a cryptocurrency is based heavily on its use cases; the wider the use case higher the utility. Twitter is coming up with its indigenous payment system, while CEO Elon Musk wants it to mainly focus on fiat currencies. Still, engineers are supposed to build it to accommodate crypto payments in the future.
Musk and DOGE
Dogecoin is believed to be Elon’s darling coin; he had seen pumping the meme coin on numerous occasions. Musk’s love for DOGE and its cult stature influenced Glauber Contessoto to invest all his life savings of $250,000 in DOGE in February 2021, making him a Dogecoin millionaire and a poster boy for the cryptocurrency’s success.
Since the news of the probable crypto-enabled payment system was announced on Monday, DOGE jumped from $0.08 to $0.09. At the time of writing, it was trading at $0.09176 with a jump of 6.44%; its value against Bitcoin rose by 8.27% to be at 0.000000401 BTC. Its market cap gained 6.41% and was at $12 billion, while its volume massively increased by 138.24% and was at $1.3 billion. Ranking at no. 9, DOGE shares a market dominance of 1.17%.
Musk and Twitter
Elon Musk acquired social media giant Twitter in a controversial deal of $44 billion in October 2022. Ever since Tesla CEO became Twitter CEO, his decisions to reorganize the entire company, firing employees, and instill harsh working techniques all raised concerns. Musk is also exploring ways to reimagine and monetize Twitter, registering as a payment business in November 2022.
They are developing a “Coins” feature allowing users to pay with fiat to receive virtual Coins, which can then be redeemed for “Awards” for content, a similar practice used at Reddit. Enabling Twitter users to pay for Coins using Stripe, a payment platform. Esther Crawford, Twitter’s Director of Product Management, is in charge of Twitter’s payment product. Although Twitter Coins is less likely to include crypto at the initial level, Musk doesn’t seem to omit the possibility entirely.
Crypto is not alien to Twitter, even though its crypto engineering lead Tess Rinearson has left the company. It still offers NFT verification as a part of its Twitter Blue subscription benefits; at the same time, users can tip select creators using BTC with the payment method Strike. Twitter users whose monetization feature is enabled can display Ethereum or Bitcoin wallet addresses for tips received.
Declining any comment on the payment product with the media, Crawford commented earlier that Twitter still does not have a Communications team.
If the Twitter Payment app allows Crypto
Twitter is a social media giant with users across the world. If they jump into the crypto arena, it will surely help increase mass adoption, displaying its benefits to people worldwide. Such innovations and positive steps from giants are required to fuel the adoption, such names, when associated with the industry, give a positive vibe, and people start believing in the industry and the technology, a thing which is required the most at the moment.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/01/31/twitter-payments-update-excites-doge-fans/