In May 2021, the social network Twitter began testing a new feature in which a limited test group of users around the world could leave tips in fiat currencies through payment companies. Later in early September, the company added the ability to make BTC payments to its mobile app code.
Now the Tips service, including bitcoin tipping, is available to all users of Twitter’s iOS and Android apps. Once enabled, sending or receiving cryptocurrency is as easy as viewing a user’s profile. Unfortunately, as of June 2022, the Tips feature is only available in the mobile app, but not on the Twitter desktop website. Well, if you want to know how to get tips in crypto on Twitter, here’s how you can do it.
Why did Twitter add a tip?
On September 23, 2021, the social network Twitter added a new tip feature called Tips. Thanks to it, any user of the social network can send another user fiat money or even bitcoin in just a couple of clicks. The ability to send BTC donations is implemented through Lightning Network’s second-tier solution.
The head and creator of the company, Jack Dorsey, is a longtime bitcoin supporter. The entrepreneur believes that bitcoin should become the main currency of the Internet, and values the coin more than his own companies. He has talked for years about the possibility of implementing crypto payments in his social network.
Anyone over the age of 18 can accept and send crypto donations. At the same time, it’s important to keep in mind that different solutions are available to users from different countries. So, depending on the region, fiat transfers can be made through different payment companies. For example, you can easily add a credit card and use Cash App or Venmo to send Tips on Twitter.
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How do crypto tips work on Twitter?
Absolutely all users can receive and send bitcoin tips through their Lightning Network-supported bitcoin wallet. The Twitter team chose Lightning Network because it offers the lowest fees for BTC transactions. Moreover, residents of El Salvador and the U.S. will also be able to send and receive BTC donations through the Strike LN app.
In addition, relatively recently the most popular bloggers on Twitter got the opportunity to receive “tips” not only in bitcoins but also in Ethereum cryptocurrency. To do this, all you have to do is to specify your wallet address. Also, for the same purpose, the service added support for three payment services: Barter, Paga, and Paytm.
Twitter sees the new functionality as part of an effort to expand opportunities for content creators on its platform. Tipping becomes a means to support favorite content creators: bloggers, journalists, experts, musicians, and artists, among others.
However, the functionality of crypto tips can also be used to make regular money transfers. This is probably one of the easiest and most convenient ways to transfer cryptocurrency to someone.
The social network is also exploring the use of NFT which became a rocking trend in the last years. So far there are no details about what kind of product the company is developing, but it’s known that it’s also about authenticating NFT as users’ digital avatars. It means confirming that the NFT avatar is authentic and belongs to the user. Users will be able to confirm their right to own NFT by connecting the corresponding cryptocurrency wallet to Twitter.
How to connect Tips on Twitter
If you want to accept tips on Twitter, this feature should be enabled first. To do it, follow these steps:
- First of all, open the Twitter app on your mobile device and go to your profile page.
- Then, tap on the “Edit profile” button.
- After that, tap on the “Tips” option located under your birth date field.
- Read the “Tips Policy” and tap “I agree”.
- Next, select the payment service you would like to use.
- You can also add your cryptocurrency wallet. In this case, Twitter users can copy your address and paste it into the wallet of their choice to send you the payment directly.
- Finally, a money icon will appear on your profile to the left of the “Follow” button. When other users tap on this button, they can send you money or crypto.
Once you have completed these steps, you will be able to connect the Tips option to your Twitter account. In addition, to get more such donations, you can PR yourself as a blogger using Twitter Spaces which are available without a certain number of followers.
How to transfer tips on Twitter
For you to be able to transfer tips to a Twitter user, he or she must also enable this functionality in his Twitter account. To make a transfer, you need the following:
- Go to the Twitter profile of the person you want to tip and tap on the money icon located to the left of the “Follow” button.
- After that, you will see a list of payment services or platforms that are connected to your account.
- Tapping on the service you want to use will take you from Twitter to the selected app to send funds.
- The social network isn’t involved in the further transfer process.
You can also copy someone else’s crypto address and paste it into any crypto wallet you use. However, you can’t tip someone on Twitter if this person blocked you. You can easily see who blocked you on Twitter.
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What is the Twitter Tips policy?
Here are the basic requirements of the Twitter Tips policy:
- The user must be at least 18 years old.
- You may not transfer or solicit tips to accounts whose content is illegal, offensive, or inciting hatred, contrary to Twitter policy.
- It’s prohibited to use tips to deceive other users.
- Users’ actions and payment transactions must comply with the financial laws of their country, as well as anti-money laundering and anti-terrorist financing laws.
- Tip recipients are also responsible for paying taxes on income received through Twitter if the laws of their countries provide for it.
- For violation of the rules, Twitter can block a user’s account, limit its visibility to other users or prohibit the use of the tip service. In this case, you can’t get away with canceling the transfer the same way you can delete a Tweet and get away with it.
Depending on the selected payment system, users will have to pay the appropriate fee. There are no restrictions on the number of crypto transfers, but when transferring fiat funds through payment platforms, they can charge their commission.
Twitter itself isn’t involved in the transfers and doesn’t receive any interest in this – it only provides the platform and functionality. This should keep the company from the attention of regulators – it doesn’t provide financial services itself.