Why the debut of tipping bitcoin on Twitter isn't just about tipping
By Mark DeCambre
Everyone will soon be able to tip bitcoin on
The announcement comes after the site has been testing such a feature for months. Tips will be available for Apple iOS users as soon as this week and will be available for those using Android devices in coming weeks.
And while the idea of using bitcoin as a means of payment over
MicroStrategy(MSTR) CEO Michael Saylor shared a tweet of the hoodie-wearing founder of Strike, Jack Mallers, who illustrated at least one of the possibilities for bitcoin tipping on
In a nondescript office, overlooking the Chicago skyline, Mallers uses the
"Yo... we're in Chicago and we've got David here in a
After sending the equivalent of $10 over the app, Mallers says "Boom!"
"We just made an instant, free remittance payment ... over
"Why would anyone ever use
It is no coincidence that Mallers is championing the
Strike, the Chicago-based startup that Mallers launched along with its parent company Zap Technologies, also is known for helping El Salvador adopt bitcoin.
Dorsey, for his part, has also been a staunch supporter of crypto and runs Square Inc. (SQ), which features crypto on its platform.
But overall, tipping in bitcoin seems unlikely to gain much traction on
Its peer assets aren't much better, with Ether on the Ethereum blockchain and meme asset dogecoin, also seeing sharp gains and sharp swings lower in the year to date.
One big fear is transacting in bitcoin or Ether only to see the asset surge (or fall). Indeed, about 11 years ago on May 22, Laszlo Hanyecz, one of the early adopters of the newfangled cryptocurrency bitcoin that had just been coded into existence, purchased a pair of Papa Johns pizza pies using 10,000 bitcoins. The purchase equated to roughly $41 dollars back in 2010, but would be valued at $448 million.
In any case, shares of
(END) Dow Jones Newswires
September 25, 2021 16:08 ET (20:08 GMT)
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