Twitter Unveils New Bitcoin Payment Option for Users.
01 Oct 2021, 08:00
Twitter Unveils New Bitcoin Payment Option for Users
Twitter is unveiling a new “bitcoin pay” option that will allow as many as 330 million active users to send BTC funds between each other.
Twitter Will Allow Users to Exchange Bitcoin with Each OtherThe company is going to harness the power of the Lightning Network to initiate this feat. The Network has garnered a solid reputation in recent years thanks to its ability to take payments and transactions off-chain. Many smaller bitcoin transactions are bogging down the blockchain, leading to slower speeds and congestion. The Lightning Network was designed to deal with this problem and allow for small crypto trades to occur off-chain so speeds could at least remain the same for larger transactions.
Many are claiming that the recent news surrounding Twitter is likely what’s allowing bitcoin to remain somewhat stable when it comes to its price. The currency fell to about $42,000 over the weekend not long after China announced that it was ending all bitcoin transactions and related activity within its borders. The country has deemed all digital currency transactions illegal, and thus traders cannot engage in virtual token trades without facing legal consequences.