Community Trust ScoreVerified
Twitter has added Bitcoin lightning tips and is exploring NFT authentication. This is indeed a big step to mass adoption of Bitcoin. This news makes one feel like Bitcoin is taking over.
Why Bitcoin lightning tips is attractive? The ability to get some tips paid in Bitcoin using an app is a huge capability. This is the first of its kind tipping service using Bitcoin and obviously paves way to mass adoption of bitcoin.
Twitter is also working on making it possible for users to connect their cryptocurrency wallets to authenticate the ownership of NFTs using a special badge.
Test tipping using Bitcoin and the app has been going on for some time now. Twitter has not made tipping widely available to date.
Twitter will permit users to connect about nine traditional payment providers, which includes Venmo and Cash App to their profiles to accept tips. Thus, it is very clear that Twitter isn’t processing the payments itself.
Bitcoin tips is made possible by Strike. Strike offers the easiest way to buy bitcoin. Skip fees and stack sats, the right way. Merchants use Strike’s API to accept payments from customers globally. Marketplaces use Strike’s API to enable payments between buyers and sellers or fans and creators. Strike API makes it easy to connect to a global instant payments network.
Users can send and receive instant and secure borderless payments from your fingertips with no added fees. Strike is a great way to put the power of your money back into your pocket. You can convert your paycheck to bitcoin with no added fees.
Strike recently expressed: “Celebrate good times come on! The bitcoin tab has done so much volume, it is now below 0.2% spread to buy bitcoin on strike with no added fees. Also we’ve begun adding users to PAY ME IN BITCOIN from the waitlist to celebrate: 20% cashback @ Bitrefull with lightning.”
Community response: Might be a dumb question. But where do you actually see the fees in the app when purchasing? I can’t find them anywhere.
It’s in the price spread so it’s not shown at all. It’s calculating current price vs price you actually got on order.
Interesting thanks. I guess I just always expect to see all the info like transaction id on a Bitcoin purchase and I don’t see that in strike but thanks.
Concern: The one and only reason I’m not using Bitcoin for purchases is that I have no clue what kind of mess it creates for taxes. I’ve never seen anyone describe how this works.
Assumptive clarification: There’s no tax liability because it’s instant conversion from USD to BTC to USD. Not sure what the rules are on “reporting” but there’s not a gain/loss.
Please pardon my ignorance. Is this to say that if I buy a gift card in Bitrefill, and use the Strike app to pay, it effectively is the same as me using USD directly from my checking account, and the lightning network is merely used as the payment rail?
Strike is doing the reporting. You actually are paying USD to USD @ Strike, then Strike is Buying and Sending BTC and doing the taxes.
