Twitter, which was recently acquired by Elon Musk, is allegedly working on a feature where users can receive rewards with crypto-like assets. Here are the details…
Twitter prepares for feature similar to cryptocurrency payments
Twitter continues to develop a new feature that will allow users to give “Rewards” to each other using “Coins” that can be purchased with fiat currency. According to security researcher and data miner Jane Manchun Wong, Twitter is currently developing a purchase interface and menu item button for its feature called “Coins”. It will also use Stripe to process payments in fiat.
Twitter is also working on a “Coins” menu item that takes you to the purchase screen pic.twitter.com/tSG8msWBGe
— Jane Manchun Wong (@wongmjane) January 10, 2023
The news shows that Twitter’s monetization strategy continues to evolve, despite losing most of its staff just months ago after new CEO Elon Musk took over. On the purchase screen shared by Wong, “Coins allow you to support creators who tweet great content. Unused funds are kept in your balance.
Coins can be converted to fiat currency
According to Wong, in order to obtain Twitter Coins, users must make a purchase using fiat currency. For purchase or conversion of coins into fiat currency, the minimum amount reportedly needs to be $50. Otherwise, the coins have to be received as a reward from another user.
Wong claims that Twitter Coins will be purchased on the web through Stripe. Despite CEO Elon Musk’s long-declared love for the DOGE cryptocurrency, there is no mention of crypto anywhere. However, Stripe accepts cryptocurrencies as payment, so it seems possible for users to purchase Twitter Coins with crypto.
Users will be able to give rewards in the form of tips exclusively to Twitter Coins. Among other things, users will be able to send coins with reactions such as “Mind Blown”, “Super Likes”, “Bravo”, “Useful”, “Bullseye”, “Gem”, “Bronze”, “Silver” and “Gold”.
Here’s the list of Twitter Awards: https://t.co/PpgHebBWD6 pic.twitter.com/BePDVAkzhy
— Jane Manchun Wong (@wongmjane) January 5, 2023
Reddit similarity draws attention
These types of reactions, which require coins to rate a user’s tweet, are similar to Reddit Gold, a feature where Reddit users buy “gold” by paying with fiat to flag threads or posts they find particularly useful or good. It looks like Twitter Coin is very similar to this system on Reddit. According to Wong, Twitter has been working on the feature for some time and has encountered a number of “hurdles” in the past year. For this reason, he states that the idea was continued by Elon Musk, but it may not have come directly from him.
Recently, the Twitter CEO has been surprisingly quiet about spreading his love for DOGE. There has been no Dogecoin tweet from Musk in recent weeks. Also, the Dogecoin community has been disappointed many times lately. First, it was announced that Twitter is backing out of its plan to launch a cryptocurrency wallet for now. On the other hand, as we reported as Kriptokoin.com, Twitter introduced a new feature for Bitcoin (BTC) and Ethereum (ETH) price charts in December, while DOGE was not integrated.
