Twitter is introducing a new payment system using cryptocurrency to make transactions easier, initiated by Elon Musk.
Following the same approach as with Tesla, Elon Musk intends to enable Twitter users to make payments utilizing cryptocurrencies such as Bitcoin and Dogecoin on the social media platform. This aligns with the notion that Musk is aiming to transform Twitter into a comprehensive app referred to as X.com or Platform X.
Twitter appears to be working with Stripe, an online payment service company, to enable shops to accept bitcoin payments from their customers. Although cryptocurrency may be integrated into a Twitter payment system sometime in the future, the payments function appears to be limited to fiat currencies for the time being.
According to people within the social media company, Twitter has already started sketching out the architecture needed to manage the payment system on the site, referring to the Twitter payments as a small group which could potentially include support for cryptocurrency payments.
According to sources from Twitter, Elon Musk is said to have informed the platform's developers that he initially prefers cash payments and cryptocurrency support may be added later. This move is not unprecedented as some of Musk's companies already accept bitcoin transactions.
Musk famously started accepting Bitcoin and Dogecoins at Tesla, making it the first car manufacturer ever to accept cryptocurrencies as a legitimate form of payment. Tesla also accepts crypto at its charging stations across the US and the UK.
Elon Musk, since taking over the social media company, has repeatedly expressed his desire to make it into a one-stop-shop application, encompassing all solutions. This would greatly benefit from improved functionality of fast and affordable payments through systems like the Bitcoin Lightning Network, although there are no specific plans in place for this interoperability yet.
Stripe’s most recent endeavour also reflects the company’s renewed interest in cryptocurrency. Stripe stopped accepting cryptocurrency in January 2018, claiming that the token’s illiquidity and inefficiency rendered it unsuitable for ordinary transactions.
Twitter & Stripe's Partnership
In mid-2021, the company announced its return to the cryptocurrency industry and has since been actively participating in the sector. USDC, being pegged to the US dollar, offers greater market stability compared to other cryptocurrencies like bitcoin and is thus a suitable option for use as a cryptocurrency. The partnership between Twitter and Stripe aligns with speculations that Elon Musk aims to transform Twitter into a comprehensive platform, referred to as X.com or Platform X, which would allow users to perform functions like banking, shopping, traveling, and socializing all within a single app
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