Dogecoin Payments Could Finally Be Coming to Twitter

Twitter filed paperwork with the U.S. Treasury Department last week to become a payments processor, which could pave the way for crypto payments.

The move comes as Musk seeks to boost falling advertising revenues at the social media company known as the world’s town square.

Twitter could expand limited “Twitter tips” feature

According to the New York Times, Twitter filed its registration application with the Financial Crimes Enforcement Network (FinCEN). Any business processing money transfers, currency exchanges, or cash checks must register with FinCEN, the federal bureau responsible for combating illicit finance in the U.S.

Until now, Twitter has allowed creators to receive Bitcoin tips from fans through Strike’s application programming interface (API). The API uses the Bitcoin layer-two Lightning Network’s micropayment channels to conduct a transaction off-chain. Multiple transactions are then bundled together and sent to the main chain. Fans could also tip creators using cash.

But that was the technology’s limit until now. While it is not clear who will provide the technology for Twitter’s payments, Musk could tap a former online bank he helped found. In June 2022, PayPal rolled out a new service enabling customers in the U.S. to buy, sell, and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. 

But don’t forget about DOGE

But crypto enthusiasts will hope that Musk’s love affair with a certain memecoin will override all other considerations.

Musk’s other company, Tesla, has allowed customers to pay Dogecoin for particular Tesla merchandise via the payments processor BitPay. Its Cyberwhistle, launched on Sep. 14, 2022, retailed for 1,000 DOGE, while a new perfume, “Burnt Hair,” could also be bought with DOGE via BitPay.

Source: Tesla

There is also the possibility that Twitter could process DOGE payments to combat spam bots on the platform.

Before the Tesla CEO bought Twitter for $44 billion, he was locked in a court battle with Twitter after pulling out of an earlier deal to buy the social media company. As part of the trial, Musk’s conversations with several former Twitter executives were revealed in an eye-opening document. 

elon and parag bonding over being engineering-types who got put in leadership positions, who just wanna do design work

— The Chancery Daily (@chancery_daily) September 29, 2022

One exchange revealed that he had considered converting Twitter to a blockchain-based service, charging DOGE to combat bots on the social network.

“My Plan B is a blockchain-based version of Twitter, where the ‘tweets’ are embedded in the transaction of comments. So you’d have to pay maybe 0.1 Doge per comment or repost of that comment.” Musk said to Steve Davis, an executive colleague at Musk’s tunnel-building Boring Company.

He later abandoned the plan as infeasible. But the new FinCEN application could hint at a broader e-commerce thrust for Twitter that includes crypto payments. FinCEN’s strict anti-money laundering rules could mean that crypto enthusiasts will need to give up their identity to transact. Time will tell how the saga unfolds.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

The post Dogecoin Payments Could Finally Be Coming to Twitter appeared first on BeInCrypto.

Related Posts

Digital identity platform integrates with zkSync for on-chain KYC

RNS.ID’s on-chain KYC solution is designed on a “privacy engine” to encrypt users’ data., a digital Web3 identity platform developed to support the application and issuance…

European Central Bank blasts Bitcoin —community responds

After the European Central Bank released a blog post on the shortcomings of Bitcoin, the crypto community on Twitter took to the comments to defend the cryptocurrency….

Ukraine to launch CBDC to fight crisis – Will it be based on Stellar Lumens?

Ukraine plans to make its Stellar-based CBDC to support retail cryptocurrency payments.  Stellar has also been partnering with other countries to develop their CBDCs. The National Bank…

Should you start your crypto trading journey?

Interest in digital currencies has increased considerably during the last couple of years, so the vast world of cryptocurrencies lures more and more individuals. Though, there are…

Cardano partners with 2 industry leaders in Web3 – Will it drive ADA price to $2?

Cardano’s commercial arm EMURGO announced investments in OAK Network and SubQuery protocol to expand its footprint in the Web3. The total number of smart contracts built atop…

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite…

Generated by Feedzy