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Twitter has already been taken over by Elon Musk, the head of Tesla who is also a well-known figure in the world of crypto. He used this platform for promoting Bitcoin and some meme coins such as Dogecoin. The American social networking and micro-blogging site Twitter has decided to pay all of its creators with crypto. They collaborated with a financial infrastructure platform for a business named Stripe for paying funds instantly with crypto. It will be the launch of their pilot crypto pay-out for all creators.
At first, pay-outs will be accessible using USD coins. It is a stablecoin that has been pegged to the US dollar. Stripe informed the same. They mentioned that now marketplaces and platforms can use crypto to instantly pay funds to freelancers, service providers, sellers, and content creators. This feature will be used by Twitter to pay for earrings from Super Follows and Ticketed Space. Initially, this offer will be only offered to a small group of US creators of Twitter who have features of monetization enabled and will be able to receive one USD coin.
Thus companies such as Twitter can make use of Stripe to provide the creators the options of receiving payments in crypto. According to https://bitcoin-investor.app/, cryptocurrency is still relatively new, so not many people know how to use it properly and the app is helping investors to step into the world of Bitcoin investment.
The plan
• Esther Crawford reacted the same.
• At Twitter he is the product leader for creators.
• He said that Twitter is the place that individuals visit to converse about everything that is happening.
• They are strongly focussed on assisting all those creators who are driving such conversations to earn some money and get connected with all their audiences in a new way.
• They are excited about making pay-outs to creators in crypto via Stripe. This is because creators will be having more choices of how they will receive their payments.
• Stripe's chief product officer, Will Gaybrick said that they have a mission of increasing the internet GDP.
• One of the strongest ways they are going after it is by making commerce highly global.
• As by default crypto protocols are mainly global, they are considered to be a natural vector to do this.
• By making pay-outs via Stripe, platforms will be able to send money to all verified recipients almost anywhere worldwide and that too instantly.
The working method of it
• According to the information given by Stripe, businesses will be capable of paying out to people programmatically with Stripe Connect.
• It can be done to people from over 70 countries and in their local currencies.
• This crypto pay-out addition will enable platforms that use Connect to take part in the economy of Web 3. They will be able to acquire as well as store cryptocurrency on their own.
• They can now pay out to all their users fast in many countries.
• Thus their services will be improved for people who prefer cryptocurrency and not conventional fiat methods of payments.
• In the beginning the testing will be starting with a USD coin.
• But later Stripe has plans of rolling out crypto payments and all support for extra cryptos and various blockchain networks in over 120 countries in 2022.
• Such pay-outs will be working over the network of Polygon.
• Stripe will be supporting pay-outs only in USD coins to all those wallets that are compatible with the network of Polygon.
• It has high speed and low fees.
• Also it includes integration of Ethereum.
• It comes with a wide compatibility of wallet with Coinbase wallet, MetaMask, and so on.
• After funds are earned, creators can select if they wish to store all their money in the network of Polygon or exchange them for any other currency.
• Initially Platforms along with all end users will be capable of easily monitoring and managing pay-outs such as cryptocurrency in the dashboard of Stripe.
Conclusion
Last year in 2021, Twitter included the features of monetization. They did so in an effort of integrating a lot into the economy of the creator and thus boosting revenues. Twitter has recently added a Creator Dashboard. Now there is too a centralized place for some monetization on this platform. Not only the Stripe partnership but also the Creator Dashboard promises a paycheck to all creators. Yet there are never many ways for the creators to make some cash on Twitter. Currently, there are paid options for Super Follows, Spaces along with newsletters. Maybe there will be more ways of earning income coming soon.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.