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The crypto community argues about which token Twitter may integrate as a payment app.
The crypto community has constantly debated which cryptocurrency the microblogging platform, Twitter, would officially adopt since Elon Musk acquired Twitter. The speculations have been about Bitcoin (BTC), Ripple (XRP), and Dogecoin (DOGE).
On November 5, Crypto investor @APompliano proclaimed on Twitter that Bitcoin âis the only payment network that can handle instantaneous, global micro-transactions at scale.â User APompliano bolstered his argument, saying that it is presently possible for Twitter users to send tipping sums via BTC to one another. By implication, choosing BTC would be much easier.
Expectedly, many crypto enthusiasts challenged APomplianoâs claim. They argued that Bitcoinâs network could only process below ten transactions per second and, therefore, unsuitable for micro-transactions at scale.
One of the criticisms that stood out included the comment from John E Deaton, a blockchain lawyer and founder of Crypto-Law.us. Deaton described APomplianoâs opinion as âdemonstrably inaccurate,â asserting that Twitter previously used Rippleâs utility token, XRP, to facilitate micropayment several years before BTC.
Iâm not sure why people say things that are demonstrably not true. And before the haters call me an #XRP Maxi, I have a larger investment in #Bitcoin than #XRP. I donât know why people ignore the fact that #XRP was being used as a micropayment ON TWITTER several years before #BTC https://t.co/vWELrQFbNR
— John E Deaton (220K Followers Beware Imposters) (@JohnEDeaton1) November 5, 2022
Late last month, Cardano blockchain founder Charles Hoskinson tweeted that he could see the possibility of the Dogecoin meme token merging with the social networking platform. Hoskinson later created a poll asking the crypto community about tossing Twitter the idea of a âpost-quantum ultrafast, and identity-enabled DOGE sidechain of Cardano custom built for social networks.â
Should we pitch to Twitter a post-quantum ultrafast, and identity enabled doge sidechain of Cardano custom built for social networks? #QuantumDoge
— Charles Hoskinson (@IOHK_Charles) October 29, 2022
Essentially, the poll meant creating a decentralized human verification system for Twitter to kick out bots using a cross-chain of DOGE and ADA. Over 80% of the respondents went with a yes. Additionally, a crypto enthusiast suggested that Elon Musk could collaborate with fraud-proof payment processors like FlexaHQ and Amptoken Foundation to facilitate Dogecoin transactions.
Notably, it is not entirely true that the Bitcoin blockchain cannot process above seven transactions per second. Global brands that have adopted BTC as a payment instrument do so via the efficient Bitcoin layer-2 solution called the Lightning Network.
Author Bio
Abdulkarim is a blockchain writer and editor with over five years of experience in journalistic writing. He crafts intriguing stories from comments of industry leaders, crypto community gossip, market data, coin review, and more. He shares his view on Linkedin.
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