Twitter Granted 3 Money Transmitter Licenses, Possible Bitcoin Integration?

SmartGold01

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Quote from: kafeelniazi on July 05, 2023, 07:19:03 PM

What are your thoughts on Twitter potentially enabling crypto payments? Do you think it would enhance the overall Twitter experience and provide new opportunities for businesses and users alike

This is creating more harm to its users, creating more opportunities for scammers, and also creating more chances for losing one asset. From my greatest understand and knowledge social media platform is one of the common places to scam people. Reason being that, no ones monitor's your chat and to what discussion and business deal they had. There are lots people who impersonates influential people on social media and coupled with Elon Musk issuing out blue-check marks to any accounts without being the previous way of operation has made it very common for scammer to flood into the platform.

Enabling payment system is like a great opportunities for those people to swiftly carry out business deal without having an external body knows about their transactions for example like banks, most at times bankers have saved lots of life's from losing their hard earn money from scammers by which clients going to banks to make payment, bankers always questions their transaction and to know what business deal that brought up this huge transaction and immediately they mentioned twitter or Facebook or IG payment they stop them no to make such payment that it is a fraudulent business deal.

So to me I don't see it to be a good news or good opportunities to its users.

worle1bm

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Quote from: Rikafip on July 06, 2023, 12:59:47 AM

Elon planning to integrate payments on Twitter is not a new thing really because he bought Twitter for the exactly that thing, to make it an "everything app" where you will be able to do all sorts of things, similar to how WeChat in China is being used.

Right as in the past tipping system was introduced where you can send few bucks to anyone whom you like so it's not a new thing for him.Moreover he is trying to make it a business platform rather then social media community for his profit motives.

Quote from: Rikafip on July 06, 2023, 12:59:47 AM

If he was a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns. To me he is more of an opportunist when it comes to Bitcoin.

He also took undue advantage of his influence in market to make money from doge and yes he's not the one promoting btc but only want to take advantage of people whenever possible like tesla accepting payments and then selling his stuff also.

Blitzboy

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Its fascinating and, on the surface, welcome. Integrating payments, especially Bitcoin, is exciting. It could boost Bitcoin's mainstream popularity by adding functionality. However, risks must be considered. Payment integration could worsen social media's data security issues. Social-financial relationships may provide new concerns. Twitter's history cautions against this. This may boost Bitcoin's acceptance. Twitter transactions with Bitcoin could boost the cryptocurrency. Bitcoin's prominence and viability as a transactional money would increase.

ZAINmalik75

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Quote from: kafeelniazi on July 05, 2023, 07:19:03 PM

What are your thoughts on Twitter potentially enabling crypto payments? Do you think it would enhance the overall Twitter experience and provide new opportunities for businesses and users alike

I think this is all just a trick against Mark Zuckerberg. Just to make him feel like he is still a step behind or something like that. Because we all are aware of the conflict b/w them and now when Facebook has introduced a new update of threads in the comment sections. Many social media users have started to roast Meta and they are just using three keys from the keyboard to make this update.

Which are CTRL+C and CTRL + V. Even Elon has interacted with such memes by replying with a smile sticker. This means, this step could be a counter reply to their update of threads or if we check the history we can also say. Elon has had this plan from the start or at least from a while ago. Because few months back he announced to use Doge token as a payment method on Twitter. Which increased the trading volume of doge token overnight.
If BTC is integrated into Twitter then I hope sending money from one Twitter account to another will cost lesser then sending from any wallet to another. This will definitely open new doors for businesses. Which was facing high fee problems.

FinneysTrueVision

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We really don't need a new payment app. The way Twitter has been run since Musk took over does not give me confidence to trust them with custody of my funds or with my financial information. Even if they add crypto they will also add shitcoins like Doge. According to Cointelegraph, Twitter also intends to create their own cryptocurrency. Facebook already failed with this experiment, I don't see Twitter doing any better. Something that is custodial and promotes shitcoins doesn't interest me at all. The only benefit I can see to this would be that perhaps people who have been deplatformed from PayPal might find a payment app willing to provide them their service.

ChiBitCTy

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Even though I absolutely can't stand Elon Musk , and I think he's overall a narcistic lunatic who absolutely loves himself, he is a smart businessman and he does have some experience in this space, being one of the former owners of PayPal. I think Elon sees an opportunity in that he's got this big social network with millions of subscribers and he's got this amazing platform to be able to market some new business ventures and being that he's got experience in the money transmitting space, this would be a no brainer for him.

My guess is he would implement both crypto and traditional payments.

TimeTeller

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Quote from: avikz on July 06, 2023, 01:28:56 PM

With Elon onboard, we can definitely expect some cryptocurrency integration into Twitter's native platform. But it might not be Bitcoin. While Elon is very much bullish on Bitcoin, he sees it as an investment rather than a currency system. The chances are higher for cryptos like Dogecoin or ETH which are faster and cheaper as a currency.

But it's too early to judge whether it will be good for the market or not. Also it's too early to say if cryptos are going to be integrated or not.

But whatever crypto he's thinking to integrate on this platform, for sure it will give positive impact towards the crypto market.
By the way, ETH is not cheap when it comes to tx fees. But I can agree with doge, it has high likelihood of getting deployed in this social media.
So now, people are anticipating on the next progress for this news. Some people may be on the buying spree already for doge.
We can't deny the fact that Elon has influence on this market. So we can't say, he's not doing anything when it comes to popularity of crypto.

mendace

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Quote from: Synchronice on July 06, 2023, 03:53:48 AM

Quote from: Rikafip on July 06, 2023, 12:59:47 AM

Elon planning to integrate payments on Twitter is not a new thing really because he bought Twitter for the exactly that thing, to make it an "everything app" where you will be able to do all sorts of things, similar to how WeChat in China is being used.

Wasn't facebook planning to create a coin called Libra that would be used as an inner payment form in chat between users? But they failed, as far as I remember this idea got rejected by national banks.
US regulators are very strange, I'll be shocked if they allow twitter to use Bitcoin as an inner payment method in chat between users.

Quote from: Rikafip on July 06, 2023, 12:59:47 AM

If he was a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns. To me he is more of an opportunist when it comes to Bitcoin.

Elon is a businessman, not a Bitcoin fan or enthusiast. Man played with coin like cat plays with mouse. Made people to invest in coin and when the price rose up, he sold coins, took the money out from this pool and made profit. He did it with Bitcoin and Dogecoin. People easily forget Cheesy

Exactly Facebook too I was planning to use their libra token but then everything fell through due to the regulator, but perhaps the difference lies precisely in the fact that Elon will use (maybe) Bitcoin which is a ready-made and uncensorable peer-to-peer payment system while Facebook was trying to create it from scratch and himself, so they immediately stopped the project before it was too late and it could give too much advantage (in the sense of power) to a company like Facebook while Bitcoin doesn't give any advantage because if Elon declares everything is in order with the taxman since owning Bitcoin is not illegal.

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Quote from: kafeelniazi on July 05, 2023, 07:19:03 PM

Imagine being able to make payments using cryptocurrencies like Bitcoin, Ethereum, and Dogecoin right from your Twitter account!

Imagine I can make Bitcoin payments without a third party earning a percentage Wink

Quote from: Rikafip on July 06, 2023, 12:59:47 AM

If he was a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns.

That's rich, coming from the guy who shot a car into space!

Quote

To me he is more of an opportunist when it comes to Bitcoin.

He's an opportunist when it comes to anything.

so98nn

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That’s good news but we can be sure only if we know for what the licenses are being taken. What I mean is, are the licenses taken for integration of existing payment processors like PayPal, or direct transfers from whole new payment processor via Twitter? In addition to this, it is also need to be known what steps are being taken if they are going to use crypto payments? Since that is entirely different domain it can’t be merged with regular license for sure. Imagine this on global platform like Twitter which is completely on another level. Let us not forget that Elons intention could be to uplift Doge coin which he always had on his mind. So it’s now wait and watch situation sure.

avikz

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With Elon onboard, we can definitely expect some cryptocurrency integration into Twitter's native platform. But it might not be Bitcoin. While Elon is very much bullish on Bitcoin, he sees it as an investment rather than a currency system. The chances are higher for cryptos like Dogecoin or ETH which are faster and cheaper as a currency.

But it's too early to judge whether it will be good for the market or not. Also it's too early to say if cryptos are going to be integrated or not.

kafeelniazi

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Quote from: mendace on July 06, 2023, 12:48:32 AM

Great, I missed this news, do you have the source where it is reported? Elon has always been a fan of Bitcoin and unfortunately also of Doge but that doesn't mean it's not a good thing. Let's hope this intention of Elon goes forward and chr is integrated.

this news is all over the internet, Watcher.guru https://watcher.guru/news/twitter-granted-3-money-transmitter-licenses-for-us-payment-services.

Quote from: yhiaali3 on July 06, 2023, 04:39:22 AM

Of course, it is exciting to be able to make payments using cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, although this would have a huge positive impact, but this is something that is difficult to achieve at the present time due to the great regulatory restrictions imposed by the United States on cryptocurrencies.

We can expect approval for Bitcoin and Ethereum but not for Dogecoin which is not recognized as a currency in the US. Also, even if this happens, there will be a lot of restrictions imposed on users, especially KYC, as account verification will be imposed on all users.

Approval of bitcoin and ETH takes lot of time like after 2025, but Doge is still Elon best news gambling asset, Till we get actual conformation from us authorities Elon and other related brands will keep using this "Twitter integration" virtue for pumps and dumps or liquidity exits.

bakasabo

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Even if we get Bitcoin transactions integrated in Twitter, do you think many would use that option? Will it be really demanded? Twitter already had tips, and I havent seen people being crazy about it. If someone hope, that when Bitcoin or crypto transactions becomes available, people would rush to buy blue mark subscription or pay for ads promotion, then imo such thing wont happen. We already had moment, when people were able to pay in Bitcoin and dogecoin for Tesla cars and goods, and I never found any statistics, that people really use that chance (if there were no stats and complimentary articles, then there is nothing to boast with).

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Of course, it is exciting to be able to make payments using cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, although this would have a huge positive impact, but this is something that is difficult to achieve at the present time due to the great regulatory restrictions imposed by the United States on cryptocurrencies.

We can expect approval for Bitcoin and Ethereum but not for Dogecoin which is not recognized as a currency in the US. Also, even if this happens, there will be a lot of restrictions imposed on users, especially KYC, as account verification will be imposed on all users.

Franctoshi

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Is this not another way of enticing people to keep their Bitcoin in the hands of central control? You would see another set of people that will likely make Twitter their Bitcoin storage App or wallet, and this feature poses a huge risk to Twitter accounts to become interesting for hackers or cyberpunks to steal those Bitcoins in there. I don't see the need for this when I can use a self-custody wallet for transactions.

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Quote from: Rikafip on July 06, 2023, 12:59:47 AM

Elon planning to integrate payments on Twitter is not a new thing really because he bought Twitter for the exactly that thing, to make it an "everything app" where you will be able to do all sorts of things, similar to how WeChat in China is being used.

Wasn't facebook planning to create a coin called Libra that would be used as an inner payment form in chat between users? But they failed, as far as I remember this idea got rejected by national banks.
US regulators are very strange, I'll be shocked if they allow twitter to use Bitcoin as an inner payment method in chat between users.

Quote from: Rikafip on July 06, 2023, 12:59:47 AM

If he was a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns. To me he is more of an opportunist when it comes to Bitcoin.

Elon is a businessman, not a Bitcoin fan or enthusiast. Man played with coin like cat plays with mouse. Made people to invest in coin and when the price rose up, he sold coins, took the money out from this pool and made profit. He did it with Bitcoin and Dogecoin. People easily forget Cheesy

_act_

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Quote from: kafeelniazi on July 05, 2023, 07:19:03 PM

If this endeavor proves successful, it could open up a whole new realm of possibilities for Twitter and its users. Imagine being able to make payments using cryptocurrencies like Bitcoin, Ethereum, and Dogecoin right from your Twitter account! These digital currencies would likely be among the first ones to be supported.

Elon Musk that removed bitcoin and later accepted doge to be used for Tesla buying. That man will have in mind to allow doge for payment on Twitter. There was a time some months ago that Elon Musk or so spoke or tweet of something like this, not about doge but doge price increased because people know doge is Elon Musk favorite coin.

Quote from: kafeelniazi on July 05, 2023, 07:19:03 PM

What are your thoughts on Twitter potentially enabling crypto payments? Do you think it would enhance the overall Twitter experience and provide new opportunities for businesses and users alike

It will help users experience on the platform. But I do not think any of the social media should be given the opportunity to make their platform a place to make transaction directly. If something like that happens, scammers may have a better means to scam, although it depends on how it is setup on the platform.

ImThour

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Not going to make much of a difference to be very honest, Twitter CEO Elon Musk is all about Dogecoin and random shitcoins rather than Bitcoin. I would love if a company like Apple or Google implements something of that at a large scale, like Apple adding Bitcoin Payments/Crypto Payments to Apple Wallet. That will be sick and a great news.

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I knew this is coming anyway but I like how Elon Musk slowed the whole process down because he knows much about the crypto market himself, I bet if this is really coming it will be when the market is gearing up for another bull run, that man is a smart one, his timing is always perfect.

I could say it's a good news but it's not the type that brings hype or will bring hype into crypto market, it's something that will become effective only if it's implemented and working, it's really not something so crazy but I'm excited for it anyway.

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Quote from: tread93 on July 05, 2023, 10:43:12 PM

I definitely think it would be interesting if twitter did this. I imagine that you would be able to tip people for their posts in BTC or namely DOGE- Elon's favorite crypto lol.

DOGE is dogeshit (pun intended) for accepting payments. You cannot easily make an HD wallet of DOGE addresses and query the balances of each one, because Dogecoin Core is so ancient that they haven't even merged the multi-wallet support that has been present in Bitcoin/Litecoin/DASH for at least 7(!) years. The best you can hope for using current software - unless you want to waste 2 years of your life rewriting the DOGE full node - is to assign an address to each user, which kills privacy but you can at least do that.

Knowing Elon's twitter, I wouldn't be surprised if they just partnered with some exchange to store their crypto payments in.

Nobody is maintaining dogecoin nodes and software and jokers expect us to transact with it over Bitcoin and other alts like ETH?

Quote from: slaman29 on July 06, 2023, 12:58:41 AM

Hmm. I honestly don't get why this is good news.

Reddit doesn't have a money transmitter license does it, and they can still have people send Reddit coins to each other, just not USD. Why would Twitter have needed to help people send Bitcoin when they can do so to each other ANYWAY.

Tip bots already happened, nobody needed transmitter license for that.

It just needs to accept Bitcoin just like any other site that accepts Bitcoin, that's what helps adoption. I don't get why this is exciting news. Sorry but we don't have to add Bitcoin angle to everything.

Because money transmitter licenses are required only for companies that let users send real money between themselves. It must be that Twitter is trying to be (at best) a Charles Schwab or (at worst) a Robinhood.

Topic: Twitter Granted 3 Money Transmitter Licenses, Possible Bitcoin Integration? (Read 212 times)