Topic: Twitter plans to offer buying and selling of bitcoin and other cryptocurrencies (Read 364 times)

Well traders will definitely face some troubles if that is the case. However, based on the news I have read, Twitter has announced its partnership with eToro crypto exchange and not that Twitter will directly accept buy and sell for crypto. So the headline that was shared by OP is clearly a fake news. Here’s the legit news, https://www.forbes.com/advisor/investing/twitter-stock-crypto-trading/#:~:text=Twitter%20has%20announced%20a%20partnership,on%20the%20social%20network's%20platform.

I don’t think Twitter will be engage in buying and selling bitcoin and other cryptocurrencies online. Twitter is not an exchange, it’s a social media service that creates lifetime memories with its users. So if Twitter plans to engage in cryptocurrencies, then the company owner might have its own plan to build an exchange separate from Twitter so they can also take business with cryptocurrencies.

At least Facebook did not launch any crypto transaction feature on its app; just the Facebook marketplace is okay, and it only allows citizens to carry out buying and selling among themselves within their country (that's how it works here). There is no Bitcoin transaction feature of any sort where someone can quickly track how many bitcoins you are buying or selling on Facebook.

I remember that some CEX have different levels of KYC. The first stage may be KYC-free, that is, if you are buying and withdrawing below 0.5 BTC, but if you are going high, like 1–5 or 5–10 BTC, you will need to pass a high required details of you to pase the KYC.

So let's link this to the new feature that want to be added to Twitter. If it happens, the time will come when Twitter can put restrictions on individual accounts and even ask for extra KYC information. Well, I'm not interested in their new feature, crab.

Indeed, connecting a large social network with the possibility of trading cryptocurrency in it is a very bad idea. This is similar to Zuckerberg's idea to launch his Libra stablecoin on facebook social network. What this led to, we have already seen. In the social network, its participants leave a lot of confidential information about themselves with a clear identification of the individual. If data on our financial activities is also placed there, persons who possess such information, or receive it as a result of hacking, have the possibility of misusing such information. First of all, because of this, the regulators did not allow this to happen. The same will happen in this case with Twitter.

Most likely you have been reported for fun by trolls in the internet. I've also experienced that scenario when I'm peacefully scrolling at Twitter then it just says "account suspended". It's good that they take action to such report online but they also need to assess which is true and fake to avoid the innocent to be included. But as the Elon Musk the new CEO of Twitter then it may be possible for it to happened, account suspension can be fixed once it happended. There's a lot of investor and trader that are using Twitter for any updates and projects online such as NFTs. So it would be good to have Bitcoin in Twitter however the only cons of this event is thst newbies might try it for fun and lose a lot of funds since it's not that easy to enter the market without knowledge not only by curiousity.

Or you mean an exponential increase in regulatory scrutiny of Twitter (and Elon Musk)

It's almost as if Twitter is trying to run themselves into the ground at this point. What's the guarrentee that eToro won't go down like some of these other players from the last year?

I agree with you, anything crypto related which Musk has gotten directly involved in
has proven to be controvercal and somewhat short lived, I feel if this partnership with
eToro IF it comes to fruition would also be short lived, he could decide to pull the plug
on it at anytime. Knowing this about Musk would eToro get involved?

Has eToro even commented or confirmed on this new partnership?

That would be a huge move by Twitter and will likely impact the crypto community a lot. Short term I would expect prices to rise as a lot of new investors would join the market and it might be quite easy for them to buy and sell cryptos via Twitter. The main problem for me when it comes to socialmedia and crypto currencies is that there could be a huge hype in the beginning, but when there won't be high returns quickly all the new investors could leave the markets again. Socialmedia lives of hypes that quickly fade again and the same could happen when buying cryptos. Also Elon Musk used his power in the past on Twitter to promote certain cryptos that he owned, I am a bit afraid of conflicting interests here.

Suspending accounts is a usual thing about the app, it's specifically for the purpose to remove dormants accounts, although some are linked with phishing mails and fake profile that also leads to suspension. Twitter is one of the media that spreae information faster, unlike Facebook and Instagram, it's very important to maintain the set of rules that's setout by the moderators. Elon Musk taking over Twitter, some features have been permanently eradicated and addition of some new features like a user can be able know the number of views on a particular post.

You are right, but tipping users on Twitter with crypto is going to add a massive adoption rate to crypto and bitcoin, this could finally confuse many newbies that don't want to get involved with Bitcoin and crypto yet, but using crypto as a means of payment or tipping on Twitter will make them think twice.

It's just that the disadvantages are not so good, there are many scammers on Twitter and they are left alone to do their evil work day by day, if Twitter is going to let this pass and not upgrade their security and start dealing with fake accounts they should drop this idea of using Crypto on the platform.

Even if this becomes a reality, Twitter will look like every other centralized crypto exchange out there but the social media part will be the only difference.

But of course, it will certainly add something to Bitcoin; no doubt. It will get more exposure for Bitcoin usage. Twitter is social medium with the speed of light. News on it get passed across rapidly than on other social media outlets. However, I wonder why the rumour is on Bitcoin and not on Dogecoin because I know Elon Musk to be a big supporter of Dogecoin more than he supports Bitcoin.

I don’t know what’s behind this but even if this is true, I don’t think it will work for bitcoin since Twitter is way more centralized and requires a lot of KYC verification once buying and selling will be put into execution. Twitter is only meant for social media exposure, not to act as crypto exchange.

Well I don't know which to believe on this rumors but I know if that happens it would surely yield a great impact towards bitcoin including cryptocurrencies at large. But for that we have to think some very thoughtful lesson which may likely occur, I understand that by now everyone should have been familiarized with the volatility level of bitcoin or cryptocurrencies which any one investing or purchasing bitcoin through twitter is at a higher risk as well because there could be fake users who would tend to renders such services as well.

High volatility, security risks, regulatory uncertainty, and significant reputational harm are some potential negatives of Twitter selling cryptocurrency. Offering cryptocurrencies on Twitter, however, might also boost their acceptance, revenue, and appeal to those who are interested in cryptocurrencies.

I don't understand and don't like what Elon Musk thinks and what he does with things he touches. His opinions are flexible, convenient and sometimes very problematic, and occasionally he just seems to do something because he can, while those actions can impact a lot of people. Like just a couple of weeks ago Musk replaces the Twitter Bird with the Shiba Inu, but then several days later the bird was thankfully back. He also initiated acceptance of Bitcoin for Tesla cars a while ago but decided against it a few months later due to potential environmental concerns. Considering such behaviour, I don't take the eToro partnership idea seriously. The partnership is allegedly a part of Musk's idea of making Twitter the "everything app", which is itself something I don't think is a good and reasonable thing to do.

All the social media in the internet, Twitter is the one I don't like. It suspend account without any course, I am really tired of using Twitter. Twitter can not buy and sell bitcoin because the way they are suspending users account without offend is worrisome. But if they can fixed that and adopt bitcoin in their exchange rate then it will be okay for that.

I don't think that would make such an impact on other exchanges, and I definitely wouldn't use it.

Well, we should see before if rumour is real or fake, and then we should do a consideration on it. If we look at the both side, on the positive side we have that Twitter could help to spread Bitcoin technology around the world

and to be more known at mainstream level, at the negative side is also another centralized way to trade Bitcoin, like an exchange or any other platform where it is required KYC 

Maybe it is just Elon Musk trying to boost his bags of shit coins, which he did several times already.
When Elon Musk is launching a new idea, it is always self-centered to bring him a profit.

Elon Musk seems to be be a con man. Few years ago, he really seemed to be innovative, when he cared about Space X and Tesla.
But he was overestimated and screwed up a lot lately.
It's really a pity, what Elon Musk did lately because it's not sustainable.
I don't expect his new idea is an honest idea.

Maybe Elon will turn Twitter into a crypto exchange, who knows? Anything is possible with this guy. Tbh, an Elon backed crypto exchange would gain massive popularity in an instant and it would steal lots of customers from the other exchanges. Binance would take the biggest hit probably since it is the biggest crypto exchange. Coinbase and Gemini would lose customers too. Too many possibilities. I know that I will create an account on his exchange if does that but I am not sure if I'd do any trades on twitter. I wouldn't leave binance for an half assed experience.

Twitter management is turbulent and changing and cannot be relied upon as a long-term trend.
Rather, the platform is looking for reasons to increase income and the number of users. Therefore, I do not rule out the occurrence of such a step, although it seems like rumors due to the regulatory consequences that will reach that platform.

Whether it is a rumor or not, the adoption of Bitcoin is the most prominent sign.

I always use to admire the efforts of the centralized platforms particularly centralized exchanges in the crypto and Bitcoin technology adoption but at the same time, I always criticize them just because of their controlling nature. Maximum times such centralized platforms provide personal information to law enforcement agencies which is not at all fair, just from the fear of disturbance in the operational activity in a particular region leaking the user's personal data is unjust.

Also, centralized platforms on the backend maximum of the time try to make some greedy deals as FTX recently, MTGOX in the past, and direct market manipulation using reserves. Decentralization can not be adopted directly but with time we can achieve the true form of decentralization. On the second end Storing assets on the exchanges is like

I doubt that this will happened since Bitcoin and cryptocurrency is already widespread on twitter. In fact, recently twitter just change their logo to $Doge as an example on how crypto is already popular on twitter. If twitter will plan to do this then they will launch separate platform for their exchange that separates it on their social media.

All I say is twitter people know the existence of crypto and those that still don't invest on Bitcoin have there personal reason and not just because they are out of reach on Bitcoin trading.

Its not a fake news, its just that title of this topic is somewhat misleading and you obviously didn't bother to check the links in the first post. Twitter users will indeed be able to trade crypto and stocks but via eToro partnership. I even opened up a topic about it few days ago.

Centralized exchange mostly ask you to use your real name and real information during sign up, if you're submit fake information and they ask your KYC, you will in trouble. Centralized exchange do record your IP address, you're not allowed to use VPN.

This mean even you're not submit your KYC, the centralized exchange already know some of your information and they will record it.

I don't think private information in centralized exchange is secure due to hack and data breach, privacy is one of few important thing in decentralization.

I'm not talking about the security of centralized exchange, but I tell the fact. If all people are store their coins on their non custodial wallet, the hacker who hack the exchange will not able to steal huge amount money because people move their coins on their own wallet, right?

True Bitcoin do not need twitter, but if twitter adopted Bitcoin, there's always an effect regardless it's small or big.

Twitter or Elon Musk not really help a lot since they only accept Bitcoin, that's all. But most people taking it as serious just like they reacted to twitter logo replaced with Doge.

Yes, and Elon Musk is an expert on this matter. I don't doubt these rumours could have come from him just to see what people think about the idea and how the market reacts towards it.

It can be another strategy from Musk to not leave the trending topics of daily news on the internet. Each new week there is something new involving this guy on the news: it can be a joke, a crazy plan or any other bizarre thing that will bring him views, popularity and profit.

Anyway, Twitter becoming an exchange platform would only work if he were able to offer competitive rates with rival exchanges. People wouldn't use it just because it's Twitter or because it belongs to Elon Musk. With so many exchanges nowadays, I think it's a risky business to venture into.

Rumors are not always rumors, they are sometimes social experiments to see what people think. If they react positively to such a silly plan they could move ahead with it otherwise they could think twice, for example.

In this case I'd say this is absurd because there is no reason for a "social media" platform to become also a trading platform. Not to mention that the Twitter owner Musk, is known for his attempts at market manipulation and this may be another desperate attempt at gaining an influence on the altcoin market again.

I quite agree with you though, but when Elon Musk trolled doge coin on Twitter, there was nothing like crypto transactions on Twitter, so possibly if that feature gets added, firstly, that will be another means of scammers to defraud crypto newbies, and secondly, it will become a centralized means of exchanging Bitcoin.

Twitter also has the ability to track user login IPs, which I don't think is too good to trade Bitcoin on should their new feature get integrated. If any challenge comes up in the future and they need to track a user, they may be forced to share the user's location or mobile number, which the person uses to link to their Twitter account.

You are wrong, centralized exchanges do not ruin bitcoin decentralization.

People that store their coins on exchanges is doing that because of ignorance. It is stupidity to people that know how stupid it is to store coins on exchanges.

See the recent exchanges that were hacked less than a weeks ago:

South Korean crypto exchange GDAC hacked for nearly $14M
Bitrue exchange hacked for $23 million

Bitcoin do not need Twitter, the adoption will continue because people have many other social places they can be exposed to bitcoin. Without Twitter, bitcoin adoption will continue. Can you even tell us a way that Twitter or Elon Musk gas helped?

I totally agree with you: centralized exchanges are playing a vital role in Bitcoin adoption, while at the same time making it easier for people with lesser crypto knowledge to access. 

If Twitter happens to start the buying and selling of crypto on its platform, it will probably be just for the charges and what they are to gain from the users. I know it's business, and every organization is out there to make money. It's price positive with Dogecoin, so it will be for Bitcoin if it actually happens. But Elon Musk can just stand up one day and revoke the trade. which might at the same time have a temporary negative impact on the price of bitcoin. 

Do you think centralized exchange not give any good thing to Bitcoin? it ruin the Bitcoin's decentralization, but you need to know centralized exchange is the biggest part of Bitcoin adoption. Most people are using centralized exchange to buy Bitcoin and some people are use it to store their coins, without move it to their non custodial wallet.

Twitter is one of biggest and active social media, Dogecoin price always increase when Elon Musk troll Doge in twitter. Add Bitcoin in twitter will increase adoption regardless it will take an extra fee, centralized etc.

We have a discussion about this already on this forum: Twitter will enable crypto and stock trading via eToro partnership

So which one is now fake?

I hope Twitter or any social media will not enable trading directly all because the social media owner is looking for more money and not considering his users. It should be social media, not a place for trading like brokers and exchanges.

Through a partnership with eToro, a social trading company, Twitter is set to introduce a new feature allowing its users to access a wider range of financial assets, including stocks and cryptocurrencies. The expanded feature will enable users to view market charts and engage in buying and selling activities directly from eToro within the Twitter app.

Currently, users can already access real-time trading data from TradingView on index funds such as the S&P 500 and select company shares like Tesla. However, concerns have been raised about Elon Musk's impact on the cryptocurrency market, with his careless tweets nearly triggering a bull run. Although many are skeptical about Musk's influence in the crypto market, they still view him as a valuable player in the space, considering his status as the second richest man in the world. It's unclear what his plans are regarding Twitter's recent move to partner with eToro.
source;https://www.cnbc.com/2023/04/13/twitter-to-let-users-access-stocks-crypto-via-etoro-in-finance-push.html

They are all rumors: https://twitter.com/bitcoinlfgo/status/1645804390413135875?s=20

They are confirmed to be fake rumors. 
Even if they are to be true, I don't really see any good thing that it can add to Bitcoin, because it will be a centralized means of exchanges and another medium for Twitter to generate more income from those that will use the system to buy and sell. 

Twitter, one of the largest social media platforms has sparked rumours about it's plans to offer buying and selling of bitcoin and other cryptocurrencies on it's platform. If this eventually happens, it could have significant impacts on the future of cryptocurrency and social media.

Right now, twitter has about 237.8 million users worldwide, this move towards crypto would bring about awareness and education about cryptocurrency to a wider audience. Which could lead to increased acceptance of crypto currency as a legitimate form of payment and investment.

Asides from awareness and promotion, by allowing users to buy and sell crypto currency Twitter could potentially open up new revenue streams for itself. This move could also increase the overall liquidity to the crypto market.

Despite have advantages, there are also downside to consider. For example, the volatility of the crypto market could pose alot of risks and losses to potential investors who are not familiar with how the market works.

Furthermore this could lead to an exponential increase in the regulatory inspection of the Blockchain industry especially in relation to KYC( know your customer) regulations, which could increase costs and operation challenges for companies operating in the cryptocurrency space.

Twitter's rumored move towards cryptocurrencies could have consequences for both the crypto industry and social media platforms. While the advantages of increased adoption of cryptocurrencies and new revenue streams are important, the risks associated with volatility and regulatory scrutiny cannot be ignored. Overall, it is too early to say what the future holds for Twitter and cryptocurrencies, but it is clear that this is a space worth keeping an eye on.

For more information you can use the links below

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.forbes.com/advisor/ca/investing/twitter-partners-with-etoro-to-offer-research-investment-trading-facility/%23:~:text%3DTwitter%2520is%2520partnering%2520with%2520online,investments%252C%2520exchange%252Dtraded%2520funds.&ved=2ahUKEwiwgILF8qv-AhWYjaQKHW2rArEQFnoECBYQBQ&usg=AOvVaw16bN4_vs9lW2b-9iolznDp

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.coindesk.com/business/2023/04/13/etoro-to-offer-crypto-trading-directly-to-twitter-users/%3FoutputType%3Damp&ved=2ahUKEwi5o56w8qv-AhWJqaQKHR6NAAMQFnoECBQQAQ&usg=AOvVaw15dBTsN7pUnnJdWID3aJMv