From Tweets to Transactions: Twitter Payments System On Its Way
Twitter is working on its payment system. There are speculations about what Twitter is going to do and how it will incorporate crypto into its payment system. According to the latest news, Twitter focuses on fiat currency for transactions in the beginning.
Later, they can add crypto to their payment system. They build the payment system having crypto in mind in the long term. The way people think about Twitter might change.
Twitter is a popular social media. Now it moves towards more like a payment and messaging platform. You can use fiat currency to make transactions in the future when they develop and launch the Twitter payment system.
If crypto is integrated into the Twitter payment system, people can use crypto to do different things. Making peer-to-peer transactions always attracts users. More people will get to know about cryptocurrency and how it is used in daily life.
It helps to fasten the adoption of cryptocurrency. But the point to be noted, Twitter is a centralized platform. What they build on the top of Twitter, they will have control and authority to do anything. If you are in crypto, you want to enjoy the freedom and have control over your crypto assets. You may not get that from Twitter.
Eventually, when people know what crypto offers to make their life better, they avoid relying on any centralized crypto platforms. You cannot claim your control and ownership if you give that away.
Twitter was already registered with the U.S. Treasury in November 2022 in order to support and process payments. They are working to get regulatory and legal licenses to support and operate the payments system. It is interesting to see how they make their move.
If you can add your debit or credit cards on Twitter to buy products or make payments, are you comfortable doing that? Time will say how people react to this and accept the change.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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