A few weeks ago you could read in the altcoin news that Twitter seemed to be working on a so-called ‘Twitter Coin’. Technology blogger and app researcher Jane Manchun Wong shared an image of the supposed logo of this coin at the time. The rumor mill started to run at full speed after this, as it was by no means certain what exactly it would mean for the future.
Dogecoin holders hopeful
Crypto investors obviously hoped that this Twitter Coin would be a cryptocurrency and some dogecoin (DOGE) holders therefore remained surprisingly hopeful. For example, a Twitter user did not believe that Musk would implement a crypto other than DOGE on the social media platform and in a tweet he suggested that the Twitter Coin would be a code name for dogecoin. Ever since Elon Musk’s acquisition, the DOGE community has been hopeful of some application of Musk’s beloved meme coin. The anticipation of an integration of dogecoin has therefore caused the price to rise sharply, just after Musk had officially taken over the platform.
Application Twitter Coin
Wong shared a so-called list of ‘Twitter Awards’ on Twitter on January 5. Yesterday she added extra details, such as the payment screen where Twitter Coins can be purchased via payment processor Stripe. Stripe is a fiat-based payment processing platform that allows merchants to accept credit and debit cards, wire transfers, and cash-based vouchers. According to this page, you can use the Twitter Coins to support creators who, in your opinion, post good content on the platform. The unused coins will remain on your balance.
Twitter is working on Coins purchasing screen
On the web, Twitter Coins purchase will be done through Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye
— Jane Manchun Wong (@wongmjane) January 10, 2023
It seems unlikely that these Twitter Coins will exist on the blockchain. In addition, Wong indicated that it will initially only be possible to purchase the coins from the platform via fiat payments. Nevertheless, that does not mean that crypto cannot ultimately be used in this story. Last year, Twitter tested USDC payouts via Stripe to select content creators.
For now, it seems those who receive Twitter Awards will have to wait until they’ve earned at least $50 before they can have the money deposited into their account.
