Twitter to allow payments using crypto, Musk initiates new payment system to simplify transactions

Twitter appears to be working with Stripe, an online payment service company, to enable shops to accept bitcoin payments from their customers. Although cryptocurrency may be integrated into a Twitter payment system sometime in the future, the payments function appears to be limited to fiat currencies for the time being. According to people inside the social media firm, Twitter has already begun to sketch out the architecture required to manage the payment system on the site, referring Twitter payments to a small group that may ultimately include support for cryptocurrency payments. Elon Musk has allegedly informed Twitter’s developers that he preferred cash payments at first and that cryptocurrency support may be introduced later, according to Twitter sources. Elon Musk’s companies have already enabled bitcoin transactions, so this would not be the first time. Musk famously started accepting Bitcoin and Dogecoins at Tesla, making it the first car manufacturer ever to accept cryptocurrencies as a legitimate form of payment. Tesla also accepts crypto at its charging stations across the US and the UK. Although there are no concrete plans to implement this interoperability, Musk has frequently emphasised since taking over the social media firm that he wants to see it expand into a single application for all solutions. This multifunctionality method would benefit greatly from better functionality of affordable, quick payments conducted through a system like the Bitcoin Lightning Network. Stripe’s most recent endeavour also reflects the company’s renewed interest in cryptocurrency. Stripe stopped accepting cryptocurrency in January 2018, claiming that the token’s illiquidity and inefficiency rendered it unsuitable for ordinary transactions. However, in Mid-2021, the firm announced its comeback to the cryptocurrency market and began employing in the field. It is suitable for use as a cryptocurrency since USDC is linked to the US dollar and has more market stability than cryptocurrencies such as bitcoin. Twitter’s collaboration with Stripe is in line with what some people have theorised about Elon Musk, wanting to turn Twitter into X.com or Platform X, the super app that would basically allow people to bank, shop, travel and socialise all through the same app. Read all the  **_Latest News_** _,_  **_Trending News_** _,_  **_Cricket News_** _,_  **_Bollywood News_** _,_  **_India News_**  and  **_Entertainment News_**  here. Follow us on  Facebook_,_  Twitter and  Instagram_._