- September 26, 2021
- Posted by: Con P. Sweeney
- Category: Twitter
Just the other day, I read an announcement that Twitter will be allowing Bitcoin to be used in its new Tips feature.
As I’ve blogging recently about the implications of some of the things going on at Twitter, I thought that I’d speculate on this for a bit too plus throw in some of opinions about cryptocurrencies. (Hey, it’s my blog after all!)
Let’s talk about this!
Twitter IMHO has been struggling to retain relevancy not to mention improved profitability.
Most of their ideas have an “also ran” feel to them.
They’re just trying to catch up with the Big Boys in social media and tech, Facebook and Google.
Their elitist geek image has been somewhat tarnished of late with the hoi polloi from the American political system who have crashed their party in a somewhat unseemly fashion.
While I’m not sure if any of their recent initiatives will help them get their original image back, I suspect that allowing the use of Bitcoin might be an appeal to the cryptobugs out there who are desperate for any form of recognition.
Bitcoin and the other cryptocurrencies have been taking in on the chin a lot lately.
China has just outlawed all cryptotransactions and had been shutting down mining operations for some time.
In the US, the Securities and Exchange Commission is taking a long, hard look at cryptocurrencies as well.
And, if we want to talk about tarnished reputations then cryptocurrencies’ haven’t been helped by being the tool of choice of ransomware purveyors, kidnappers, and terrorists everywhere.
So, no surprise that crypto prices are under pressure at the moment.
Then why does Twitter look to join forces with Bitcoin now?
Well, as I said previously, there’s the geek appeal.
But, I also think that Twitter expects cryptocurrencies, and Bitcoin especially, to weather this storm and be around for the duration.
This could be a very smart move on their part.
Only time will tell.
Personally, notwithstanding China’s war on cryptocurrencies, I think they’ll be around for quite a while.
The genie is out of the bottle.
Cryptocurrencies fulfill a need, both legal and otherwise, and they’re virtually impossible to eradicate.
Critics may ask what utility value they possess, but, for that matter , what utility value does gold possess?
When was the last time you saw someone whip out a sack of gold doubloons and buy some groceries?
You can buy groceries now in El Salvador with Bitcoin.
(Although, the locals are rioting in the streets over the change.)
Yes, there are still issues with cryptocurrencies, anonymity is not quite what it’s cracked up to be and valuation fluctuations make using it a bit of a crap shoot financially.
But, these problems will be worked out eventually.
In technology, they always are.
Watching how Twitter and Bitcoin, collectively and individually, manage the next several years is going to be very interesting.
And, let’s not forget El Salvador either!
That’s it for now!
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