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What Twitter’s Most Recent Action Means for Cryptocurrencies and Why It Might Be Serious

Jan 31, 2023

What Twitter’s Most Recent Action Means for Cryptocurrencies and Why It Might Be Serious

Since taking over as CEO of Twitter in October, Elon Musk has been looking for methods to better monetize the social media company.

In November, he raised the monthly cost of Twitter Blue, the premium service that requires user identification, to $7.99.

Musk stated at the time that it was an effort to prevent fake accounts that spread disinformation and hate speech. He reasoned that if consumers had to pay for each account individually, persons or institutions running bot farms would be discouraged from maintaining thousands of accounts.

Also in November, Musk stated in a live-streamed discussion with advertisers that he intended to allow Twitter to be a vehicle through which users could spend money and withdraw cash to bank accounts.

Around the same time, Twitter registered with the Treasury Department's Financial Crimes Enforcement Network (FinCEN) to process payments.

Twitter Is Working On Methods of Payment

About two months later, it became known that the microblogging site was laying the groundwork for such a venture.

Part of the payment plan is expected to eventually include the use of cryptocurrency.

Esther Crawford, Twitter's director of product management, is working on the logistics of the payment system and has formed a small team, the Financial Times reported.

According to the report, the payment system will initially work with fiat currencies but could be built to one day work with cryptocurrencies.

If Twitter can eventually work with cryptocurrency, it will have a high presence in the mainstream.

Musk has already allowed his electric vehicle firm Tesla to take Dogecoin for payment, so this would not be his first foray into cryptocurrency.

The idea of Dogecoin being used on Twitter would give it increased publicity and an opportunity to compete more successfully with others, such as Bitcoin.

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iPhone 14 Demand is Off The Charts. Will It Be Available for Christmas?
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Due to the high demand for Apple's iPhone 14 Pro, one analyst fears there could be a supply shortage during the holiday shopping season.

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China Central Bank Says Evergrande Debt Woes Are Manageable
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How Does the Cryptocurrency Exchange Business Work?
Unlike any other moment in contemporary history, the universal adoption of Bitcoin has been unparalleled. There has been a rapid growth in the number of firms that specialize in bitcoin.

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Exploring the Metaverse: What Does It Mean for the Future of the Internet?

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Exploring the Metaverse: What Does It Mean for the Future of the Internet?

The Internet is that digital world that gives everyone the opportunity to find interesting information, get new business opportunities, make transactions, create your ecosystem in online games, and be whatever you want to be. When it comes to online gaming and interaction with others, the metaverse is prevalent in the news these days. So what is the metaverse? What are some examples of it and how will it affect the internet and business in the future? Let's find out in this article together!

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