The tipping feature on social media platforms has been widely accepted by users. Tips on Twitter allow easy incentives to content creators and developers. For people who have set up Tips, a money icon is featured on their profile.
Towards the beginning of the month, however, a prominent Dogecoin tipping bot was suspended on the social media platform. The account was allegedly taken down under the “platform manipulation and spam rule.” At press time on Monday, the Dogecoin tipping issue remained unresolved.
Also Read: Twitter ‘Suspends’ Dogecoin Tipping Bot
Twitter ‘killer’ to integrate Bitcoin tipping
Lately, a decentralized alternative to Twitter has been gaining traction. Jack Dorsey donated around 14 BTC, worth about $245k recently, to enhance the development of one such platform, Nostr. The protocol’s most popular mobile app, Damus was approved and launched on the app store for download last week. Soon, it was dubbed to be the Twitter killer.
According to a recent development, Damus seems to be gearing up to start accepting Bitcoin tipping. A tweet on Monday revealed,
“Coming soon in the next version… earn sats directly on posts! This post earned 118k sats which is about $40. Pretty neat!“
For context, Satoshis is often abbreviated as “sats”. They are the smallest unit of Bitcoin and are named after its creator, Satoshi Nakamoto. As far as the math is concerned, one Bitcoin equals 100 million Satoshis [1 BTC = 100,000,000 sats].
Also Read: Decentralized Twitter ‘Killer’ Nostr Launched on Apple Store
Reportedly, the app has built-in payments via Bitcoin’s Lightning network. A recent report from Protos highlighted that it’s not built on the Bitcoin blockchain per se, but most of the platform’s implementations foster Bitcoin payments over the L2 network.
In its most basic essence, the Lightening Network aids users to send and receive Bitcoin faster with lower fees. As of Feb. 5, the capacity of the LN explicitly stood at 5351 BTC. The higher the number, the better, for it connotes more liquidity.
Additionally, developers are also “interested” in using Bitcoin and its Lightning Network to help the platform relay and avert spam attacks.
Also Read: Bitcoin Worth $120.5M Bridged to Avalanche Until Today
Scams on the rise
Scammers from the space usually bank on ongoing trends and try to defraud people. With the hype associated with Damus still blooming, PeckShield revealed that around 15 fake Damus tokens have already been newly created on Ethereum & BNB Chain.
The blockchain security and analysis platform warned users not to fall prey to it. PeckShield labeled one of the tokens to be a honeypot. It further highlighted that seven of them had a high selling tax (100%), while the remaining already shed 99% of their respective value.
Also Read: Block Inc CEO Jack Dorsey Proposes Decentralized ‘Twitter’