Would this Lead to the Mass Adoption of Bitcoin?

[vv181]

It looks like Musk agreed to this deal.

Nice, this actually a good news if it's allowed.

If you bother to dig deep into the tweet, Strike partnership are happening years ago.

https://www.cnbc.com/video/2021/09/23/twitter-partners-with-strike-to-enable-bitcoin-tips.html
https://duckduckgo.com/?t=ffab&q=twitter+bitcoin+strike&ia=web


A mass bitcoin adoption chances caused by merely a popular social media platform integrating it as an accepted payment system seems an exaggeration. Mass adoption is not likely to happen simply because of that. It is a complex process, would be such naivete if the mass adoption problem are simply fixed because of Twitter.

Assuming it happens, there indeed should be an effect. But as in result, will it make a big growth of usage, is very unlikely.

[m2017]

I would demand $10, not $8, as Elon did for a blue checkmark. Well, what, because of $2, no one will become poorer, but it will make the figure more beautiful.

Well, this is just a statement by one twitter user, which is not related to making decisions on this platform. Moreover, whether Elon saw this tweet in general, also in question. I don't consider these flirting a Musk with cryptocurrencies with something good. Now he recognizes cryptocurrencies, then he rejects it, that he creates doubts in the eyes of people, because the Musk is media face and attracts attention to himself. Everyone carefully listens to his opinion and therefore it has some influence on the public consciousness.For the mass adoption, something constant is needed, and not what is arranged by Elon.

[Mauser]

I read this, and the first thought that came to mind was, if Elon Musk consents to this we might likely see the bitcoin's mass adoption. Now Assuming this happens, do you think we may see the technical mass adoption of bitcoin?

I don't think this is going to lead to a mass adaption of Bitcoins. Someone who has never used crypto currencies in his life is not going to invest into them only to pay $8. This would be only for people who already own bitcoins. When it comes to Elon Musk and crypto currencies I am cautious and not trusting good news anymore. There were too many events in the past where he used his twitter fame to influence crypto prices. For his Tesla company he doesn't want to accept bitcoin in mass anymore, so why now with twitter? Maybe he will rather boost another crypto currency again. Another question is also how many people are willing to pay $8 USD for the blue check mark? There is already an public outcry against it, and the argument that Twitter needs to do it against the Bots and Trolls seems not so valid to me. If someone really enjoys trolling other people online, he is happily going to pay $8 for it, if it makes him seem more legit.  I am not going to bet on Elon Musk recovering the Bitcoin market through Twitter this year. And even if he would do so, there is no guarantee that it's going to stay like that. He could change his mind again and send Bitcoin crashing again like in the past. I wish the crypto market would be a bit more independent from Elon Musk.

[pawanjain]

Mass adoption should be because the government agreed to use bitcoin as a legal tender. But if twitter accepts bitcoin payments because of Elon Musk, then it's not the mass adoption I was hoping for. Some other platforms also accept bitcoin as a currency or means of payment, previously I thought it would increase the use case of bitcoin as a currency.

Bitcoin is just an option for people if Elon Musk actually accepts the proposal on his platform. So there are certainly positives about bitcoin if Elon really wants to do it, but I don't expect it to be his second joke soon after Tesla.

Who said you that government acceptance is needed for mass adoption ?
I agree that government acceptance "can" boost the mass adoption of bitcoin but it is not the "only way" for mass adoption.
Services like what OP is talking about "can" act as a catalyst to start mass adoption of bitcoin.
If more of such services start using bitcoin as a form of payment then bitcoin will start being widely adopted.

[Adbitco]

Yes definitely there would be mass adoption if only that is the option left to make payment because I know too well most of the country that has restrictions on bitcoin would have no options than to adopt to the methods meaning, twitter is one of the most recognized social media today used almost all countries which would give a lifting hand to bitcoin growth and adoption generally.

But my question is does this checkmark applicable to all accounts or only those accounts that has serious engagement?
And does this checkmark limited to influencers or any newly created account could pay and requested for the checkmark and what happened if they don't meet up to $8 per month as the original tweet said. Would the checkmark be removed for not meeting up the demands or would your account be restricted less until the users being paid?

[Lucius]

For the mass adoption, something constant is needed, and not what is arranged by Elon.

You need a person who understands what Bitcoin is, and from everything he has publicly said on the subject, it is more than obvious that he does not understand what he is talking about. In addition, it is mostly ignored that this man does business with state agencies, and that he receives billions of dollars in support from the government for his business. Such a man is up to his neck in a centralized system, and one should not expect him to be against that system.

In the meantime, some users have decided to show what they think about the new boss...

The firm Bot Sentinel, which tracks inauthentic behavior on Twitter by analyzing more than 3.1 million accounts and their activity daily, believes that around 877,000 accounts were deactivated and a further 497,000 were suspended between October 27 and November 1. That’s more than double the usual number.

[Yatsan]

Mass adoption should be because the government agreed to use bitcoin as a legal tender. But if twitter accepts bitcoin payments because of Elon Musk, then it's not the mass adoption I was hoping for. Some other platforms also accept bitcoin as a currency or means of payment, previously I thought it would increase the use case of bitcoin as a currency.

Bitcoin is just an option for people if Elon Musk actually accepts the proposal on his platform. So there are certainly positives about bitcoin if Elon really wants to do it, but I don't expect it to be his second joke soon after Tesla.

Who said you that government acceptance is needed for mass adoption ?
I agree that government acceptance "can" boost the mass adoption of bitcoin but it is not the "only way" for mass adoption.
Services like what OP is talking about "can" act as a catalyst to start mass adoption of bitcoin.
If more of such services start using bitcoin as a form of payment then bitcoin will start being widely adopted.

A catalyst indeed but government acceptance would be a great factor 'coz their acceptance means 'permit' of its usage. People can open businesses accepting this technology as a mode of payment. Many franchise have done it but why do you think on the long run they have stopped? One factor is volatility wherein businesses cannot afford losing their profit during bearish market becuase they need to make use of their sales for their work force and general improvements while having trouble with their sales in the first place. Another is transaction limits. To countries wherein it is not accepted by governments, blockchain transaction or peer to peer transactions would only work to pro-crypto technology which has a small population in those countries as regarded. Therefore, they are somewhat being forced to just use fiat based online payments which slows crypto adaption.

[FanEagle]

I do not really think that Elon's $8 per month would really put bitcoin into a whole new level, and neither would ads. It’s not going to really change anything in the crypto world.

It’s not "public awareness" that causes bitcoin to be not adopted, there are tens of, maybe hundreds of millions of people who heard about bitcoin and never got into it. That means it’s an appeal issue, we are so volatile that there are too many people who do not want to get in because they see it as too risky and they are not wrong, if you are not comfortable with this volatility then you should not get in, but twitter will not change how much risk they are willing to take neither.

[molsewid]

Lately Twitter has been filled with the news of Elon Musk's proposal for Twitter folks to pay $8/month for the blue checkmark. And there have been supporting and dissenting voice here and there. One of the comments that caught my attention is that of this user, Jack Mallers. He tweeted "Lightning (instant + near-free #bitcoin payments) should be an accepted payment method. Would allow for global, inclusive, private payments (important for pseudonymous users) that are cash-final (no chargebacks)." I read this, and the first thought that came to mind was, if Elon Musk consents to this we might likely see the bitcoin's mass adoption. Now Assuming this happens, do you think we may see the technical mass adoption of bitcoin?

Image source: https://twitter.com/jackmallers/status/1587787339237130240

not really though, it should be accepted by the govt so we can call it mass adoption so if not it is just a hype, I don't think that Elon Musk has the capability to influence people just like last last year i think, I mean those days that he hype Doge coin i didn't see it will happen again, I just hope that Twitter will still be our safe haven for crypto people, and even though govt still not accept it, I think it is better.

[seoincorporation]

I don't think this would lead to the mass adoption, maybe twitter will contribute for that goal in the future, but the fact that having the Blue for $8 will not make a big difference for bitcoin.

If Elon decide to incorporate bitcoin to twitter and let the user send and receive payments with the platform then that would lead to the mass adoption without any doubt, but right now i don't feel twitter is that close to bitcoin yet.

[Gyfts]

I'd agree with most that there's no way Twitter accepting Bitcoin payments would itself lead to mass adoption, but I wouldn't undermine it's effect either. Recall that Doge surged 35% when the Twitter deal with Musk finalized: https://www.cnbc.com/2022/10/27/dogecoin-surges-40percent-as-elon-musks-twitter-deal-approaches-close.html

I'm aware that Doge is nothing more than a joke of a cryptocurrency that took off -- my point is that there'd be a positive effect if Twitter were to begin accepting Bitcoin that's larger than people might realize. I wouldn't expect a wave of adoption or some monumental shift in the price, but at the least a move in the right direction.

[LittleBitFunny]

Mass adoption should be because the government agreed to use bitcoin as a legal tender. But if twitter accepts bitcoin payments because of Elon Musk, then it's not the mass adoption I was hoping for. Some other platforms also accept bitcoin as a currency or means of payment, previously I thought it would increase the use case of bitcoin as a currency.

Bitcoin is just an option for people if Elon Musk actually accepts the proposal on his platform. So there are certainly positives about bitcoin if Elon really wants to do it, but I don't expect it to be his second joke soon after Tesla.

Who said you that government acceptance is needed for mass adoption ?
I agree that government acceptance "can" boost the mass adoption of bitcoin but it is not the "only way" for mass adoption.
Services like what OP is talking about "can" act as a catalyst to start mass adoption of bitcoin.
If more of such services start using bitcoin as a form of payment then bitcoin will start being widely adopted.

It is important to note that if all businesses and companies accept and use bitcoin, this will also trigger mass adoption of bitcoin, but that will not happen without the approval of the government. Government is arguably the last and most important barrier to mass adoption of bitcoin. You need to remember that this world controlled by the government is not a free world, companies are operated under the permission and control of the government. If the US government bans bitcoin, Twitter wants to adopt bitcoin is impossible.

[crwth]

I think your topic has two separate subjects, which are their verification and the BTC payment. There are a lot of people who aren't involved in the Twitterverse, which could lessen its attraction of it. It would still be about Twitter and not crypto in general. I think a lot of people know what crypto is, and they would not care much about the MOP of the platform. What we can count on are the businesses that follow Twitter. Maybe they could be more impactful instead of just relying on Twitter.

[Ayers]

Seems like everyone is hyping Elon with twitter about the development of bitcoin, remember bitcoin has been growing for 14 years without any catalyst from Elon or Twitter, and now it's all the same. Yes, it would be great if Elon integrated bitcoin into twitter but that same as other companies accept bitcoin payment, it was a win for bitcoin as well as their company but it was not the deciding factor for bitcoin mass adoption.
Bitcoin will still get mass adoption without Twitter and Elon, just more time for bitcoin.

[wxa7115]

Who said you that government acceptance is needed for mass adoption ?
I agree that government acceptance "can" boost the mass adoption of bitcoin but it is not the "only way" for mass adoption.
Services like what OP is talking about "can" act as a catalyst to start mass adoption of bitcoin.
If more of such services start using bitcoin as a form of payment then bitcoin will start being widely adopted.

It is important to note that if all businesses and companies accept and use bitcoin, this will also trigger mass adoption of bitcoin, but that will not happen without the approval of the government. Government is arguably the last and most important barrier to mass adoption of bitcoin. You need to remember that this world controlled by the government is not a free world, companies are operated under the permission and control of the government. If the US government bans bitcoin, Twitter wants to adopt bitcoin is impossible.

That is one possibility but it is not the only one, governments are in fact in control of the economy and they can do as they wish thanks to the control they have over the laws and fiat money.

However people can also decide to follow the civil disobedience route, so even if governments made bitcoin illegal people could still decide to use it, now we are seeing this already in some countries but in order to see this at a global scale we will need a massive crisis which affected the whole world and brought the confidence on centralized governments and fiat currencies to a new low.

[Iranus]

However people can also decide to follow the civil disobedience route, so even if governments made bitcoin illegal people could still decide to use it, now we are seeing this already in some countries but in order to see this at a global scale

I don't understand, how can we use bitcoin if it is banned by the government? as I know you can use bitcoin if it is banned by the government but you will use it stealthily and always fear because if found out you will definitely be fined. But for a business, how can they break the law, it's like destroying themselves.

we will need a massive crisis which affected the whole world and brought the confidence on centralized governments and fiat currencies to a new low.

The monetary system can still collapse, in the history of money has happened a few times but will be replaced by another monetary system and it is the government that regulates, not the people. And don't expect governments to fall because that will also be the end of our society, decentralization is good but it shouldn't go to the point of no leadership.

[flareonbtc]

Isn't there already mass adoption of Bitcoin?

Every payment company like Square https://squareup.com/us/en, Poof https://poof.io/, Coinbase Commerce, Paypal https://paypal.com/, Stripe https://stripe.com/, Venmo, Cash App along with all their business use Bitcoin.

Other companies like Google Cloud, AWS, and others are accepting bitcoin soon too.

[pawanjain]

Who said you that government acceptance is needed for mass adoption ?
I agree that government acceptance "can" boost the mass adoption of bitcoin but it is not the "only way" for mass adoption.
Services like what OP is talking about "can" act as a catalyst to start mass adoption of bitcoin.
If more of such services start using bitcoin as a form of payment then bitcoin will start being widely adopted.

It is important to note that if all businesses and companies accept and use bitcoin, this will also trigger mass adoption of bitcoin, but that will not happen without the approval of the government. Government is arguably the last and most important barrier to mass adoption of bitcoin. You need to remember that this world controlled by the government is not a free world, companies are operated under the permission and control of the government. If the US government bans bitcoin, Twitter wants to adopt bitcoin is impossible.

That is one possibility but it is not the only one, governments are in fact in control of the economy and they can do as they wish thanks to the control they have over the laws and fiat money.

However people can also decide to follow the civil disobedience route, so even if governments made bitcoin illegal people could still decide to use it, now we are seeing this already in some countries but in order to see this at a global scale we will need a massive crisis which affected the whole world and brought the confidence on centralized governments and fiat currencies to a new low.

Kinda true because the governments are controlling the world right now and it would need a massive financial crisis for crypto be adopted widely throughout the globe.
It's not impossible but it is indeed tough to happen. On the other hand, if governments do allow crypto companies to operate then it would be a lot easier for a mass adoption to take place.
In fact, the governments can take advantage of it upto certain extent and reap the benefits from crypto regulation.
Crypto adoption is inevitable and only time will tell us which direction it goes.

[tuertezii]

Bitcoin is already in mass adoption but we want more of it because it's not yet the limit of it. When it's about Twitter and Elon, people are shouting for putting money where his mouth is and that's all about acceptance of Dogecoin.

That reply of Jack is a good one, there should be an exposure for lightning network so as bitcoin and that will certainly give another option for the payments.

If you haven't seen it, there's a followup:



It looks like Musk agreed to this deal.

IMO it won't be a big thing for the price but it's going to make more people aware of bitcoin. You bitcoiners might not believe it but there's still many people out there who use the Internet but know nothing about it.

Nice, this actually a good news if it's allowed. We just want to see the exposure of it and if it didn't click, hopefully Elon won't remove it and let it stay there for bitcoin's visibility to his users.

This is a good start, Elon is an amazing person who has a keen eye for the future world, Bitcoin is a very important part of the human process, this Twitter change I think it's giving Elon wings .

[yazher]

Twitter verification payable with bitcoin? Yeah, no... Provided that a few hundred thousands are going to pay for such thing, and a small fraction of those would prefer paying with bitcoin over fiat, mass adoption is definitely not going to come from Twitter.

Mass adoption won't come from an optional blue tick. It'll come from mandatory usage of susceptible to censorship and anti-private CBDC.

I think he gets this idea from our community where you need to pay a small number of satoshis to create your account if the IP you are using has some issue. It's best to have that kind of feature on Twitter if they can assure us they won't gonna just block our account when we have pure crypto-related followers and tweets. Because they are brutal when it comes to blocking your account even though you are a legit user. I had ten thousand followers on my Twitter account but it is gone now since they made purged termination about 3 years ago and now whenever I create one and start to follow crypto-related pages, it's just a matter of days before the day blocks me again.