Digital Platforms should accept Bitcoin - Makes more sense

[Flexystar]

Back End Story:

I love watching social media a lot. Whether it is my university free time or part time job I know thing for sure, even with the gap of 5 minutes I would just grab my phone out of my pocket and start watching the videos on YT or may be checkout some quick Reels on the Instagram. Call me social nerd but thats what it is.

Now, coming to the topic: Whenever I am touching my phone and accessing these social platforms, there is someone in the world who is getting paid for it! Within that 5 minutes of time there are at least 4-5 advertisements of 20-30 seconds which will be played by platforms like YouTube, Instagram, FB, and basically everything that's digital.

Whether I watch the advertisements or not, whether I skip them or not, someone is always getting paid, someone is always seeing their revenue go boom on a platform just because of my spare time and those 5 minutes.

Front End Story

As we know all, there are millions of advertisments are running on these platforms all the time throughout the world.

YouTube has 113.9 million YouTube channels as of July 29, 2022. Only 4.4% of the 2.6 billion active YouTube users created their own YouTube channel.

Source [unverified]

Just checkout only the number of active channels on YT which are getting paid with their generated revenue.

Since these are digital platforms then wouldn't it be sensible to add Bitcoin as digital currency to get paid or lets say to buy premium subscriptions and much more!

We already have wallets with instant payment capabilities and it takes really short time to have 1 confirmation these days. With the third party applications its even faster to pay instantly or get paid instantly.

The volume that is transferred everyday on the internet is really huge, and instead of getting paid with normal payment processors which also takes up lot of verifications stages one can easily start getting paid with bitcoin.

Collaboration with platforms like YouTube, Instragram/Facebook is astounding to imagine.

Why are they lagging behind the sole idea of it?
Where is the spark of Google, the out of the box thinking and the world which they always think beyond imagination?

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[hatshepsut93]

The volume that is transferred everyday on the internet is really huge, and instead of getting paid with normal payment processors which also takes up lot of verifications stages one can easily start getting paid with bitcoin.

People don't want Bitcoin. Steam, the largest online shop for PC games had Bitcoin payments, barely anyone used it, and they removed this option when it started creating problems when network fees got as high as $50. For Bitcoin to have any chance to get adopted, three things must happen - the price must stabilize, the regulators must greenlight it, Lightning Network must be officially released and adopted.

[Dunamisx]

You know that bitcoin is a decentralized digital currency and making use of it as well can happened in a decentralized ways but most of this companies you listed were centralized and couldn't want to risk the chance of adopting a decentralized medium of payment whereby they cannot track, trace and trap any suspected person with their system, they also fear their network being hacked and untraceable, they aren't ready yet to be identified by a decentralized currency because they needed to monitor thier inventories within their system but bitcoin adoption goes completely with privacy if you don't want to be identified by them or the government through them, alot of companies were already accepting bitcoin and don't mind, some are just joining while some will still join more later, but don't be surprised they may have thier investments secretly in bitcoin despite they are yet to start it acceptance.

[hZti]

People always read news on the internet about a guy that bough a pizza with 10K Bitcoins, etc. This makes people scared to buy goods with their bitcoins. But it is the wrong assumption because bitcoin would have never become as big as it is without the guy who bought the 10K Pizza. We need to promote buying with bitcoin and not tell stupid old stories.

[Upgrade00]

Whether I watch the advertisements or not, whether I skip them or not, someone is always getting paid, someone is always seeing their revenue go boom on a platform just because of my spare time and those 5 minutes.

For the creator of the content you're viewing to actually get paid, you need to watch the ad for a stipulated number of seconds for it to be registered. This is one reason I labor through some of the unrelated ads to me, when they pop up on videos of content creators I learn from or who put a lot into their craft.

Since these are digital platforms then wouldn't it be sensible to add Bitcoin as digital currency to get paid or lets say to buy premium subscriptions and much more!

Fiat works fine for them, why change?
Bitcoin related content are restricted on many social platforms, I would not be holding my breath waiting for them to implement it into their payment system.

[Casdinyard]

Back End Story:

I love watching social media a lot. Whether it is my university free time or part time job I know thing for sure, even with the gap of 5 minutes I would just grab my phone out of my pocket and start watching the videos on YT or may be checkout some quick Reels on the Instagram. Call me social nerd but thats what it is.

Now, coming to the topic: Whenever I am touching my phone and accessing these social platforms, there is someone in the world who is getting paid for it! Within that 5 minutes of time there are at least 4-5 advertisements of 20-30 seconds which will be played by platforms like YouTube, Instagram, FB, and basically everything that's digital.

Whether I watch the advertisements or not, whether I skip them or not, someone is always getting paid, someone is always seeing their revenue go boom on a platform just because of my spare time and those 5 minutes.

Front End Story

As we know all, there are millions of advertisments are running on these platforms all the time throughout the world.

YouTube has 113.9 million YouTube channels as of July 29, 2022. Only 4.4% of the 2.6 billion active YouTube users created their own YouTube channel.

Source [unverified]

Just checkout only the number of active channels on YT which are getting paid with their generated revenue.

Since these are digital platforms then wouldn't it be sensible to add Bitcoin as digital currency to get paid or lets say to buy premium subscriptions and much more!

We already have wallets with instant payment capabilities and it takes really short time to have 1 confirmation these days. With the third party applications its even faster to pay instantly or get paid instantly.

The volume that is transferred everyday on the internet is really huge, and instead of getting paid with normal payment processors which also takes up lot of verifications stages one can easily start getting paid with bitcoin.

Collaboration with platforms like YouTube, Instragram/Facebook is astounding to imagine.

Why are they lagging behind the sole idea of it?
Where is the spark of Google, the out of the box thinking and the world which they always think beyond imagination?

A lot of digital platforms nowadays recognize and accept bitcoins as mode of payment. For a while the dream was that social media could be connected to the blockchain to make monetization a fast and seamless process for content creators and this is slowly becoming realized courtesy of Meta and Twitter creating individual efforts to onboard the people to cryptocurencies and NFTs. As for payment channels a lot of digital wallets in my country support or will support the use of cryptocurrency so I guess that's a good thing in their own right. YouTube and Google conjunctively are a bit stubborn in accepting cryptocurrency for some reason but soon enough when the rest of the internet accepts it they'd follow suit, they did that with the short videos thing, they'd do it again to remain topical and relevant.

[sunsilk]

It's because they're not yet ready for it and they don't like it yet. As for Google, they're aware of bitcoin and they've been always open to things related to technology.

But they probably think that they just can't allow a decentralized crypto as a payment method to their creators. I think the idea is really good and just give them an option to get paid along with the other payment methods.

[Ebede]

Platforms that knows what is opinable supposed to have known that making a payment with the good one will be very nice and very understandable because it is the first people transfer that that does not happen today so digital currency or this force just bitcoin, so digital payment is now what's is taking place in digital platforms.

[CryptoPanda]

The problem stems from the fact that most people do not use their bitcoins for such real-life transactions like buying physical things or paying for services with bitcoin, looking back at our history I think it has something to do with Lazlo buying pizza for 10bitcoins, and this set of people look at this act as a bad choice. So they generally prefer to hodl. I think the only platform that I believe bitcoin is being used as a payment gateway are the casinos. I would say the casinos are smart enough to give their customers all possible platforms to use their service without restrictions.

[Artemis3]

People don't want Bitcoin. Steam, the largest online shop for PC games had Bitcoin payments, barely anyone used it, and they removed this option when it started creating problems when network fees got as high as $50. For Bitcoin to have any chance to get adopted, three things must happen - the price must stabilize, the regulators must greenlight it, Lightning Network must be officially released and adopted.

Steam was using BitPay and the problem was with them. But rather than finding their own solution they removed the payment method entirely. I have been unable to purchase any games ever since, because believe it or not, you cannot obtain an internationally valid card in all parts of the world. Once i was barely able to purchase some European gifcard paying at least extra 20% but its way too much trouble, same goes with mobile games. It costs nearly nothing to adopt it, but refusing it is only making you lose purchases, nothing else.

Now at the very least you can travel to El Salvador and find a ton more places that accept bitcoin, even famous American franchises...

You simply live in a world where you take everything for granted, while for some of us it is Bitcoin that actually enabled us to do online purchases.
If it is about Google/Alphabet let me tell you something: Google Pay is not allowed for my country. Now what? YT monetization is not allowed for my country either, people from my country cheat the system in various ways like using a VPN, but that is plain discrimination and a big hassle, and sometimes they go after VPN users so its not as simple as it sounds.

Bitcoin doesn't care about any of that and just works. Bitcoin IS freedom.

[gantez]

It's because they're not yet ready for it and they don't like it yet. As for Google, they're aware of bitcoin and they've been always open to things related to technology.

But they probably think that they just can't allow a decentralized crypto as a payment method to their creators. I think the idea is really good and just give them an option to get paid along with the other payment methods.

I think the companies are yet not ready maybe because it is not accepted all over and using it may be limiting customer to what mode of payment that they want to use but last year PayPal list some cryptocurrency to use in the platform. I think it is gradual for the use to be popular and every platform will like to use bitcoin.

[romero121]

People don't want Bitcoin. Steam, the largest online shop for PC games had Bitcoin payments, barely anyone used it, and they removed this option when it started creating problems when network fees got as high as $50. For Bitcoin to have any chance to get adopted, three things must happen - the price must stabilize, the regulators must greenlight it, Lightning Network must be officially released and adopted.

Steam was using BitPay and the problem was with them. But rather than finding their own solution they removed the payment method entirely. I have been unable to purchase any games ever since, because believe it or not, you cannot obtain an internationally valid card in all parts of the world. Once i was barely able to purchase some European gifcard paying at least extra 20% but its way too much trouble, same goes with mobile games. It costs nearly nothing to adopt it, but refusing it is only making you lose purchases, nothing else.

Now at the very least you can travel to El Salvador and find a ton more places that accept bitcoin, even famous American franchises...

You simply live in a world where you take everything for granted, while for some of us it is Bitcoin that actually enabled us to do online purchases.

If it had received good number of users, then Steam could've rectified the issue. Here, it hasn't got good number of people using the service which is the reason they don't take the issue seriously and completely stopped the bitcoin acceptance.

What had happened in El Salvador is different, the country have given the free way for its people to do whatever you want to do with bitcoin. If such situation happens around we can see a good rise in the usage of cryptocurrencies.

[cabron]

This could start if Elon starts his twittercoin. There isn't a real law for BTC and the price can be troubling for users when it fluctuates high. Ive heard youtube will also be bought by Elon. Rumors says so.

Deploying BTC on social media, people will realize they could make money with this fluctuation, many will dive to buy BTC.

[hatshepsut93]

Steam was using BitPay and the problem was with them.

The problem was that when fees got high, customers were bombarding Steam support about their stuck transactions. Sure, BitPay's shitty service only worsened this problem, but even if Steam was receiving Bitcoin directly, the problem would still be present.

Now at the very least you can travel to El Salvador and find a ton more places that accept bitcoin, even famous American franchises...

Who in the world cares about El Salvador?

You simply live in a world where you take everything for granted, while for some of us it is Bitcoin that actually enabled us to do online purchases.
If it is about Google/Alphabet let me tell you something: Google Pay is not allowed for my country. Now what? YT monetization is not allowed for my country either, people from my country cheat the system in various ways like using a VPN, but that is plain discrimination and a big hassle, and sometimes they go after VPN users so its not as simple as it sounds.

Bitcoin doesn't care about any of that and just works. Bitcoin IS freedom.

I'm not saying that Bitcoin is totally useless. But on a global scale it's insignificant. It has less than 300k transactions per day - that's nine million transactions per month, So a population of one small country would be able to do one transaction per month if they adopted Bitcoin. So what's the benefit of accepting Bitcoin for a large company? It's going to be a tiny share of their payments and not increase their revenue in any significant ways. But it will introduce development costs, maintenance, maybe even legal risks.

[davis196]

Why would those big tech corporations accept Bitcoin? Is there any benefit for them, by accepting BTC payments?
Are there millions of people, who are using Bitcoin(instead of fiat) on a daily basis? Even the most fanatic Bitcoiners use fiat money on a daily basis. Adopting BTC would bring more problems rather than benefits for the big tech corporations. More regulations for example....
I don't know why do you think that such thing makes sense? It doesn't make sense at all. Facebook even tried to create their own crypto(instead of adopting BTC) and they have failed miserably.

[Plaguedeath]

Actually there's many online marketplaces that already accept Bitcoin payment [1], although few of them have delist it. Maybe a big company that still not accept Bitcoin because they don't want to follow a lot regulation, people who complain about the payment (send to wrong address, the price is always change etc), or they're not ready to accept Bitcoin since the price has huge volatility.

[1] https://icoholder.com/blog/places-accept-bitcoin/

[yazher]

People don't want Bitcoin. Steam, the largest online shop for PC games had Bitcoin payments, barely anyone used it, and they removed this option when it started creating problems when network fees got as high as $50. For Bitcoin to have any chance to get adopted, three things must happen - the price must stabilize, the regulators must greenlight it, Lightning Network must be officially released and adopted.

Especially the Lightning Network is a good thing to have when you want to use bitcoins for payments because the competition in this field is very tight and it could be a major thumbs down if the transaction is delayed and it will gonna took them too long to process a single payment. So Lightning Network should be the best option for this because if they won't gonna have any difference as they have been with Steam, then it will be just like a Deja Vu and it will gonna be the same as it was before without any changes.

[dansus021]

As far that I know the social media is slowly adapting crypto although is not using bitcoin for now but I belive sooner or later if crypto keep growing they will add option crypto.

The fact is Instagram already make decision to allow their user to post their NFT to their feed this my simple one but i think it will grow more here the link
https://techcrunch.com/2022/09/29/all-facebook-instagram-users-in-us-share-nfts-cross-post-both-apps/
I also already try this feature

second in twitter(the social media how actively in crypto) you can change your profile picture to nft https://www.cnet.com/personal-finance/crypto/how-to-turn-your-nft-into-a-verified-profile-picture-on-twitter/

i already seen in couple of user

and their tipping is start crypto too https://www.marketwatch.com/story/you-can-tip-with-ether-on-twitter-now-11645045510

[tjtonmoy]

People are not yet ready to get used to the new thing. As we have already seen and still this is happening. BTC has not been accepted all over the world as a legal currency. There are some restriction in many countries. Introducing this payment system may damage that.
So as long as BTC is not accepted all over the world, big social media platform fear to lose their reputation by allowing this payment method in their system.

[sunsilk]

It's because they're not yet ready for it and they don't like it yet. As for Google, they're aware of bitcoin and they've been always open to things related to technology.

But they probably think that they just can't allow a decentralized crypto as a payment method to their creators. I think the idea is really good and just give them an option to get paid along with the other payment methods.

I think the companies are yet not ready maybe because it is not accepted all over and using it may be limiting customer to what mode of payment that they want to use but last year PayPal list some cryptocurrency to use in the platform. I think it is gradual for the use to be popular and every platform will like to use bitcoin.

They're also aware of its volatility and tat's why they just can't accept it if their business is pegged to the daily operations and accepts payment through fiat's value.

That's why it will take time for them but that's okay. Because eventually, they'll see the increase in the number of adoption and more people will be in bitcoin. It will be their consideration why they'll start accepting it soon.