Twitter plans to offer buying and selling of bitcoin and other cryptocurrencies

[kryptqnick]

I don't understand and don't like what Elon Musk thinks and what he does with things he touches. His opinions are flexible, convenient and sometimes very problematic, and occasionally he just seems to do something because he can, while those actions can impact a lot of people. Like just a couple of weeks ago Musk replaces the Twitter Bird with the Shiba Inu, but then several days later the bird was thankfully back. He also initiated acceptance of Bitcoin for Tesla cars a while ago but decided against it a few months later due to potential environmental concerns. Considering such behaviour, I don't take the eToro partnership idea seriously. The partnership is allegedly a part of Musk's idea of making Twitter the "everything app", which is itself something I don't think is a good and reasonable thing to do.

[1714829395]

1714829395

[1714829395]

1714829395

[1714829395]

1714829395

[cydrix]

High volatility, security risks, regulatory uncertainty, and significant reputational harm are some potential negatives of Twitter selling cryptocurrency. Offering cryptocurrencies on Twitter, however, might also boost their acceptance, revenue, and appeal to those who are interested in cryptocurrencies.

[Adbitco]

Twitter, one of the largest social media platforms has sparked rumours about it's plans to offer buying and selling of bitcoin and other cryptocurrencies on it's platform.

Well I don't know which to believe on this rumors but I know if that happens it would surely yield a great impact towards bitcoin including cryptocurrencies at large. But for that we have to think some very thoughtful lesson which may likely occur, I understand that by now everyone should have been familiarized with the volatility level of bitcoin or cryptocurrencies which any one investing or purchasing bitcoin through twitter is at a higher risk as well because there could be fake users who would tend to renders such services as well.

[Russlenat]

They are all rumors: https://twitter.com/bitcoinlfgo/status/1645804390413135875?s=20

They are confirmed to be fake rumors.
Even if they are to be true, I don't really see any good thing that it can add to Bitcoin, because it will be a centralized means of exchanges and another medium for Twitter to generate more income from those that will use the system to buy and sell.

I don’t know what’s behind this but even if this is true, I don’t think it will work for bitcoin since Twitter is way more centralized and requires a lot of KYC verification once buying and selling will be put into execution. Twitter is only meant for social media exposure, not to act as crypto exchange.

[Mpamaegbu]

They are all rumors:

Even if they are to be true, I don't really see any good thing that it can add to Bitcoin

But of course, it will certainly add something to Bitcoin; no doubt. It will get more exposure for Bitcoin usage. Twitter is social medium with the speed of light. News on it get passed across rapidly than on other social media outlets. However, I wonder why the rumour is on Bitcoin and not on Dogecoin because I know Elon Musk to be a big supporter of Dogecoin more than he supports Bitcoin.

[KiaKia]

Twitter is one of biggest and active social media, Dogecoin price always increase when Elon Musk troll Doge in twitter. Add Bitcoin in twitter will increase adoption regardless it will take an extra fee, centralized etc.

I quite agree with you though, but when Elon Musk trolled doge coin on Twitter, there was nothing like crypto transactions on Twitter, so possibly if that feature gets added, firstly, that will be another means of scammers to defraud crypto newbies, and secondly, it will become a centralized means of exchanging Bitcoin.

Twitter also can track user login IPs, which I don't think is too good to trade Bitcoin on should their new feature get integrated. If any challenge comes up in the future and they need to track a user, they may be forced to share the user's location or mobile number, which the person uses to link to their Twitter account.

You are right, but tipping users on Twitter with crypto is going to add a massive adoption rate to crypto and bitcoin, this could finally confuse many newbies that don't want to get involved with Bitcoin and crypto yet, but using crypto as a means of payment or tipping on Twitter will make them think twice.

It's just that the disadvantages are not so good, there are many scammers on Twitter and they are left alone to do their evil work day by day, if Twitter is going to let this pass and not upgrade their security and start dealing with fake accounts they should drop this idea of using Crypto on the platform.

Even if this becomes a reality, Twitter will look like every other centralized crypto exchange out there but the social media part will be the only difference.

[blackened515]

All the social media in the internet, Twitter is the one I don't like. It suspend account without any course, I am really tired of using Twitter. Twitter can not buy and sell bitcoin because the way they are suspending users account without offend is worrisome. But if they can fixed that and adopt bitcoin in their exchange rate then it will be okay for that.

Suspending accounts is a usual thing about the app, it's specifically for the purpose to remove dormants accounts, although some are linked with phishing mails and fake profile that also leads to suspension. Twitter is one of the media that spreae information faster, unlike Facebook and Instagram, it's very important to maintain the set of rules that's setout by the moderators. Elon Musk taking over Twitter, some features have been permanently eradicated and addition of some new features like a user can be able know the number of views on a particular post.

[Mauser]

Twitter, one of the largest social media platforms has sparked rumours about it's plans to offer buying and selling of bitcoin and other cryptocurrencies on it's platform. If this eventually happens, it could have significant impacts on the future of cryptocurrency and social media.

That would be a huge move by Twitter and will likely impact the crypto community a lot. Short term I would expect prices to rise as a lot of new investors would join the market and it might be quite easy for them to buy and sell cryptos via Twitter. The main problem for me when it comes to socialmedia and crypto currencies is that there could be a huge hype in the beginning, but when there won't be high returns quickly all the new investors could leave the markets again. Socialmedia lives of hypes that quickly fade again and the same could happen when buying cryptos. Also Elon Musk used his power in the past on Twitter to promote certain cryptos that he owned, I am a bit afraid of conflicting interests here.

[aoluain]

I don't understand and don't like what Elon Musk thinks and what he does with things he touches. His opinions are flexible, convenient and sometimes very problematic, and occasionally he just seems to do something because he can, while those actions can impact a lot of people. Like just a couple of weeks ago Musk replaces the Twitter Bird with the Shiba Inu, but then several days later the bird was thankfully back. He also initiated acceptance of Bitcoin for Tesla cars a while ago but decided against it a few months later due to potential environmental concerns. Considering such behaviour, I don't take the eToro partnership idea seriously. The partnership is allegedly a part of Musk's idea of making Twitter the "everything app", which is itself something I don't think is a good and reasonable thing to do.

I agree with you, anything crypto related which Musk has gotten directly involved in
has proven to be controvercal and somewhat short lived, I feel if this partnership with
eToro IF it comes to fruition would also be short lived, he could decide to pull the plug
on it at anytime. Knowing this about Musk would eToro get involved?

Has eToro even commented or confirmed on this new partnership?

[NotATether]

Furthermore this could lead to an exponential increase in the regulatory inspection of the Blockchain industry especially in relation to KYC( know your customer) regulations, which could increase costs and operation challenges for companies operating in the cryptocurrency space.

Or you mean an exponential increase in regulatory scrutiny of Twitter (and Elon Musk)

It's almost as if Twitter is trying to run themselves into the ground at this point. What's the guarrentee that eToro won't go down like some of these other players from the last year?

[Lorence.xD]

All the social media in the internet, Twitter is the one I don't like. It suspend account without any course, I am really tired of using Twitter. Twitter can not buy and sell bitcoin because the way they are suspending users account without offend is worrisome. But if they can fixed that and adopt bitcoin in their exchange rate then it will be okay for that.

Most likely you have been reported for fun by trolls in the internet. I've also experienced that scenario when I'm peacefully scrolling at Twitter then it just says "account suspended". It's good that they take action to such report online but they also need to assess which is true and fake to avoid the innocent to be included. But as the Elon Musk the new CEO of Twitter then it may be possible for it to happened, account suspension can be fixed once it happended. There's a lot of investor and trader that are using Twitter for any updates and projects online such as NFTs. So it would be good to have Bitcoin in Twitter however the only cons of this event is thst newbies might try it for fun and lose a lot of funds since it's not that easy to enter the market without knowledge not only by curiousity.

[Ozero]

Twitter is one of biggest and active social media, Dogecoin price always increase when Elon Musk troll Doge in twitter. Add Bitcoin in twitter will increase adoption regardless it will take an extra fee, centralized etc.

I quite agree with you though, but when Elon Musk trolled doge coin on Twitter, there was nothing like crypto transactions on Twitter, so possibly if that feature gets added, firstly, that will be another means of scammers to defraud crypto newbies, and secondly, it will become a centralized means of exchanging Bitcoin.

Twitter also has the ability to track user login IPs, which I don't think is too good to trade Bitcoin on should their new feature get integrated. If any challenge comes up in the future and they need to track a user, they may be forced to share the user's location or mobile number, which the person uses to link to their Twitter account.

Indeed, connecting a large social network with the possibility of trading cryptocurrency in it is a very bad idea. This is similar to Zuckerberg's idea to launch his Libra stablecoin on facebook social network. What this led to, we have already seen. In the social network, its participants leave a lot of confidential information about themselves with a clear identification of the individual. If data on our financial activities is also placed there, persons who possess such information, or receive it as a result of hacking, have the possibility of misusing such information. First of all, because of this, the regulators did not allow this to happen. The same will happen in this case with Twitter.

[Dr.Bitcoin_Strange]

Indeed, connecting a large social network with the possibility of trading cryptocurrency in it is a very bad idea. This is similar to Zuckerberg's idea to launch his Libra stablecoin on facebook social network. What this led to, we have already seen. In the social network, its participants leave a lot of confidential information about themselves with a clear identification of the individual. If data on our financial activities is also placed there, persons who possess such information, or receive it as a result of hacking, have the possibility of misusing such information. First of all, because of this, the regulators did not allow this to happen. The same will happen in this case with Twitter.

At least Facebook did not launch any crypto transaction feature on its app; just the Facebook marketplace is okay, and it only allows citizens to carry out buying and selling among themselves within their country (that's how it works here). There is no Bitcoin transaction feature of any sort where someone can quickly track how many bitcoins you are buying or selling on Facebook.

I remember that some CEX have different levels of KYC. The first stage may be KYC-free, that is, if you are buying and withdrawing below 0.5 BTC, but if you are going high, like 1–5 or 5–10 BTC, you will need to pass a high required details of you to pase the KYC.

So let's link this to the new feature that want to be added to Twitter. If it happens, the time will come when Twitter can put restrictions on individual accounts and even ask for extra KYC information. Well, I'm not interested in their new feature, crab.

[Botnake]

Through a partnership with eToro, a social trading company, Twitter is set to introduce a new feature allowing its users to access a wider range of financial assets, including stocks and cryptocurrencies. The expanded feature will enable users to view market charts and engage in buying and selling activities directly from eToro within the Twitter app.

We have a discussion about this already on this forum: Twitter will enable crypto and stock trading via eToro partnership

So which one is now fake?

I hope Twitter or any social media will not enable trading directly all because the social media owner is looking for more money and not considering his users. It should be social media, not a place for trading like brokers and exchanges.

I don’t think Twitter will be engage in buying and selling bitcoin and other cryptocurrencies online. Twitter is not an exchange, it’s a social media service that creates lifetime memories with its users. So if Twitter plans to engage in cryptocurrencies, then the company owner might have its own plan to build an exchange separate from Twitter so they can also take business with cryptocurrencies.

[Vaculin]

All the social media in the internet, Twitter is the one I don't like. It suspend account without any course, I am really tired of using Twitter. Twitter can not buy and sell bitcoin because the way they are suspending users account without offend is worrisome. But if they can fixed that and adopt bitcoin in their exchange rate then it will be okay for that.

Well traders will definitely face some troubles if that is the case. However, based on the news I have read, Twitter has announced its partnership with eToro crypto exchange and not that Twitter will directly accept buy and sell for crypto. So the headline that was shared by OP is clearly a fake news. Here’s the legit news, https://www.forbes.com/advisor/investing/twitter-stock-crypto-trading/#:~:text=Twitter%20has%20announced%20a%20partnership,on%20the%20social%20network's%20platform.