Twitter Granted 3 Money Transmitter Licenses, Possible Bitcoin Integration?

[kafeelniazi]

Exciting news! It seems that Twitter, the popular social media platform owned by Elon Musk, is exploring the possibility of entering the payments industry in the United States. They are currently in the process of seeking regulatory licenses to develop software that would eventually allow users to make payments directly on the platform.

If this endeavor proves successful, it could open up a whole new realm of possibilities for Twitter and its users. Imagine being able to make payments using cryptocurrencies like Bitcoin, Ethereum, and Dogecoin right from your Twitter account! These digital currencies would likely be among the first ones to be supported.

This move towards enabling payments aligns with Elon Musk's vision of diversifying revenue streams for Twitter. By incorporating payment functionality into the platform, Twitter could potentially generate additional sources of income and offer users a seamless way to transact within the social media ecosystem.

While we'll have to wait for further updates on the progress of this initiative, it's undoubtedly an exciting development that highlights the growing intersection between social media and digital payments.

What are your thoughts on Twitter potentially enabling crypto payments? Do you think it would enhance the overall Twitter experience and provide new opportunities for businesses and users alike

[1714744756]

1714744756

[1714744756]

1714744756

[1714744756]

1714744756

[tread93]

I definitely think it would be interesting if twitter did this. I imagine that you would be able to tip people for their posts in BTC or namely DOGE- Elon's favorite crypto lol. He is known to be a supporter of BTC in his past comments. It would certainly open up revenue streams in many different facets for twitter and crypto focused companies and even non-crypto focused companies alike. Elon has made it known that he intends to make twitter this "everything app" but that is still in the works, and with this new money transmitter license he has been granted in 3 states over the past week he is slowly making progress. He intends to turn twitter into this so called "super app" that would act similar to Chinese messaging app WeChat, which essentially lets you do everything like paying for your uber, paying for bills, really paying for anything. Even verifying your identity to use certain services, etc etc. I'm not sure how it will be received by the crypto community, but I have an inkling that it would not be ideal for remaining anonymous - IMO it seems to be a long term goal as a push for CBDC in the US once implemented. This type of app has helped China usher in their digital yuan so seamlessly to 1 billion plus people in their country.  

[DapanasFruit]

This is a good move on the part of Twitter and under Elon Musk who is a big crypto enthusiast am sure this can make the platform go into a higher level. Hopefully, Twitter can make an important breakthrough on this aspect which can open up a huge market for this popular social media outfit. This is going to be a natural progression for Twitter and Elon...and I am looking forward to one day be able to transfer crypto funds within the platform. Good news to millions of Twitter users and to cryptocurrency in general.

[mendace]

Great, I missed this news, do you have the source where it is reported?  Elon has always been a fan of Bitcoin and unfortunately also of Doge but that doesn't mean it's not a good thing.  Let's hope this intention of Elon goes forward and chr is integrated.

[slaman29]

Hmm. I honestly don't get why this is good news.

Reddit doesn't have a money transmitter license does it, and they can still have people send Reddit coins to each other, just not USD. Why would Twitter have needed to help people send Bitcoin when they can do so to each other ANYWAY.

Tip bots already happened, nobody needed transmitter license for that.

It just needs to accept Bitcoin just like any other site that accepts Bitcoin, that's what helps adoption. I don't get why this is exciting news. Sorry but we don't have to add Bitcoin angle to everything.

[Rikafip]

Great, I missed this news, do you have the source where it is reported?

Here you go

Twitter Payments LLC, a subsidiary of Elon Musk’s Twitter social network, appears to have received its first money transmitter licenses after Michigan, New Hampshire and Missouri approved the company’s applications.

A money transmitter license allows a company to provide transfer services or payment instruments. This differs from a license to conduct sales in that it’s meant to provide consumer protections for businesses that facilitate the transmission of money from one party to another, not just the purchase of products and services.

It remains unclear at this time exactly what offerings will be on tap if and when Twitter Payments eventually rolls out. The company applied for licenses in all 50 U.S. states, and there’s no clear timeline for the approval process.

Elon planning to integrate payments on Twitter is not a new thing really because he bought Twitter for the exactly that thing, to make it an "everything app" where you will be able to do all sorts of things, similar to how WeChat in China is being used.

Elon has always been a fan of Bitcoin

If he was  a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns. To me he is more of an opportunist when it comes to Bitcoin.

[mendace]

If he was  a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns. To me he is more of an opportunist when it comes to Bitcoin.

On this I agree that he is an opportunist however Elon is an entrepreneur before being a fan so it seems logical to me that he will always try to do business, but we must recognize that unlike other colleagues he at least tried to make Bitcoin a business first with Tesla and perhaps now with Twitter.

[OcTradism]

Exciting news! It seems that Twitter, the popular social media platform owned by Elon Musk, is exploring the possibility of entering the payments industry in the United States. They are currently in the process of seeking regulatory licenses to develop software that would eventually allow users to make payments directly on the platform.
...
What are your thoughts on Twitter potentially enabling crypto payments? Do you think it would enhance the overall Twitter experience and provide new opportunities for businesses and users alike

Elon Musk has his ambition to create a super X application to proceed many things for human. He created Paypal and sold it years ago and he many times tweeted that he are interested in integrating Bitcoin and Dogecoin as payment methods on Twitter. Buying Twitter and adding it to his ambitious X platform is in his plan.

The first cryptocurrency to be added will surely be Bitcoin but guess, what is a next one after that, Ethereum or Dogecoin ?

I don't feel surprise with your news, it spreads in cryptocurrency in the last bull run when Elon Musk joined this space and Tesla invested in Bitcoin.

[NotATether]

I definitely think it would be interesting if twitter did this. I imagine that you would be able to tip people for their posts in BTC or namely DOGE- Elon's favorite crypto lol.

DOGE is dogeshit (pun intended) for accepting payments. You cannot easily make an HD wallet of DOGE addresses and query the balances of each one, because Dogecoin Core is so ancient that they haven't even merged the multi-wallet support that has been present in Bitcoin/Litecoin/DASH for at least 7(!) years. The best you can hope for using current software - unless you want to waste 2 years of your life rewriting the DOGE full node - is to assign an address to each user, which kills privacy but you can at least do that.

Knowing Elon's twitter, I wouldn't be surprised if they just partnered with some exchange to store their crypto payments in.

Nobody is maintaining dogecoin nodes and software and jokers expect us to transact with it over Bitcoin and other alts like ETH?

Hmm. I honestly don't get why this is good news.

Reddit doesn't have a money transmitter license does it, and they can still have people send Reddit coins to each other, just not USD. Why would Twitter have needed to help people send Bitcoin when they can do so to each other ANYWAY.

Tip bots already happened, nobody needed transmitter license for that.

It just needs to accept Bitcoin just like any other site that accepts Bitcoin, that's what helps adoption. I don't get why this is exciting news. Sorry but we don't have to add Bitcoin angle to everything.

Because money transmitter licenses are required only for companies that let users send real money between themselves. It must be that Twitter is trying to be (at best) a Charles Schwab or (at worst) a Robinhood.

[Outhue]

I knew this is coming anyway but I like how Elon Musk slowed the whole process down because he knows much about the crypto market himself,  I bet if this is really coming it will be when the market is gearing up for another bull run, that man is a smart one, his timing is always perfect.

I could say it's a good news but it's not the type that brings hype or will bring hype into crypto market, it's something that will become effective only if it's implemented and working, it's really not something so crazy but I'm excited for it anyway.

[ImThour]

Not going to make much of a difference to be very honest, Twitter CEO Elon Musk is all about Dogecoin and random shitcoins rather than Bitcoin. I would love if a company like Apple or Google implements something of that at a large scale, like Apple adding Bitcoin Payments/Crypto Payments to Apple Wallet. That will be sick and a great news.

[_act_]

If this endeavor proves successful, it could open up a whole new realm of possibilities for Twitter and its users. Imagine being able to make payments using cryptocurrencies like Bitcoin, Ethereum, and Dogecoin right from your Twitter account! These digital currencies would likely be among the first ones to be supported.

Elon Musk that removed bitcoin and later accepted doge to be used for Tesla buying. That man will have in mind to allow doge for payment on Twitter. There was a time some months ago that Elon Musk or so spoke or tweet of something like this, not about doge but doge price increased because people know doge is Elon Musk favorite coin.

What are your thoughts on Twitter potentially enabling crypto payments? Do you think it would enhance the overall Twitter experience and provide new opportunities for businesses and users alike

It will help users experience on the platform. But I do not think any of the social media should be given the opportunity to make their platform a place to make transaction directly. If something like that happens, scammers may have a better means to scam, although it depends on how it is setup on the platform.

[Synchronice]

Elon planning to integrate payments on Twitter is not a new thing really because he bought Twitter for the exactly that thing, to make it an "everything app" where you will be able to do all sorts of things, similar to how WeChat in China is being used.

Wasn't facebook planning to create a coin called Libra that would be used as an inner payment form in chat between users? But they failed, as far as I remember this idea got rejected by national banks.
US regulators are very strange, I'll be shocked if they allow twitter to use Bitcoin as an inner payment method in chat between users.

If he was  a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns. To me he is more of an opportunist when it comes to Bitcoin.

Elon is a businessman, not a Bitcoin fan or enthusiast. Man played with coin like cat plays with mouse. Made people to invest in coin and when the price rose up, he sold coins, took the money out from this pool and made profit. He did it with Bitcoin and Dogecoin. People easily forget

[Franctoshi]

Is this not another way of enticing people to keep their Bitcoin in the hands of central control? You would see another set of people that will likely make Twitter their Bitcoin storage App or wallet, and this feature poses a huge risk to Twitter accounts to become interesting for hackers or cyberpunks to steal those Bitcoins in there. I don't see the need for this when I can use a self-custody wallet for transactions.

[yhiaali3]

Of course, it is exciting to be able to make payments using cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, although this would have a huge positive impact, but this is something that is difficult to achieve at the present time due to the great regulatory restrictions imposed by the United States on cryptocurrencies.

We can expect approval for Bitcoin and Ethereum but not for Dogecoin which is not recognized as a currency in the US. Also, even if this happens, there will be a lot of restrictions imposed on users, especially KYC, as account verification will be imposed on all users.

[bakasabo]

Even if we get Bitcoin transactions integrated in Twitter, do you think many would use that option? Will it be really demanded? Twitter already had tips, and I havent seen people being crazy about it. If someone hope, that when Bitcoin or crypto transactions becomes available, people would rush to buy blue mark subscription or pay for ads promotion, then imo such thing wont happen. We already had moment, when people were able to pay in Bitcoin and dogecoin for Tesla cars and goods, and I never found any statistics, that people really use that chance (if there were no stats and complimentary articles, then there is nothing to boast with).

[kafeelniazi]

Great, I missed this news, do you have the source where it is reported?  Elon has always been a fan of Bitcoin and unfortunately also of Doge but that doesn't mean it's not a good thing.  Let's hope this intention of Elon goes forward and chr is integrated.

this news is all over the internet, Watcher.guru https://watcher.guru/news/twitter-granted-3-money-transmitter-licenses-for-us-payment-services.

Of course, it is exciting to be able to make payments using cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, although this would have a huge positive impact, but this is something that is difficult to achieve at the present time due to the great regulatory restrictions imposed by the United States on cryptocurrencies.

We can expect approval for Bitcoin and Ethereum but not for Dogecoin which is not recognized as a currency in the US. Also, even if this happens, there will be a lot of restrictions imposed on users, especially KYC, as account verification will be imposed on all users.

Approval of bitcoin and ETH takes lot of time like after 2025, but Doge is still Elon best news gambling asset, Till we get actual conformation from us authorities Elon and other related brands will keep using this "Twitter integration" virtue  for pumps and dumps or liquidity exits.

[avikz]

With Elon onboard, we can definitely expect some cryptocurrency integration into Twitter's native platform. But it might not be Bitcoin. While Elon is very much bullish on Bitcoin, he sees it as an investment rather than a currency system. The chances are higher for cryptos like Dogecoin or ETH which are faster and cheaper as a currency.

But it's too early to judge whether it will be good for the market or not. Also it's too early to say if cryptos are going to be integrated or not.

[so98nn]

That’s good news but we can be sure only if we know for what the licenses are being taken. What I mean is, are the licenses taken for integration of existing payment processors like PayPal, or direct transfers from whole new payment processor via Twitter? In addition to this, it is also need to be known what steps are being taken if they are going to use crypto payments? Since that is entirely different domain it can’t be merged with regular license for sure. Imagine this on global platform like Twitter which is completely on another level. Let us not forget that Elons intention could be to uplift Doge coin which he always had on his mind. So it’s now wait and watch situation sure.

[LoyceV]

Imagine being able to make payments using cryptocurrencies like Bitcoin, Ethereum, and Dogecoin right from your Twitter account!

Imagine I can make Bitcoin payments without a third party earning a percentage

This move towards enabling payments aligns with Elon Musk's vision of diversifying revenue streams for Twitter.

Why would anyone think that a billionaire who wants more revenue streams aligns with their own interests?

If he was  a true Bitcoin fan he woulnd't remove it as a mean so payment for Tesla due those bs enviromental concerns.

That's rich, coming from the guy who shot a car into space!

To me he is more of an opportunist when it comes to Bitcoin.

He's an opportunist when it comes to anything.