Crypto exchange Kraken has proposed the idea of accepting payments in Bitcoin (BTC) following the announcement of X’s ads revenue sharing initiative. The X community responded positively to Kraken’s suggestion, with many praising it as a welcome idea. Some users even suggested that X CEO Elon Musk could start with accepting Dogecoin (DOGE) for payments. However, there were also suggestions that for the time being, it might be more realistic to receive payments in “Web Money.”
After much anticipation, X has finally introduced its ad revenue-sharing program for eligible creators worldwide. This initiative allows creators to receive a portion of the revenue generated from advertisements displayed in responses to their content on the platform. According to the developers, this move is a significant step in X’s commitment to supporting individuals in earning a direct livelihood on the recently rebranded platform.
To be eligible for payouts, creators must have a minimum of 15 million impressions in the last three months, at least 500 followers, and the Blue verification subscription. X has selected financial technology company Stripe as its payment processor for these payouts. Stripe recently launched a native fiat-to-crypto on-ramp service aimed at improving the crypto purchasing process for customers in the United States. If X were to introduce crypto payments, this on-ramp service could prove beneficial. However, there have been no indications or plans from X developers regarding the implementation of cryptocurrency-based payments.
It is worth noting that cryptocurrency payment support has been available on Twitter since April 2022 when Stripe introduced it for Twitter creators. There has been speculation for some time that X may eventually support crypto payments on its platform, with DOGE and BTC being among the initial coins suggested.
Expanding on the topic, the introduction of crypto payments on X could have several implications. Firstly, it would provide a new avenue for users to transact and utilize their cryptocurrency holdings. This would further drive the adoption of cryptocurrencies and contribute to their mainstream acceptance. Additionally, accepting crypto payments could attract a new wave of creators to the platform, as they would have the option to receive payments in cryptocurrencies they prefer.
From a broader perspective, X’s move towards crypto payments aligns with the growing trend of integrating cryptocurrencies into various industries and platforms. It reflects the increasing recognition of the benefits and potential of cryptocurrencies in facilitating seamless and secure transactions. As more companies and platforms embrace cryptocurrencies, it opens up opportunities for individuals and businesses to harness the advantages of digital currencies.
In conclusion, Kraken’s proposal for X to accept payments in Bitcoin has been met with positive responses from the community. The introduction of X’s ad revenue sharing program is a significant step towards supporting creators on the platform. While there are no concrete plans for cryptocurrency-based payments on X, the availability of crypto payment support on other platforms indicates a potential future direction. Introducing crypto payments on X would not only benefit creators but also contribute to the broader adoption of cryptocurrencies in the mainstream.
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