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analyzing bitcoin misconceptions

Twitter Users Can Send and Receive Tips Using Bitcoin’s Lighting Network

· 11 Feb 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The user-friendly and web-based crypto wallet Tippin will be offering Bitcoin (BTC) tips on top of the Lightning Network (LN). According to Tippin, the new Chrome extension will insert a new button in every Tweet to allow users to tip a few satoshis. The intention is to increase the LN adoption among the crypto community.

Tippin Allows Users to Tip Using the Lightning Network

In a recent tweet, the crypto wallet Tippin announced that it is launching a new Chrome extension for users to tip Bitcoin. The new implementation would insert a tippin.me button in every single tweet. Apparently, the button will be displayed for those accounts that have a Tippin account already activated

In this way, Lightning Network Bitcoin payments will be processed in a much easier way. With the Lightning Network, it is possible to send and receive payments almost instantly for a very low fee. The LN has been created to allow Bitcoin scale and process hundreds of thousands of transactions per second. At the moment, Bitcoin can only process 7 transactions per second (TPS).

Back in December 2017, when the popular digital asset reached $20,000, the network was completely congested. Processing a single transaction could cost more than $50, and take a long time to be confirmed by miners.

Now, the Lightning Network is much larger than what it was at the end of 2017. At the time of writing, the number of nodes is 6,133. The number of channels is currently 24,540 and the total capacity of the network is 656 BTC, close to $2.38 million.

The announcement made by Tippin comes just after Jack Dorsey, the CEO of Twitter, shared his support for Bitcoin and the Lightning Network. He supports says that he loves the idea of having a world where it is possible to tip people with satoshis for their tweets.

At the same time, Jack Dorsey participated in the Lightning Network torch initiative. This project was started by the Twitter user called hodlonaut a few days ago. The goal is to create awareness regarding the benefits of using the second-layer scaling solution for Bitcoin.

Although Tippin is currently working on a beta, there are a few features already available such as an HTML-based BTC tip button.

There are other initiatives in the crypto space related to tip bots. The XRP Tip Bot created by the XRP developer Wietse Wind is one of them.

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