The Road Is Being Paved

about 3 years ago

There's no day without good and bad new for us, crypto enthusiasts. This is life, the only thing that is constant is change. Lately we've been witnessing the Bitcoin bull run and what is even better than a bull run is seeing institutions investing in Bitcoin and maybe other cryptocurrencies.

This is a process and certain people and/or companies have the power to influence things. We've seen how Elon Musk could influence the evolution of Dodge coin, creating a whole hysteria among crypto enthusiasts.

Twitter Going Crypto

Today another social media giant joined the revolution. Twitter is looking into ways to pay its employees in Bitcoin.

In an interview on CNBC’s Squawk Box today, Ned Segal, who has served as the CFO of Twitter since 2017, responded to questions about how Twitter would react to Tesla’s recent $1.5 billion Bitcoin (BTC) investment this week. Segal said the tech firm was watching other companies closely, and discussed potentially adding the crypto asset to its own books or using it for Twitter employees' salaries.

“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in Bitcoin, how we might pay a vendor should they ask to be paid in Bitcoin, and whether we need to have Bitcoin on our balance sheet,” said Segal. source

The company had 4,600 employees in 2019, which is obviously nothing, compared to the world's population, but the influence the company has it's huge.

source

The American microblogging and social networking service has been able to attract millions of users over the years.

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Looking at the chart above, you can see the upward trend, but there seem to be a stagnation in growing lately, which can have various reasons, but we know what it is and I'm going to talk about it later.

What Does This Mean?

Adopting crypto as payment method by a giant like Twitter can send out a strong message. That is how these things work, one starts and the others follow. FOMO is helping a lot, no one wants to miss out or be left behind.

Can Twitter Go Further?

I'm wondering (it's just my speculation, without having any info), if they are thinking of paying employees in crypto, maybe they can consider implementing an earning system for users. I know it's a totally different thing and means much more than sending out 4600 - 5000 payments per month, but that's the trend worldwide, social media platforms are also offering ways to earn, not to mention wallet options.

Has Twitter Shot Itself In The Foot?

Very soon financial and social media world are going to blend. China is leading in this regard and others will follow soon, it's just a matter of time, I don't think the evolution in this way can be stopped.

Facebook, Inc. (FB) is hoping to launch its cryptocurrency next year. David Marcus, head of Facebook Financial, or F2, told audiences at the Singapore FinTech festival that he hoped the company could participate in changing the financial services industry by launching Diem, Facebook's proposed digital currency for use on its social network, and Novi, the accompanying wallet for its Libra blockchain, on its platform.

Ever since June 2019, when Facebook announced its plans to launch a digital currency, the company has faced intense blowback from regulators across the world. The ambitious project has undergone multiple iterations and changes, from the exit of high-profile partners such as Mastercard Incorporated (MA) and PayPal Holdings, Inc. (PYPL) to a recent rebranding effort designed to distance the project from the social media behemoth and its reputation for infringing on privacy rights. source

You can't compare Facebook with Twitter, but that doesn't mean Twitter can't do the same, can't implement a crypto based rewarding system or more. (Twitter has some kind of video monetizing system right now, Amplify Pre-roll, and Amplify Sponsorships but these are with strings attached, highly centralized and controlled.)

However, even if they do, there are costs to pay here and I'm not referring to costs of implementation. Twitter has been the penultimate to shoot itself in the foot and lose the trust of millions. He's been muting users for years now, canceling, deleting their content without even giving them a chance to have a discussion about what's happened.

The latest and the biggest fish they fried was the President of the United State, who was literally deleted from quite a few platforms overnight, so to speak. If they had the courage to do that, imagine what they can do to ordinary users like us.

So, now comes the question! After knowing what they did, both Twitter and Facebook, how much chance do they have in rolling out their currency and succeeding? How many of the users are going to trust them with their wallet, after knowing what they did?

The Road Is Being Paved

I'm always saying that everyone is an example, you just have to decide if it's good or bad and choose the one you want to follow.

These two giants are also both examples. Good? Bad? You decide which one is it, but if you're here, you know the answer already. They made their bed, now they can sleep in it.

I see this new initiative of trying to pay employees in crypto as a good measure, a step towards the new reality, even though they have done so many wrong things they have already sabotaged their way to success. Their days are numbered.