Sorry to poop on anyones party but the news about X platform integrating crypto payments is not the happy ever after news most think it is.
Before we dive in, it's worth noting that this isn't the first time a major platform has attempted to integrate crypto payments. Companies like Overstock and Shopify have been in this space for a while, but none have the user base or influence as X. The outcomes have been mixed, which begs the question: Will X be any different?
Last week, news broke that Elon Musk secured a license to transmit money/currency on platform X. Contrary to popular opinion, I find this development less than exciting. Infact, I highly doubted the possibility and called it bluff when the rumor was first spreading all over social media that the platform will integrate crypto.
Regulatory Hurdles: The U.S. Context
Ofcourse I had my reasons, Firstly, the lack of regulatory clarity on crypto in the US raises questions. Platform X is a US-based private company, and it's not unreasonable to expect some form of regulatory scrutiny down the line.
Moreover, remember the Damus app fiasco? Apple's history of sidelining crypto platforms is a potential hurdle for X, especially since it's hosted on Apple's App Store.
Few months ago, Apple threatened to delist Damus app from AppStore for streaming zaps to content creators, which was a way content creators were tipping each other with Sats for content they liked, Damus app had to find another way around it and it was certainly not the first time Apple corp will pull off a stunt like that.
X is also hosted on Apples AppStore so it is not far fetched to think they will want to pull off something like this on X too the only thing is that these are two power players in tech and I can’t wait to see how this turns out.
However, since it seems the rumors to integrate crypto payments on X are getting truer by the day, we might as well anticipate it. If crypto payments become a thing on X, what does this mean for the average user? Will transactions become more seamless, or will the learning curve deter people from utilizing this feature?
If the rumors are true, what implications will this hold for the future? Will other tech giants follow suit, making crypto payments the norm rather than the exception?
This move could potentially give X a significant edge over competitors, attracting a new user base that's crypto-savvy. But there's a flip side; could this alienate users who are skeptical of or unfamiliar with cryptocurrency?
The Dark Side of Monetization - Deplatforming
My biggest concern is demonetization issues. Legitimate accounts are still getting banned on X in their troves. This raises ethical questions about the platform's transparency and accountability, especially when it holds the financial assets of its users.
So let’s imagine you’ve been receiving X crypto for your creativity and engagement, it’s in your wallet, you might just wake up in the morning to find out your account has been suspended for some reason along with all your crypto.
But Elon won’t just suspend accounts right? That’s the thing? We will never know plus Elon in all his goodness and fairness is only temporarily overseeing these things, there’s actually a CEO that will assume these assignments while Elon will take a back seat at some point.
What about the unclear regulation for suspension? there’s no transparency to what gets your account limited or suspended, you just have to play good and hope your good is good enough to be in X’s good books, is this the freedom we really want our “everything app” to have?
But Ofcourse this is a huge news for crypto and the world at large, it will give avenue for creators to earn micro payments for their works, small creators will also have the chance to earn and accumulate more easily than the ad share revenue system which majorly favors established accounts, it will give exposure to the world of cryptos and perhaps people will be encouraged to learn about other cryptos in the space, it’ll definitely bring awareness to crypto as alternative payments solutions.
Currency payments on X is undeniably a significant step forward for the world of cryptocurrency. It speaks volumes about the shifting tides of acceptance and the growing mainstream interest in digital assets. However, with every innovation comes new challenges and concerns. As time goes on we will see how these concerns are mitigated or impact the future of crypto on social media platforms.
Thanks for reading.
Kindly share your thoughts.
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I am sure that after the Damus issue that Elon is going to be addressing that with Apple directly. I don't see why he won't. He has WAY more pull than Jack Dorsey, lol. But yeah, it's going to be just another KYC'd platform on which the US citizens will be hit with a tax form of some sort most likey.
I feel so too, Him and Tim Cook are both power players. Also if it all goes well, we will be seeing many other platforms trying to copy as restrictions will be eased. Lol already, to get verified you have to do some KYCing, there’ll probably be more kycing to do down the line.
They want to KYC EVERYTHING