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Friday, May 27, 2022

Square, Twitter, And Substack Are Big First-Movers In Bitcoin Payment Solutions

In the past month both social media giant Twitter and independent online publisher Substack have officially integrated Bitcoin tipping and payment services through third-party partnerships with Strike and OpenNode, respectively.

The platforms, serving a combined 350 million monthly active users, have both opted to offer Bitcoin and Lightning optimized API solutions.

Twitter and Substack’s Bitcoin integrations were announced and delivered just as El Salvador became the first country to make Bitcoin legal tender. Many merchants in that nation now accept payment for goods and services in Bitcoin. From a game theoretical perspective, that nation has a first-mover advantage.

Importantly, after El Salvador made Bitcoin legal tender, the game-theoretic prisoner’s dilemma of national Bitcoin adoption was initiated in global geopolitics. Famous whistleblower Edward Snowden highlighted that Bitcoin favors those that adopt it early, thereby putting pressure on other nations, which will be penalized for being laggards.

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