Bitcoin tipping platform ChangeTip has announced that it is expanding its service to YouTube, Tumblr and Google+. The platform already supports bitcoin micropayments on social media sites like Twitter, Reddit and StockTwits – a popular network for traders and investors.
Dubbed a ‘love button for the Internet’, ChangeTip lets users gift friends and content providers with small amounts of bitcoin as a more tangible alternative to the usual ‘like’ or ‘+1’. In order to send a tip, users must simply connect one or more of their social media accounts to ChangeTip, then top up their wallet balance using the QR code provided.
The ChangeTip team is hoping to leverage the low cost of bitcoin transactions and enable the use of micro-tips for all sorts of content distributed online, so, as well as tipping appealing content, the service can be used for gifting or even fundraising via social media. Content monetisation for blogs and other media is also an option.
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“We believe people are basically good and we let them show their appreciation directly in everyday social media interactions,” said Nick Sullivan, ChangeTip’s founder and CEO. The platform says it wants to change the concept of a “share” or “like” into financial appreciation which, incrementally, can add up to substantial amounts of money.
As well as specific flat amounts, tips are also denominated in everyday items, including a ‘coffee’ ($1.50), a ‘hamburger’ ($2.50) and – bizarrely – a ‘kitten’ ($3.00). Users can also create their own custom denominations, such as ‘3 beers’ or ‘2 coffees’. More elaborate denominations, like ‘a trip to Paris’ are also possible, within limits. The default maximum tip is $25, but this can be adjusted in the user’s account settings.
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While the service is currently free, ChangeTip says that from 15th September there will be a 1% fee to withdraw bitcoin from wallets. The lowest amount that can be withdrawn from a user’s ChangeTip account is 10,000 satoshis (or about $0.05 at the current exchange rate) and withdrawals occur within 24 hours. The company explains that all tips are refunded if they are not claimed within seven days.
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