• Cynthia Madison, at Content Writer


• 19.10.2023 08:45 am
undisclosed

Twitter is one of the most used social media apps worldwide, mainly in the US. Still, after Elon Musk decided to buy the platform, things took a wrong turn for regular users, and now the app is a totally different environment than before. For example, a new platform update won’t allow you to block people anymore, while annoying paid subscriptions were introduced for typical features. Indeed, Musk wants to make X the “everything app,” but for now, it’s an app that does nothing for its users. 

However, considering his appeal for cryptocurrency, the businessman finally adds the possibility for users to make payments and transactions with Bitcoin and other cryptocurrencies. The decision came after speculations stated the platform would deploy its own token, which Musk has denied. Of course, his favorite crypto will be there, Doge, but what’s sure for now is that X received a license for mostly Bitcoin; the other assets will be revealed soon. 

What does the crypto license for the company?

The license company X recently received allows it to perform crypto-related activities like storing, transferring and exchanging digital assets. Besides users, other service providers, like wallets or exchanges, are now permitted to provide their services on the X social media app.

The idea behind the upgrade is to offer more financial freedom in regard to their digital assets. At the same time, crypto businesses can perform their activities safely on a platform that has a license and, therefore, will function legally.

Still, this is part of a bigger plan to adopt Dogecoin and NFTs into the platform that has already introduced paid subscriptions. In one of the podcasts he appeared in, Musk said he’s willing to provide features of a platform that includes multiple payment functions, either with fiat money or cryptocurrencies. Therefore, we should expect X to be soon able to support crypto transactions and other related activities.

However, this is not the only plan for X

The platform that’s about to do everything and everything has a lot going on for the future. That’s because Musk has specific requirements on how the app needs to change to be perfect, but it may happen that these things will be altered in time.

The businessman wants to create something similar to WeChat, a Chinese platform that has PayPal integrated and other unique features besides the ones used for communicating. Still, his ideas might seem a little controversial for the regular user.

First, Elon Musk is an avid fan of freedom of speech, which he wants to reinforce within the app since he’s against censorship. While it may sound good in theory, the truth is far from this ideal. 

He also wanted to lower the number of spam bots on the platform, and even if his team claimed to have eliminated 90% of them, this information can’t be verified because X is no longer a public company.

The introduction of premium subscription has also gathered a lot of attention around X. Users with Twitter Blue features would have been provided a blue checkmark on their profile and benefit from certain features like being allowed to write replies up to 25,000 characters. 

However, during this process, many people who already had the badge were stripped of it, and random users were assigned, while many of them had to pay $8 a month.

Overall, what we can say is that X is now a mess. At the beginning of this lead at Twitter, Musk fired so many employees as a way to save money that has later faced difficulties in handling the platform. Considering millions of users were active on the platform, taking control of posts and ensuring people were safe seemed challenging.

Former officials show how X is less safe now that Musk is the leader

Many former employees and management personnel discussed how Elon Musk’s strategies are making the platform riskier to stay on. That’s because moderating content wasn’t a priority anymore, and vulnerable users are exposed to dangerous content and engagement due to the lack of core platform features implemented by Twitter.

Numerous people in the management of Twitter decided to resign, which eventually altered the quality of service at Twitter; having no time to replace them with executives who knew the insides of the company, Musk relied on several strategies to get the app patched to fine.

Can Twitter withstand the crypto regulations and volatility?

Currently, cryptocurrencies are facing considerable challenges since institutions like the SEC don’t want them to be widely available to the public, saying they’re too risky due to volatility concerns. Recently, the SEC has been delaying BTC ETFs due to similar issues, but these new assets are one of the safest for people to invest in. However, despite the population’s opinions, the regulation will likely be delayed until 2024.

Introducing cryptocurrency exchanges and the ability for transactions on such a prominent app is a big thing, but we don’t know if Musk acknowledges this, too. After the FTX collapse, more users wanted to have control of their coins, which is why centralized exchanges lost their credibility. So, it’s most likely that fewer people will use the app to make transactions with their digital assets because most of them have moved to decentralized options.

Twitter is long forgotten, and the new X isn’t going in a great direction, especially since it’s led nowhere. The platform of everything is prone to Musk’s bias and control, which is far from the environment where freedom of speech is present. Therefore, the leader must first solve the problems of user security, after which people can safely roam X with their assets.

Final considerations

X, or the old Twitter, transformed into a different platform in a span of one year. Although many things are out of place and users are left without their paid subscription marks, Elon Musk finally received the license for users and companies to operate with Bitcoin and other cryptocurrencies after he said he wanted X to be the “everything platform.”