It will now be possible for the users of Twitch, a cool video streaming app, to tip each other with four different currencies. Streamlabs has developed a platform that allows the sending of the tips via user’s Coinbase account.
Twitch Streamers To Tip One Another With Four Cryptocurrencies
Twitch is a popular website for video game stream fans as millions of visitors join each month. Streamlabs has integrated the site and Cryptocurrencies thereby making it possible to tip each other with the currencies. The four Cryptocurrencies currently supported include Bitcoin Cash (BCH), Bitcoin Core (BTC), Ethereum (ETH), and Litecoin (LTC). More Cryptocurrencies will be introduced in the near future.
Connecting Streamlabs With Coinbase
To use this service, streamers will have to link their Streamlabs accounts with their Coinbase accounts. To achieve this, the users have to go to the ‘donation setting page’ on Streamlabs and choose the ‘Coinbase account’ option.
After that, the user should then log into his or her Coinbase account and link it to the Streamlabs account. A tip page will appear and you will now be getting a notification when receiving a tip. It will work in the same way as when working with fiat money.
According to Streamlabs representative, Tom Maneri, there are no fees charged except network transaction fee. The fee will depend on the Cryptocurrency used as they charge differently. The conversion of the tip from Cryptocurrency into fiat on Coinbase will attract a fee.
Why The New Development Is Important To Crypto Businesses
Streamlabs lets people broadcast content on popular social networks such as Facebook, Twitch, and YouTube among others. Twitch is among the top 50 most visited websites in the world. This year alone, tips worth about $100 million have been processed on the platform.
Streamlabs allows tipping on payment processes like PayPal, MasterCard, and other traditional fiat processors. Most video streamers have been happy and supportive of this program. This is because it provides financial assistance to content creators.
One of the greatest challenges associated with the use of fiat processor in tipping is the high cases of chargebacks. In most cases, content creators complain of receiving less money than expected.
Cryptocurrency proponents believe that this new development will enhance the popularity of the currencies. The use of cryptocurrencies will eliminate the chargeback problem associated with fiat processors and boost the income of content creators. This will make more content creators embrace and encourage the use of the Crypto tipping.
Moreover, the number of Cryptocurrency users will increase. This is because the Streamlabs system is simpler than the current bitcoin and ether addresses that streamers use, as they are cumbersome to those without technological knowledge. The trading volume of the four Cryptocurrencies supported is expected to soar.
This new development will be important in an effort to establish the popularity of Cryptocurrencies. It will show where the currencies are a real threat to the traditional fiat money. Given that the system does not favor one payment method over the other, the results will also show the popularity and confidence that people have on cryptocurrencies. If the Cryptocurrencies end up becoming more popular, it will be an indicator of how effective the currencies are in addressing the challenges associated with fiat money.