While X, the website formerly known as Twitter, has begun to share some of its profits with its users, users from nations like Russia and Venezuela are not eligible for these benefits due to the lack of a truly universal payment method, like cryptocurrency. This interferes with Elon Musk's plans to develop a global content ecosystem.
Elon Musk’s X Seeks to Open an ‘Entire Financial World’
The tech visionary and eccentric millionaire Elon Musk's acquisition and transfer of X, the platform formerly known as Twitter, has not been without its difficulties, but it is undeniable that Musk's ideas have altered the company's course—for better or worse, depending on who you ask. The history When Jack Dorsey took over Twitter, it resembled a more conventional Nasdaq-listed firm with business operations handled by staff members and a user base that was cut off.
By adopting a more user-centered strategy and introducing the idea of paying content creators with a portion of the money received by the firm using this content as the hook, Musk has attempted to do away with this idea. Since commercialization has been widely used in the content sector, this is nothing new; nonetheless, X seems to want to execute it in the most broad manner possible.
This is evidenced by the renewed requirements that users wishing to benefit from this plan need to fulfill, which have been lowered recently with the idea of getting more people to benefit from the program.
Using a Legacy Payment System
Musk's goal of enabling X users to "conduct their entire financial world" and X's "effort to help people earn a living directly on Twitter" clash with the realities of using established payment rails to share rewards, though. As of this writing, Twitter only permits users who have Stripe accounts—a U.S. and Dublin-based payments processor—to receive these earnings.
This limits the application of X's programs to the 45 countries where the corporation is available, leaving consumers in underdeveloped or excluded countries like Venezuela and countries like Russia, who are subject to Western economic sanctions.
Although Musk has flatly denied that X will ever launch its own cryptocurrency, using cryptocurrency payment rails based on low-fee tokens or even U.S. dollar-pegged stablecoins while adhering to compliance and stringent KYC procedures may be the way to continue growing the platform's user base.
In addition, X might accept these same cryptocurrencies for paying for premium memberships and adverts, enabling the same users to spend in expanding the audience for their content and creating a circular economy in the process.
What do you think of X's current payment and monetization methods? Comment below with your answer and let us know.