ChangeTip Brings Bitcoin Micropayments to YouTube, Google+ and Tumblr
Published on August 8, 2014 at 16:19 GMT
Bitcoin tipping platform ChangeTip has announced that it is expanding its service to YouTube, Tumblr and Google+.
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’.
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.
“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.
How ChangeTip works
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.
Once their account is set up, users can send a bitcoin tip by including '@changetip' and the relevant amount in a comment on their Google+, YouTube or Tumblr post.
The ChangeTip robots then complete the transaction and notify the 'tippee' with an automated comment:
Flexible tip amounts
As well as specific fiat 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.
If multiple values are specified in the tip, ChangeTip will send the smallest one. In other words something like 'beer, beer, beer, kebab' would not work as intended, although it could sound like a tempting proposition.
The lowest amount that can be withdrawn from a user's ChangeTip account is 10,000 satoshis (or about $0.05 at the current exchange rate) and withdrawals occur within 24 hours.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.
While the service is currently free, ChangeTip says that from 15th September there will be a 1% fee to withdraw bitcoin from wallets.
See the company's explanatory video below:
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