Twitter begins initiating Cryptocurrency payments to content creators. Top Bitcoin and Crypto News of the Week

Here’s what happened this week in the cryptocurrency world.

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Welcome to Nonfungible Tidbits, a weekly report on news in crypto, NFTs, and related worlds.

Our main story this week is the signing of Twitter as the first company to use Stripe’s new cryptocurrency payments feature. The social network plans to give creators – people who monetize their videos, art and music directly through their relationships with the public – the option to get paid with stablecoin.

We’ll also cover Coinbase’s launch of a beta version of its NFT marketplace, New York lawmakers considering a ban on fossil-fuel crypto-mining in the state, and a bizarre DeFi cyber attack in which a hacker left stolen cryptocurrency behind.


Stripe to start cryptocurrency payments, starting with Twitter

Twitter

Sarah Teo / CNET

Online payment processor Stripe said Friday that it will allow businesses to pay their customers with cryptocurrency. The first business signed up for this feature is the social media giant Twitter, which is currently using Stripe to pay creators. At the moment, the cryptocurrency that will be used for payment is stablecoin It is called USDCoin or USDC. The value of the USDC stablecoin is pegged to the US dollar, which makes the value less volatile than that of other cryptocurrencies, such as Bitcoin.

Twitter will build on Stripe’s cryptocurrency payments feature by offering it as an option for creators who sell premium content to their followers, such as those who receive paid Twitter earnings. Ticket Spaces and Super Follows Features. Content creators can choose to send their payments to the digital wallet.

Read CNET’s full story on crypto payments on Stripe brought up here.


Coinbase launches beta version of NFT Market

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Crypto exchange Coinbase on Wednesday released the beta version of the feature that will allow users to buy and sell NFTs on its platform. Coinbase is calling the new feature “Web3 Social Marketplace for NFTs,” which looks like the exchange might include social media elements in the feature. At the moment, the beta version only allows people to view Ethereum-based NFT on Coinbase.

Read CNET’s full story on Coinbase’s NFT Market launch here.


New York lawmakers consider ban on crypto-mining

Cryptocurrency mining

Cryptocurrency mining device.

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The battle over how to allow cryptocurrency mining and whether it should be allowed to operate in New York has heated up, according to a Wall Street Journal report. New York lawmakers are considering measures that would impose a two-year ban on reactivating old fossil fuel power plants in the state for the purpose of cryptocurrency mining.

Cryptocurrency mining operations Incredibly energy-intensive, so electricity is a big part of miners’ overhead. It is expensive to purchase enough electricity to mine cryptocurrency, and crypto miners need uninterrupted access to power around the clock. So miners use old power plants as a cheap source of electricity for their operations.

The Cambridge Bitcoin Electricity Consumption Index estimates that the energy usage of the Bitcoin network is slightly less than the energy used in the whole of Egypt. Greenpeace and other organizations are currently involved in A campaign to change the way the Bitcoin network works To reduce the carbon footprint of networks.


Hacker exploits DeFi protocol and then leaves stolen cryptocurrency behind

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In a strange turn of events, a hacker stole $1 million worth of crypto from a decentralized finance protocol called Zeed, and then failed to get it out. In general, DeFi protocols are code sets that run on blockchains and facilitate various financial transactions and transfers using cryptocurrencies. Business Insider India described the hack as being like robbing a bank and then forgetting bags of cash. The post also notes that nearly 97% of all cryptocurrencies stolen this year came from hacks and exploits from DeFi protocols.


Thanks for reading. We will be back with more next week. In the meantime, Check out this story From CNET’s Daniel Van Boom on how the Apple iCloud exploit caused a cryptocurrency dealer to lose more than $650,000.

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