Streaming app Twitch adds support for crypto tipping
Streamlabs, a popular streaming app seen on Twitch, has begun allowing users to provide cryptocurrency tips for content they deem worthy of recognition. The tipping capability was automatically included in the platform’s functionality, meaning streamers are already able to accept cryptocurrency tips.
Streamlabs has partnered with Coinbase to handle the processing of payments. To receive tips, streamers have to have an account with Coinbase and, then, must link their Streamlabs account to their Coinbase account. Once complete, fans can automatically begin to send tips to the streamers.
Coinbase currently only supports two cryptocurrencies Bitcoin BCH, also known as Bitcoin Cash and this is the original bitcoin, and Litecoin, a clone of Bitcoin that does not scale and has less smart contract features, for its payment processing. It also supports one supports one stored value token Segwit Coin BTC, also inaccurately referred to as Bitcoin BTC by some since it’s a fork off of the original Bitcoin chain, and a smart contract-focused token Ethereum.
All tips can only be provided through one of these four digital currencies. However, Streamlabs has indicated that they expect to be able to add support for other coins in the future.
For streamers, Streamlabs doesn’t charge any fees for the service. However, just like with any exchange, there are transaction fees if the crypto is swapped for fiat through Coinbase.
During the first four months of 2018, the Amazon-owned Twitch streamed over 2 billion hours’ worth of content, according to Newzoo data. Of that, around 15% was created using Streamlabs OBS, the company’s professional streaming app. Streamlabs also supports other platforms, such as Facebook Live, Periscope, Mixer, Picarto and YouTube. The company reportedly distributed over $34 million in tips during the first quarter of the year.
Twitch has been a pioneer in cryptocurrency acceptance. It began allowing payments via the digital currency for subscriptions in 2004, and recently signed an agreement with the Fan Controlled Football League (FCFL) to live-stream its games. The two-year deal follows the FCFL’s initial coin offering, the first to be listed on the crowdfunding platform Indiegogo.
Twitch streamers also have the ability to receive cryptocurrency donations by registering as a verified publisher on the crypto-powered web browser Brave. The browser, co-founded by Mozilla Firefox creator Brendan Eich, is an ad-blocking browser. Brave has become one of the most popular alternative browsers, reaching five million downloads on the Google Play Store as of May 21.
Streamlabs is free to use and does not charge monthly fees. The Streamlabs OBS app is available for Windows, and there is also a mobile version available through both the Google Play Store and the Apple Store.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
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