have you spent an unhealthy amount of time scrolling through crypto Twitter well you're not alone you're not alone you're not alone but what have I told you that Twitter now X could become an even bigger part of your daily crypto routine that's because X could become a payments Powerhouse by the end of this video you'll know how payments could change X forever and what it means for crypto so stick around to the end to find out which cryptos could benefit the most my name is Guy let's dig in now before we dive into the world of X and Twitter you should know that I'm not your financial babysitter this isn't advice Financial or legal just thoughts on tweets and the social upheaval got questions or comments drop them below and feel free to share to let others know hit like And subscribe to help this Channel Win and with that out of the way it's time to let that sink in so X formally Twitter is a major social media platform and is one of the most important platforms for crypto for better or worse now Twitter was founded in 2006 by four co-founders one being former CEO Jack dorsy for those unfamiliar Jack is also the CEO of the blockchain company Square now called block and happens to be a Bitcoin Maxi too anyway Twitter was created at a time when the most popular social media platforms included Facebook Myspace and bio some of you younger viewers have probably never heard of those last two for those of you who have apologies for the existential crisis those mentions may have triggered now it's quite normal for social platforms to die but the most used are immortalized in this case Facebook and Twitter the thing is though the number of Twitter users was fading at one point just 10% of Twitter's users were generating 90% of tweets see it's easy to forget that Twitter is more than just a home for posters and trolls it's also a business and business was bad the lack of users meant that companies were reluctant to pay to run ads due to poor cost per click and conversion metrics pretty soon Twitter's Revenue per employee crashed and shareholders grew impatient so Twitter did the only logical thing and increased its Workforce obviously what's crazy is that this extra headcount wasn't reflected in productivity to make things worse Twitter began having issues with accusations of misinformation particularly during the 2020 us election it wasn't looking good bro in other words in November 2021 Twitter's co-founder and CEO Jack dorsy stepped down for multiple reasons activist investors were concerned about Jack's split focus on Twitter and square and the board was actively trying to force him out of the role in fact they'd already lined up parag agrawal to be Jack's successor more than a year before his resignation notably Jack also said that he believed that founder Le projects have a single point of failure and that's likely a nod to Satoshi stepping away from Bitcoin recall that Jack's a Bitcoin Maxi now as Jack dorsy stepped down Elon Musk stepped up he began aggressively buying up Twitter shares and by April 2022 had become its largest shareholder around that time he also offered to buy Twitter for $44 billion and the board accepted Elon then tried to back out of the deal due to concerns about the number of Bot accounts But ultimately completed the purchase in October 2022 his first order of business cleaning house Elon fired almost 80% of Twitter's Workforce including its top Executives he then rebranded Twitter to X aiming to make x a quote digital Town Square that promotes free speech and an everything app inspired by WeChat for those unfamiliar WeChat is a popular all-in-one social app in Asia that features messaging payments shopping entertainment and more besides hey everyone sorry to interrupt the video but I just want to very quickly tell you about the coin Bureau deals page this is the place where we put together all the amazing deals and promos that we're able to offer you guys exclusively as viewers of this channel head on over and you will find such things as discounts on Hardware wallets some seriously impressive trading fee discounts on some of the best exchanges as well as some frankly mindboggling signup bonuses for some of those exchanges too the link is down below check it out when you have a moment thank me later and and now back to the video now this is significant because it's not the first time that Elon has created an x. com he actually set up an x. com back in 1999 which was likewise intended to be an all-in-one digital payments platform notably the original x.
com merged with its competitor confinity which developed PayPal when PayPal was bought by eBay the company rebranded to PayPal and Elon was ousted for disagreeing with the company's Direction PayPal subsequently spun out from eBay 15 years later Elon reacquired the x. com domain for quote sentimental reasons make of that what you will so then what's changed about Twitter since rebranding well Elon replaced the old Bluebird logo with an X replaced the Twitter URL with x. com and tried to Rebrand tweets to X's although that last one never really took off thankfully I mean just imagine opening X to find that someone's xed about there X anywh who elon's changes go far beyond Cosmetics however X has implemented several features to give the platform New Life some of these features include the for you algorithm in the main feed paid features through X premium and grock an AI chatbot you know cuz every app needs an AI these days but the latest development is what's got everyone talking and is the reason you're all here that's because X is about to have its own payment system called X money this would be the biggest step to taking Twitter towards what the original x.
