ChainTip Settles Bitcoin Cash Transactions On-chain to Avoid Centralization
Online tipping services related to cryptocurrency are quite popular. ChangeTip, one of the most prominent services, is no longer among us. ChainTip hopes to revitalize this business model, even though it has no affiliation with ChangeTip whatsoever Instead, this new project focuses on on-chain tipping and Bitcoin Cash.
ChainTip can become quite a powerful service in the BCH community. Getting Bitcoin Cash into the hands of as many people as possible will not happen automatically. It is up to community members to spread the world and the wealth around a bit. We have seen similar initiatives with Tippr, among others. ChainTip, on the other hand, can be used outside of Reddit, which will probably make it the more appealing of the two, for the time being.
This new service is a bit different from the model most users know through ChangeTip. Instead of acting as a custodian of funds, ChainTip settles all transactions on-chain. There is no intermediary to hold the money, which leaves users in full control of their funds at all times. Hence the name of this service, as it refers to the on-chain aspect it provides. More importantly, this service supports Bitcoin Cash only. There is no Bitcoin support or any plan to change that.
It is only normal some people are critics of this new service. With no monetization model, a lot of questions are raised. Then again, ChainTip is run by one person and the operating costs are $20 per month. There is no reason to monetize anything, let alone sell user data. It is always possible for people to donate, but doing so is not required whatsoever. Moreover, the on-chain approach ensures users remain single unspent transactions. Even those not claiming their tip will see it being sent back to the tipper automatically.
The choice for Bitcoin Cash also makes sense to ChainTip. It is the original vision of Satoshi Nakamoto” and functions in the way Bitcoin is supposed to. While this opinion may not be popular per se, the service operator is entitled to their own preferences. With no planned support for Bitcoin or other altcoins, it will be interesting to see how this service fares in the future. it certainly is a worthwhile addition to the BCH ecosystem as a whole.
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