As per the latest reports, Substack has made an announcement for its users. The content platform has announced that the users will now be able to make payments for the content they acquire through Bitcoin (BTC). The platform has announced that it will be accepting Bitcoin payments through the Lightning Network.
According to Substack, the firm that will provide it with the ability to accept Bitcoin payments is OpenNode. The firm has shared its expertise with Substack so it can support Bitcoin payments through its platform.
OpenNode also confirmed the reports of partnering with Substack in order to provide support to the firm in launching payments for Bitcoin. OpenNode officially confirmed Substack’s claim on Monday, September 13, 2021, from its end.
Now, with the launch of the Bitcoin payment platform, the publishing firms, as well as writers, will get paid in the largest cryptocurrency. However, Substack has clarified that the Bitcoin payments option won’t be available for all the writers and publishers.
The Bitcoin payments platform will only be available for users that have shown interest in accepting payments in Bitcoin. This is as per the preference of the writers and publishers, and they do not have any plans of imposing it on anyone.
At present, Substack is a platform where over 500,000 subscribers connect on regular basis to go through the content provided by writers and publishers. Substack simply provides writers and publishers a platform where they can directly reach out to their audience and buyers.
According to Substack, the writers on the platform have been earning a very substantial amount of income from their platform. Several writers are even making six figures on an annual basis by sharing their work through the platform on a regular basis.
The readers on the Substack platform will also be able to pay in the form of Bitcoin for their subscriptions. On the other hand, the content sellers will also be able to save their earnings in the form of cryptocurrencies.
Nick Inzucch, the product designer at Substack has also hinted towards their future plans with respect to the adoption of cryptocurrencies. Inzhucch stated that they will be monitoring the volume and flow of Bitcoin transactions through their platform.
If the response for Bitcoin is up to or over the mark, then they will proceed with adding more cryptocurrency payment options for the readers and writers as well.
The firm has revealed that over time, they want to make the platform more flexible and adaptable for the cryptocurrency community. This way, they will be able to bring more users/subscribers to their platform.
According to Substack, several prominent personalities from the crypto-industry have also been involved in publishing their content through their platform. These prominent personalities include Dan Held, Kraken’s growth lead, and Will Woo, a famous crypto-analyst.