Twitch Streamers Can Now Accept Cryptocurrency Donations Through Streamlabs
Streamlabs is one of Twitch's most popular third party apps. Streamers use it for a number of reasons, but integrated alerts stands out the most.
Whenever a Twitch user follows or donates to a streamer an alert flashes onto the screen containing their username and a tag line.
Recoil_Mojo followed & donated $10 - (Shameless Twitch plug)
Streamlabs have just announced that streamers can now accept cryptocurrency tips.
How Does It Work?
The cryptocurrencies that are currently supported are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
They plan to add more in the future.
Streamers need to connect their Streamlabs account to a Coinbase account. This Coinbase integration is what limits the donations to the four cryptocurrencies mentioned above.
When Coinbase begins to support other cryptocurrencies - Streamlabs will too.
The integration is very user friendly. Streamers and users don't have to jump through a hundred different hoops just to get it to work.
A click of a button in the settings page and you're done.
What Are The Fees?
Streamlabs do not charge a fee when handling cryptocurrency donations.
Coinbase charge a transaction fee - the price depends on the cryptocurrency being donated. Coinbase may also charge to convert the cryptocurrency into your native currency.
Compared to PayPal who can take up to $0.35 in fees if you donate $1. Cryptocurrency donations will be the better choice.
Chargebacks are impossible due to the way cryptocurrency works. Streamers constantly run into problems where donations are charged back - especially large ones which are sent to bait out a reaction.
Twitch's main audience consists of teenagers and young adults who are vital for the adoption of cryptocurrency.
Bringing cryptocurrency to their platform is huge! Millions of viewers tune in to watch their favorite streamers every single day.
Every 10 seconds an alert pops up saying a user donated money. That alert is broadcast to the whole audience!
Now alerts are going to be flying out saying a user donated some cryptocurrency. The amount of exposure and adoption that will come from this is next level.
The fun doesn't stop there either - Twitch is growing by the day as is cryptocurrency. Who knows what the future will hold?
Nano (another cryptocurrency) can also be donated to streamers through 1UpCoin.
Check out my Nano Explained - How Does It Work? article.
Exciting times man.
Thanks for reading - I love you all. Check me out on Twitch and I'll answer all your questions live.