A Canadian Bitcoin (BTC) enthusiast has embarked on a social media experiment using the leading crypto asset. As a marketing professional, Michael Degroot creatively shared 300 satoshis with 600 people, equivalent to $0.09 or 0.000003 BTC.
The experiment aims to raise awareness of digital currencies and their utility. Moreover, Michael Degroot’s Zapping spree has taken him worldwide, starting in his native Canada.
His generosity has resulted in the sharing of more than $50 in Bitcoin to several recipients. Degroot benefitted from the same Zaps, which added a unique twist to his experiment.
With over 40 Zapped backs, he has earned more than $6, demonstrating the interactive and reciprocal nature of the initiative.
What Are Bitcoin Zaps, And How Do They Facilitate Seamless Transactions?
The Bitcoin enthusiast recently joined the Orange Pill App, a unique social media platform connecting BTC users worldwide. This platform functions like Tinder or Meetups, but its objective is to facilitate real-life connections among Bitcoin enthusiasts.
The Orange Pill App recently added a feature called Zaps, which is a Bitcoin-based tipping system The app’s founder, Matteo Pellegrini, revealed that so far, 20% of users have incorporated Zaps into their profiles, thereby enhancing the interactive aspect of the platform.
The layer-2 Lightning Network, a framework designed by the Bitcoin concept, powers Zaps. These Zaps contain small amounts of BTC, measured in satoshis, and are sent directly between people, demonstrating the innovative potential of peer-to-peer (P2P) transactions.
For those looking to Zap, there are two options available. The first is to set up a noncustodial Lightning wallet via a Lightning node, and the second is to open a custodial Lightning wallet. When users choose the custodial approach, they entrust their Bitcoin transactions to a third-party entity such as Blink, CoinCorner, or Wallet of Satoshi.
These service providers are responsible for routing, Lightning channels, and transaction completion. Once registered, users can generate a Lightning address, also known as LNURL, to capture incoming Zaps.
The LNURL is likened to a virtual mailbox dedicated to financial transactions. Users position themselves to receive Bitcoin from a global network of individuals by incorporating this unique address into their profiles on platforms like Geyser Fund, Nostr, and the Orange Pill App.
A New Way To Share BTC Freely
Bitcoin enthusiasts continue to be attracted to this zapping feature even though many observers raised eyebrows against it after its launch. Others wonder why anyone would willingly distribute Bitcoin to strangers online, especially when it is widely recognized as a limited resource.
Recall that Bitcoin has a capped supply of only 21 million BTC, equivalent to 2.1 quadrillion sats, where the possibility of additional mining is significantly reduced. Jeff Booth, the brain behind Ego Death Capital, recently shared his insights about the emergence of a distinct economy for those involved with Bitcoin and platforms like Nostr.
According to Booth, this economy highlights the innovative nature of this evolving crypto landscape even though the feature is still in its early stage. Zapping fits perfectly with the concept of “value for value” and the practice of compensating digital creators.
This novel approach enables digital content creators to directly monetize their works without using any intermediary, as experienced during the Web 2.0 era. BitcoinBarry, an ardent Bitcoiner, revealed some of the system’s mechanics, including its viability.
“I frequently strive to provide helpful answers and am graciously acknowledged for delivering solutions that go beyond the ordinary,” he said. According to him, these acknowledgments give him more reasons to keep posting valuable content on platforms like Nostr could reward Zaps, similar to tipping a skilled server for exceptional service in a restaurant.
Meanwhile, Degroot aims to continue his adventure. He revealed that he has a lofty ambition of extending his Zaps to every user of the Orange Pill App so long he continues to receive encouragement from fellow app users.