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Streamlabs Announces Crypto-tipping Feature, Facilitated by Coinbase

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Streamlabs Announces Crypto-tipping Feature, Facilitated by Coinbase

Streamlabs, the popular Twitch streaming app, will now allow users to tip the streamers using cryptocurrency, announced via their blog on June 1, 2018.

The Coinbase Connection

Streamlabs will use Coinbase as its crypto payments portal; this entails that the streamers will require to link their Streamlabs account to their Coinbase account. Once done, users will immediately have the option to tip using cryptocurrency.

According to the official announcement:

“All Streamlabs broadcasters can now accept cryptocurrency tips. We’re initially adding support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, and will be looking into adding other coins in the future.”

However, this also breeds one concern among the users, i.e., the security risk which comes along in providing third party access to a Coinbase account.

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Source: Streamlabs Blog

Community Reacts

Streamers have more or less welcomed this announcement by Streamlabs, as it removes the problems related to commissions from the traditional payment portals like PayPal, etc.

It is expected that the service will initially support bitcoin, ether, bitcoin cash and litecoin, pretty much all the four currencies currently available on Coinbase portal. However, the streaming app has said that it, “will be looking into adding other coins in the future.”

Although streamers are not required to pay any fee to use the service, they will have to pay a small transaction fee if they decide to convert coins for fiat currencies on Coinbase.

Additional Features

According to Newzoo, regarding data volume, more than two billion hours were streamed by Twitch users during the first four months of 2018.

Streamlabs has traditionally provided a tip widget for streaming platforms like Youtube, Mixer, Facebook Live, and Periscope. The company said that Q1 saw tips more than $34 million.

Amazon-owned Twitch has had a history of being friendly with cryptocurrency payments, as the platform has been accepting bitcoin payments for subscriptions since the year 2014.

Twitch streamers also enjoy the luxury to accept cryptocurrency donations by registering on Brave, a crypto-based web browser.

Source: Streamlabs Blog

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