ChangeTip

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ChangeTip
ChangeTip tophat logo.svg
Type of site
Online Bitcoin tipping
Owner ChangeCoin, Inc.
Revenue 1% withdrawal fee (starting December 15, 2015) and 1.5% pocket transfer fee
Website changetip.com
Alexa rank Decrease 131,120 (June 2015)[1]
Commercial Yes
Registration Required
Current status Retired

ChangeTip was a micropayment platform built by ChangeCoin, Inc., an American corporation based in San Francisco, California, which specialized in online micropayments using the digital currency bitcoin. Founded in 2013, ChangeTip enabled users of the digital currency to send micropayments across various social media websites, such as Twitter, YouTube, Reddit, and Facebook, as well as e-mail and text messaging. These micropayments, referred to as 'tips', were primarily used to express appreciation for quality content.[2] As of January 31, 2015, the average micropayment using the ChangeTip platform was a little over $1, with over $250,000 having been tipped since its inception.[3]

In 2016, ChangeCoin, Inc. was acquired by Airbnb, leading to the shutdown of tipping services in November 2016.[4] Withdrawals are still possible.

History[edit]

The concept of sending bitcoin micropayments over social media was inspired by BitcoinTip, which began facilitating bitcoin micropayments on Reddit in July 2012, and was decommissioned in April 2014 after assisting users in migrating to the ChangeTip platform.[5] Tipping functionality was extended to YouTube, Google+, and Tumblr in August 2014.[6]

In October 2014, ChangeTip experienced a viral phase which has resulted in a dramatic surge of interest in the tipping platform.[7] During this phase, the platform processed 10,000 tips in one day.[8]

In November 2014, Reddit users started a new community called "Millionaire Makers" with the goal of creating a random millionaire by encouraging one million people to donate $1 each. A drawing was held to select a winner by random, and Reddit users each made donations to the winner using PayPal, ChangeTip, and other cryptocurrencies.[9] Since then, the community has gained over 60,000 subscribed users and holds monthly drawings. Combined donations have exceeded $47,000.

In December 2014, ChangeTip announced that it had raised $3.5 million in venture capital funding led by Pantera Capital.[10][11] At the time, 50,000 social networking accounts had connected to ChangeTip, with transaction sizes ranging between $0.00001 and $100.[12] In the same month, Walter Isaacson speculated that micropayment platforms such as ChangeTip could improve the quality of journalism by encouraging news sites to publish high quality content to attract users, instead of relying on click-bait to increase advertising revenue.[13]

In November ChangeTip has officially launched iOS mobile app.[14]

In November 2016, it was announced that Changetip would cease operations at the end of the month.[15]

Criticism[edit]

Users and critics of the ChangeTip service have expressed concerns about internet privacy, particularly repercussions which may result from linking various social media profiles to a single entity. For example, a Facebook user might connect their profile to ChangeTip in addition to their Twitter or Reddit profiles with the potentially unintended consequence of creating a link between these profiles.[16]

See also[edit]

References[edit]

  1. ^ "Changetip.com Site Info". Alexa Internet. Retrieved 2015-06-06. 
  2. ^ Bheemaiah, Kariappa (January 6, 2015). "Block Chain 2.0: The Renaissance of Money". Wired. Retrieved February 21, 2015. 
  3. ^ Stout, Hilary (January 31, 2015). "$3 Tip on a $4 Cup of Coffee? Gratuities Grow, Automatically". New York Times. New York Times. Retrieved February 21, 2015. 
  4. ^ https://www.reddit.com/r/changetip/comments/5dn3rc/changetip_shutting_down/
  5. ^ Fletcher, Katherine (August 18, 2014). "An interview with ChangeCoin CEO/founder Nick Sullivan about ChangeTip & Bitcoin". CoinReport. Retrieved February 21, 2015. 
  6. ^ Kotevski, Peter (August 9, 2014). "Bitcoin Micropayments Coming to YouTube, Property Sells for 2,739 BTC". Forex News. Retrieved February 22, 2015. 
  7. ^ Dalais, Joel (November 18, 2014). "Changetip Goes Viral". Bitcoin Magazine. Retrieved February 22, 2015. 
  8. ^ Dotson, Kyt (November 21, 2014). "Bitcoin tipping sees giant growth: ChangeTip exceeds 10,000 tips in one day". Silicon Angle. Retrieved February 22, 2015. 
  9. ^ Hamill, Jasper (November 25, 2014). "South Londoner wins Reddit MILLIONAIRE not-a-lottery lottery". The Register. Retrieved February 22, 2015. 
  10. ^ Fernandes, Nuno Edgar (December 3, 2014). "Pantera Capital Leads $3.5m Investment In Bitcoin Microtransaction Service Changetip". Cryptocoins News. Retrieved February 21, 2015. 
  11. ^ Primack, Dan (December 4, 2014). "Term Sheet -- Thursday, December 4". Fortune. Retrieved February 22, 2015. 
  12. ^ Brownell, Steve (December 2, 2014). "ChangeTip Raises $3.5M for Global Social Media P2P and P2B Micropayment Platform Development". BusinessWire. Retrieved February 21, 2015. 
  13. ^ Isaacson, Walter (December 22, 2014). "Big Idea 2015: The Coming Micropayment Disruption". Time. Retrieved February 21, 2015. 
  14. ^ "Bitcoin Tipping Service ChangeTip Launches iOS App". Cointelegraph. 2 November 2015. 
  15. ^ Stan Higgins (18 November 2016). "Bitcoin Tipping Service ChangeTip to Shut Down". CoinDesk. Retrieved 21 November 2016. 
  16. ^ Rizzo, Pete (December 18, 2014). "ChangeTip CEO Nick Sullivan: We Won't Sell User Data". CoinDesk. Retrieved February 24, 2015. 

External links[edit]