ChangeTip

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ChangeTip
ChangeTip tophat logo.svg
Type of site
Online Bitcoin tipping
OwnerChangeCoin, Inc.
Revenue1% withdrawal fee (starting December 15, 2015) and 1.5% pocket transfer fee
Websitechangetip.com
Alexa rankDecrease 131,120 (June 2015)[1]
CommercialYes
RegistrationRequired
Current statusRetired

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.[citation needed]

History[edit]

In October 2014, ChangeTip experienced a viral phase, and processed 10,000 tips in one day.[4]

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.[5] 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.[6] 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.[7]

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

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. ^ Dotson, Kyt (November 21, 2014). "Bitcoin tipping sees giant growth: ChangeTip exceeds 10,000 tips in one day". Silicon Angle. Retrieved February 22, 2015.
  5. ^ Hamill, Jasper (November 25, 2014). "South Londoner wins Reddit MILLIONAIRE not-a-lottery lottery". The Register. Retrieved February 22, 2015.
  6. ^ Primack, Dan (December 4, 2014). "Term Sheet -- Thursday, December 4". Fortune. Retrieved February 22, 2015.
  7. ^ Isaacson, Walter (December 22, 2014). "Big Idea 2015: The Coming Micropayment Disruption". Time. Retrieved February 21, 2015.

External links[edit]