Earning Bitcoin On Social Media: How Nostr And Lightning Zaps Are Changing The Game
Lightning Zaps, or Zaps for short, allow users to make lightning payments to one another on any Nostr client that implements it.
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Zap!
No, that's not the sound of a mosquito lamp. It's one of Nostr's relatively new improvements.
Lightning Zaps, or Zaps for short, allow users to make lightning payments to one another on any Nostr client that implements them. For example, instead of just liking, reposting, and sharing notes (notes are the same as posts on Twitter), users can send sats to one another at the click of a lightning bolt icon.
This unique feature incentivizes high-quality content and engagement. It also allows users and creators to earn Bitcoin directly.
Before diving into it further, here's a quick recap of what Nostr is and how it differs from traditional social media platforms.
Traditional Social Media Platforms vs Nostr
Traditional social media platforms
- Are centralized, which means that a single entity owns and controls the platform. This control extends to how data is collected, stored, and used, which can result in privacy concerns for users as well as censorship.
- Additionally, the monetization models of these platforms typically rely on advertising revenue, which can lead to a conflict of interest between the platform's owners and its users.
Nostr is different from them in several ways.
- It's open-source, which means that the protocol's code is publicly available for anyone to review and modify.
- It's decentralized, meaning that there is no central authority controlling the protocol. Instead, it is maintained by a network of users who contribute to the protocol's development and operation.
- It's privacy-friendly. It requires zero PII.
For more on Nostr the protocol, checkout my overview of it and the resources at the end of this article.
Now let's get some quick stats on zaps.
Stats on Zaps
Nostr has already been used by many users to earn Bitcoin through content creation and engagement. According to a Nostr client (app) called Primal, there have been roughly 584k zaps. Those zaps contained a whopping 6.8 Bitcoin.
That means more than 84 Bitcoin has been zapped around Nostr since zaps were implemented in different clients. I believe it's only been three months. Talk about crazy adoption.
The best part is, that Bitcoin is sent directly to each recipient's Lightning Wallet...the way it should be.
Here are a few examples of zaps.
Each note shows how many sats were earned to the right of the lightning bolt icon
Update: roughly 6.8 (primal) or 4.37 (zapalytics) BTC has been zapped, not 84+. Primal's numbers were wrong. Looks like Primal and Zapalytics have different methodologies for counting zaps.
Potential Challenges and Future Developments
Although there have been 584k zaps and 6.8+ Bitcoin zapped between users, many users still may not be familiar with Bitcoin or the Lightning Network. However, as more people become interested in Bitcoin, decentralized systems, and this new monetization method, Nostr's user base and Bitcoin adoption are likely to grow.
So, where are we now with users?
According to Primal, the protocol currently has 474k users. And it's only growing.
Remember...
It’s not a single website or an app...it’s all of it. Every app made on Nostr just makes the protocol grow bigger and stronger. The apps can all talk to each other and can access the same content. Nostr is like the new internet that connects any app on any platform as long as it’s compatible with some very simple requirements. When a new app plugs into the protocol, it automatically gains access to ALL OF THE USERS.
The snowball effect is real with Nostr.
The best part is, as more users join and contribute to the protocol's development, Nostr is likely to become even more robust and user-friendly.
Parting Words
Nostr and Lightning Zaps offer a new way of thinking about social media and online monetization. By providing a more transparent and fair system for creators and users, Nostr is changing the game when it comes to social media platforms and beyond. And with the potential for future developments and improvements, it's clear that Nostr is not just here to take part, it's here to take over.
Find my content interesting?
I'm spending more time on Nostr than twitter these days.
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Resources
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