What is Changetip?
Changetip is a very unusual bank, made possible by Bitcoin. Changetip started in 2014, and primarily exists for the purpose of tipping people on social media...
What's up party people? Chris DeRose here - Community Director of the Counterparty Foundation and in this video I wanted to answer the question: "What is ChangeTip?" So for people who haven't heard of ChangeTip, it's a new thing. It cropped up in early 2014, I wanna say. It had a slow start at first - it was a website to tip people in BitCoin and at first it didn't have any integrations. Quite frankly, I don't remember what the first line up was. But over time it started adding, I think Reddit was one of the big, first sites they supported ChangeTip on. Then there was Twitter.
Then there was one or two other sites - Facebook has come just recently. So ChangeTip is, put simply, a service for tipping people online in BitCoin. Now, if you've gotten a ChangeTip and you will see that all of a sudden there will be like a message in your private message box or there will be a message in your Facebook feed or something like that, it will probably look a little spammy, you know, if you're not familiar with what it is. There's a little guy with a top hat on - it's a fun little sort of invitation and it'll tell you that you can collect this ChangeTip. You can click on the link. It'll take you from that link to your ChangeTip profile.
You have one even if you did not ask for one. It'll be tied to your user identity online. And at that point you will have a little wallet, it'll be available to you for spending thereafter either on the ChangeTip service or with a withdrawal. So that's the gist of what the service does and how it works. I think it's important too to frame ChangeTip as a bank because in many ways ChangeTip is in fact a bank. You have deposits and you have a really high number of transactions moving within the system.
I don't know what those numbers are, I'd love to see them. They're certainly off-chain transactions, so they're not as publicly verifiable. But I think I've read estimates of about 60,000 to 80,000 US Dollars in deposits for the banks thus far, which is a very small number. I think for a lot of people that use ChangeTip, it's a way to show their appreciation. A lot of people I think don't pull out their money. Instead, return the favors by tipping other people they like so I wouldn't be surprised to see that as a very high monetary velocity on the system.
It's a wonderful service. I can't say enough good things about it. It's really rare in BitCoin for you to see a site that comes out that really challenges the environment, the model of what it is that we can do now with value transfers. You never had before this tipping site that could be agnostic to the provider of a site. You never had these sort of integrations that are available for people without having to fill out tons of KYC and identity information. You know money is being such a stuffy thing that if you wanted to interoper with money you need licenses and all kind of crazy stuff.
And then along comes a service like ChangeTip, they really starts questioning I think for a lot of people what you can do with BitCoin and what we can do with value transfers on the Internet now that we have a protocol for doing so. So if you've seen ChangeTip and you're wondering what the heck it is, I highly recommend you use it. There's no friction to using it. You just click on the ChangeTip link if you've gotten a ChangeTip or you go to changetip.com and you log in with any one of your online service identities. Then you're in and that's that.
So I think that if anyone from ChangeTip is watching this, "Congratulations." You guys have done a knock up job. Really outstanding, innovative product. One of the best ones I think for 2014. Let's see what they do in 2015. But that's the intro to ChangeTip.
We'll see what comes out afterwards. If you have another service that you really like - something that you think should be covered on my channel - why don't you give me the suggestion online? You can tweet me @derosetech or you can leave a comment below. If you have a question about ChangeTip or anything else, don't hesitate to ask that either. If you liked this video and you want to see more questions answered, subscribe to my channel. Thanks party people.