A few years ago, cryptocurrency tipbots on Reddit were very popular. They were considered to be one of the easiest ways to distribute popular cryptocurrencies on a global scale. Ever since that time, tipbots have been all but forgotten, even though there are a few projects which have remained active to this very day. Chain Tip is one of those Reddit tipbots which mainly focuses on Bitcoin Cash. Now is a good time to see what this project is all about.
Chain Tip is a Powerful BCH Tipping Tool
As one would expect from any type of Reddit tipbot, using it is very simple. All one needs to do is tag the appropriate Reddit user in a message and enter the amount of BCH they wish to tip. It looks and feels very similar to Changetip even though the latter service is no longer available. Chain Tip is a bit different in many ways, even though the general concept is almost the same as other Reddit tipbots out there.
First of all, Chain Tip lets users hold onto private keys. That in itself is pretty interesting, as most tipbots on Reddit are linked to proprietary platforms or service providers. In virtually all cases, users will not have direct access to those wallets’ private keys, making them totally dependent on the services remaining offline. In this day and age of cryptocurrency and decentralization, having access to private keys is a preferable approach.
Moreover, people who rely on Chain Tip will receive a private message allowing them to enter a recipient’s address. Users can then complete their Bitcoin Cash payment on a mobile device or using a desktop wallet, which makes the whole process of tipping people a lot more convenient. It will be interesting to see if Chain Tip ever arrives on platforms such as Twitter, Slack, or perhaps even Discord.
For users who receive a tip, Chain Tip’s claiming process is very easy. They will receive a notification from Chain Tip asking them to download a wallet or use its mobile solution. Once they reply to the message with the recipient’s address, money will be transferred immediately. Those users who create new wallets using this service directly will get the private keys, which can then be imported into a mobile or desktop wallet. That’s a smart approach on the part of the developers and one that will certainly be appreciated by a lot of users.
In fact, the developers of Chain Tip have purposefully decided to let users control their own keys from day one. In the world of cryptocurrency, it is of the utmost importance that users control their own private keys at all times. This industry is all about decentralization, hence no one should rely on a third party to do the hard work for them. Moreover, on-chain tipping serves as a small incentive for BCH miners, since they get to process all of these transactions in the process.
As one would expect with such a prominent Reddit tipbot, users who do not claim their received tips will be out of luck once seven days have passed. More specifically, unclaimed tips will be returned to the sender, no questions asked. This ensures that no funds are left unspent or unclaimed, as not everyone will notice that they’ve received a Bitcoin Cash tip. Some won’t even care to claim them either, depending on the amount of money received. So far, this solution has gotten a lot of positive feedback, which shows people enjoy tipping other Reddit users with Bitcoin Cash.