Bitcoin Tipping App ChangeTip Closes Its Doors

3 weeks ago Comments Off on Bitcoin Tipping App ChangeTip Closes Its Doors

Bitcoin Tipping App ChangeTip Closes Its Doors

Popular Bitcoin tipping platform ChangeTip has announced the service is shutting down operations. The company has been deliberating ways to continue the service, but unfortunately, in the end, it said the only option was to shut down.

Also read: IRS Fail: Treasury Audit Says it Can’t Manage Virtual Currencies 

ChangeTip Will Shut Down Operations

Founded in December of 2014 by Nick Sullivan, the company ChangeCoin created its first platform ChangeTip. Since the application started, it has processed 350,000 bitcoin tips across the web and had roughly 100,000 users. People could tip bitcoin throughout many social media platforms including Reddit, Facebook, Twitter and more.

This past April ChangeTip’s employees were acqui-hired by Airbnb, and the original staff is currently employed by the company. It hasn’t been officially stated what the employees do for Airbnb, but ChangeTip founder Nick Sullivan assured the public ChangeTip users’ data would not be sold.

“At the end of November 2016, all tipping functionality will be deactivated, and the site will be put into a withdrawal-only mode for people to collect their funds,” explains ChangeTip during the announcement. “The site will remain up for a number of months to allow users to withdraw their funds, and we will be reaching out to users to notify them. We recommend you close your ChangeTip account. You may withdraw any remaining funds via BTC withdrawal, or you can donate your funds to charity.”  

No Specific Reasons Detailed  

nick
ChangeTip Founder Nick Sullivan

ChangeTip explains the team has explored “dozens” of options but realistically the service had to close. The post mentioned monthly server costs, customer support, and necessary site costs but no great detail to why the service will end. The company say the withdrawal-only mode should be up on the site for a “couple months.” Furthermore, once a user closes their account ChangeTip explained all user data will be deleted.

ChangeTip’s news met with disappointment from the cryptocurrency world. Some have questioned why the business shut down operations since starting a new wallet service last February. Others in the community have questioned whether the problem with sending microtransactions was an issue for ChangeTip. However, the company hasn’t confirmed any operational issues or finance problems.

Cryptocurrency Community Hopes For Another Tipping Application  

Across the top three cryptocurrency subreddits, some showed little surprise and also questioned the company’s funding of $3.5 million. Other cryptocurrency community members said they found little use for the application while some think a new platform will arise. One user writes, “It wouldn’t surprise me if some form of internet tipping emerges eventually, especially when people get more used to zapping money around on their phones one way or another.”

ChangeTip will be missed by many in the community. As an alternative, there is ProTip — created by developer Chris Ellis and which operates in a similar fashion. ChangeTip says the time spent as a company has been a great adventure and they are proud of the accomplishments.

“We sincerely hope you enjoyed using ChangeTip. Please continue to spread the mission of generosity, gratitude, and appreciation all over the web.”

What do you think about ChangeTip closing its doors? Let us know in the comments below.


Images courtesy of Shutterstock, and ChangeTip websites.


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