Accept crypto donations on Twitch – a complete guide
Streamers have been dominating the internet space for a few years now. And although many of these popular broadcasters are known for sharing their gaming experiences there are many more who have gained popularity through live commentary or even the so-called “just chatting” streams, which cover an abundance of different topics. Thanks to platforms like Twitch people involved in this online practice can monetize their work, by accepting donations from their viewers.
Streaming platforms have made the effort to stay up-to-date with current trends and audience preferences, which is why you can now receive and give crypto donations on Twitch, for example. In this article our team has summerized all you need to know about accepting crypto incentives as a streamer.
Present-day prospects of cryptocurrency donations
It is evident that a majority of individuals interested in blockchain-based digital assets are technologically adept Millennials and Gen Zs. Currently, 83% of Gen Z have expressed their interest in cryptocurrencies, while Millennials are actively constructing a future based on them.
The same demographic is typically the one with which streamers have the most interaction. However, despite the growing worldwide fascination in technology, there are still few options for crypto-friendly audiences to make donations.
Regrettably, this circumstance also means a lost opportunity to access the worldwide, diverse market of different digital currencies worth an estimated $190 billion (as of writing), which Millennials and Gen Zs predominantly own.
The days of the past are long gone, and present times have brought about a drastic change, with cryptocurrency services being more readily available than ever before.
Reasons to accept cryptocurrency donations as a streamer
Building a greater audience organically could be harder for beginner streamers, which is why they should make sure they expose their potential viewers to intriguing live content, which would make them want to support the creator financially. The main demographic of platforms like Twitch consists of teenagers and young adults, who are aware of the latest trends and take great advantage of the opportunities available in the digital space, including online payments. Most of them already own crypto and by providing them with the option of donating their assets to you, will enable them to make use of their coins for a good cause.
Crypto transactions are much faster compared to traditional ones and can be completed around the clock, internationally. They’re also much cheaper, especially if you’re transferring greater amounts of assets.
There’s no third party like a bank involved in the process, which makes the experience much for pleasant for those who wish to maintain a level of anonymity.
How does Streamlabs enable crypto donations on Twitch?
Our team is determined to unveil all the perks of using Streamlabs as your number one software for accepting crypto on streaming platforms. In our opinion this provider proposes great convenience and should be considered by those, who are willing to start receiving donations in crypto.
What is Streamlabs?
Streamlabs offers a suite of software tailored for streaming content on platforms such as Twitch, YouTube, and Facebook Gaming. Their primary program, Streamlabs OBS, builds upon the Open Broadcaster Software by introducing an enhanced user interface and additional features. These include a layout editor that permits streamers to integrate widgets known as “Monetize” and “Engage”, which are compatible with their software and associated partners. These features enable users to obtain contributions from their supporters and access data related to the quantity of followers, subscriptions, cheers, and other metrics.
How does the software work?
Streamlabs has recently established a collaboration with Coinbase, enabling streamers to receive contributions through four of the significant cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
When you are given a contribution through Streamlabs, the cryptocurrency will be transferred to your Coinbase account. Streamlabs does not charge any fee from the donation; only the transaction fees of the cryptocurrency chosen by the donor will apply.
- In order to initiate these donations, it is necessary to set up a Coinbase Account.
- Navigate to Streamlabs, proceed to the Settings page, and select Donation Settings.
- Access your Coinbase account and link it to your Streamlabs profile in the second step.
When users visit your donation page, they will be presented with the choice to make payments in cryptocurrency or traditional currency. This feature is an excellent addition for crypto enthusiasts.
Receiving Crypto Donations with NowPayments
Nowpayments is a Cryptocurrency Payments gateway that enables you to receive Crypto contributions and provides you with Dashboard and Reporting Capabilities. Incorporating a Donation Button into your channel description is likely to be more successful than providing an address for a digital wallet.
Step 1: In order to set up a NowPayments account, please click on the link provided.
Step 2: In your Dashboard, navigate to Store Settings and input a Bitcoin wallet under the outcome wallet section. If you do not possess a BTC wallet already, create one through Coinbase. Click “Save” to make this your primary wallet.
Step 3: In “store settings”, navigate to the API Key section and select the option to create a new one.
Step 4: Navigate to Account Settings and then select the Donation Link option in order to generate a link for contributions.
Proceed to Step 5 and visit the Donation Button Generator on Now Payments. Once there, move on to Step 2 and paste your API code from Store Settings in order to generate a donation button. You can then decide if you prefer a Black or White button. Once you have chosen the button design that suits your needs, download the picture and save the URL.
The sixth and final step is to include this button in your Twitch panels which contain the link for donations.
You are now equipped to accept crypto contributions through your Twitch panels. When someone selects the button in your panels, they will be taken to a page that resembles this one for making donations.
Now your viewers can choose from hundreds of cryptocurrencies to donate to your stream.
Accept contributions in crypto through Brave Creators Program
If you are not acquainted with Brave Browser, it is a web browser that emphasizes on privacy and rewards its users for browsing the internet utilizing Basic Attention Token (BAT) cryptocurrency.
Users can then enable automatic contributions to particular content creators or offer a manual gratuity.
One of the major benefits of this approach is that users can acquire BAT without any cost. Thus they may not feel like they are expending funds. Moreover, you could gain more than expected. Additionally, it is pretty straightforward to combine with other techniques.
Nevertheless, incorporating crypto donations into your Twitch alerts can be a difficult task to undertake.
Receive Crypto Donations Manually
The most straightforward approach to receiving cryptocurrency on your stream is by including your wallet address in the channel description of Twitch. If you choose this method, we suggest inputting your Bitcoin wallet address, as it is the most widely utilized and accepted cryptocurrency.
If you do not currently possess a cryptocurrency wallet, registering with Coinbase and creating a Bitcoin wallet is an option. You can then copy the address of that wallet and paste it into your Twitch description.
Individuals who are familiar with cryptocurrency will be able to donate through this system effortlessly.
The primary disadvantage is that integrating this with your Twitch notifications could be more straightforward. This could make it challenging to be aware of any Bitcoin donations you may receive during a live stream.
Accept crypto-to-fiat donations on Twitch with Coingate
By converting the received crypto into a fiat currency, you’re able to take advantage of the perks that come with the nature of crypto like privacy, lower transaction fees but you also avoid its unpredictable volatility.
What is Coingate?
CoinGate, a fintech company based in Lithuania and established in 2014, provides cryptocurrency payment processing services to companies of all sizes. The platform offers permission-based account management, fiat payouts directly to bank accounts, and many other features that make it a popular choice for businesses worldwide.
To begin, you must create an account on CoinGate and go through the verification process to receive a verified status. This will give you access to numerous resources for administering, monitoring, and controlling digital currency donations. However, ensure first to check the list of supported countries.
CoinGate’s merchant payment solutions can be utilized to capitalize on other sources of revenue, including gathering cryptocurrency from merchandise sales or paid subscriptions.
Once the verification process is complete, navigate to the business environment in the upper right corner of the screen, select the “Merchant” menu option, click on “Payment buttons” and then select “Create New button”.
You will observe a plethora of data fields that require completion. We should examine each one individually.
- Title – choose a name for your payment button, so you can easily determine the purpose of the different buttons you have in your account;
- Name – put in the name of the link of your new button;
- Integration URL – choose on which page the button will be integrated to collect donations;
- Display invoice head title – this option will facilitate the head title for your payment window. Click on the switch to enable it;
- Button kind – three different kinds of buttons are available to choose from, and each serves different functions:
- Price – declare the preferred amount of financial support you wish to receive;
- Currency (Price). Choose in what currency you want to show the initial amount. Both cryptocurrencies and the majority of local currencies are available to select from;
- Invoice time – choose for what period of time the payment window will stay valid.
In the “Advanced options” section, to customize your button’s destination page – you can include a logo, banner, redirect URL, and description, which will be displayed when the button is activated.
You will discover some extra features to explore at the base of a page. For instance, you can include additional data fields for your viewers to complete prior to making donations, activate notifications for each donation acquired, and more.
Once you have finished, press “Create button”.
Step #2: Indicate payout addresses
Proceed to the “Account” menu, expand the “Payout settings” choice, and decide how you would like to receive your earnings.
You have a wide range of choices to explore – you can establish an unlimited number of payout addresses and choose payment approaches for up to fifty different currencies independently.
If you want to accumulate all digital resources and finally receive Euros in a bank account, then add the European Union Bank (SEPA) or International Bank Transfer payout option.
If you wish, you can convert some or all of the accepted cryptocurrencies to Bitcoin or other available alternatives. Alternatively, you may opt to keep the acquired coins in their current form. All payments are processed weekly.
Once you have completed the required fields, proceed to the next step.
Step #3: Select payout currencies
Navigate to the Merchant->Payment Buttons” menu, click on the options icon adjacent to the button specifically for Twitch donations, and select “Edit”.
Next, choose the “Currency Settings” tab. You will be presented with a customizable invoice, which your donors will view when they click the donation button. This page allows you to:
- Enable or disable coins – to accomplish this, hit the switch button located beside a digital asset’s name. Alternatively, you can use the “Enable All” or “Disable All” options.
- Drag and drop -The four currencies at the top are locked in and cannot be moved or disabled, while the positions of the coins can be switched.
- Choose settlements – Any cryptocurrency you obtain can be exchanged for another form of currency prior to receiving your disbursements.
Read more on that here:
Go to your Twitch channel and activate the “Edit Panels” option, then proceed to add a new one.
After creating a button on CoinGate, include the image and paste the link. Provide a brief description then press “Submit”.
To access the link for your payment button, log into your CoinGate account and navigate to the “Merchant->Payment buttons” menu section. Once there, click on the options icon next to your desired button and select the “Button Page” option.
You can also download and utilize approximately 40 payment buttons tailored explicitly for this payment option.
Step #5: Receive donation payouts weekly
That’s all! You are now officially allowing more than fifty cryptocurrencies to be accepted as donations on Twitch. CoinGate will deliver a weekly payout of all the collected cryptocurrencies in whatever form you prefer.
It is your choice what you will acquire in the end, whether it be Bitcoin, Euros, a combination of both, or something else.
Important factors to consider before accepting crypto on Twitch
The more you learn about crypto, the more you should be able to acknowledge that there are factors like volatility and strict regulations, which could undermine its potential as a valuable financial asset. Therefore one should always get a better grip of reality’s setbacks, which vary depending on your location and the level of adoption of crypto in this part of the world.
It is important to remember that the price of different coins fluctuates and that’s why you should carefully pick the cryptocurrencies you wish to receive. This will also influence your approach to holding and trading crypto.
What are Twitch bits?
Twitch offers a virtual currency called Bits that allows users to show their appreciation and support for streamers. These Bits can be used to purchase animated Cheermotes, badges, leaderboards, as well as other features available through Extensions, allowing viewers to gain recognition and stand out in chat.
To gain access to your channel’s Bits settings, sign in to Twitch and go to the Dashboard. After that, select the Partner/Affiliate Settings tab on the Main Menu bar and click on Bits &Cheering. This will take you to a page where you can make various adjustments.
How much does the average Twitch streamer make?
If you put in the time and grow a respectable audience, Twitch can certainly be lucrative. On average, expert streamers can make between $3,000 to $5,000 each month playing around 40 hours a week. That specific number doesn’t include ad revenue, which averages about $250 for every 100 subscribers.
Do Twitch streamers keep 100% of donations?
High-end Twitch Partners generally maintain a 70% share, though these agreements may differ among streamers. Donations made through external organizations like Streamlabs are exclusively allocated to the streamer.
Zornitsa is the Editor-in-chief at Coinlabz. She is involved in researching the impact of blockchain technology and the way crypto is transforming peoples’ perceptions of finances.