September 30, 2022

Why Twitter Put Ethereum Gas Fees In The Spotlight

4 min read

Twitter just made it possible for Ethereum wallets to the tipping jars include on creators’ profiles. The news was met apprehension and jokes from users who explained that it would not be useful to send tips utilizing a network that can charge you gas fees much higher than the money you want to send.

What Are Twitter Tips

The platform describes that “Tips is a feature that lets you add links to choose third-party payment services to your Twitter profile.” Implying that using it you can either get paid suggestions– as a material developer with a community– or send out tips to whoever uses the function.

“You can tip to reveal assistance, show appreciation, help out or benefit anybody you want– from emerging developers and reporters to Twitter Spaces hosts and more. Because tipping happens through third-party payment services, you should also guarantee that your ideas comply with the terms and policies of those services.”

Bitcoin was the first digital coin available in the feature.

They likewise include standard third-party payment companies Venmo, Cash App, GoFundMe, Patreon, and Wealthsimple.” Through Tips, you’ll likewise have the ability to copy someone’s Bitcoin or Ethereum address and paste their address into whatever wallet you use,” explains the platform. Twitter claims that users keep 100% of the pointer they get. This does not take into account the fees that third-party payment services might charge.

Anyone who is at least 18 years old and accepts their General Tipping policy can request, get, or send out suggestions. At the moment, the function is just available for iOS and Android phones.

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Gas Fees And one of the most Expensive Tips Ever

Some users jokingly said that Jack Dorsey is punching the air today. The former Twitter CEO is called a bitcoin maximalist, and he has actually openly dismissed other digital coins. Many think that the most recent Ethereum-related functions introduced on Twitter would not have actually gone through with Dorsey still in charge.

Other jokes satisfied a known problem about the ethereum network: gas costs.

A user said “Who in their right mind is going to tip you in $ETH when the gas costs equate to securing a loan?” and another one tweeted “can’t wait to pay $40 in #ETH gas costs to tip $2 on Twitter.”

Ethereum faces a scalability issue that has made the gas charges needed to make transactions unaffordable sometimes. Nevertheless, the EIPs(Ethereum Internet Proposals) are suggested to help the situation and layer 2 scaling solutions like ZKSync and Polygon (MATIC)already reveal improvements as seen below.

Recently Ethereum gas costs decreased by %71 from the mid-January average of $52.46. Etherechain.org reports that the gas cost for a basic transfer is around 40 GWei ($2.62) at the time of writing and approximately 90 GWei ($6.19) for quick transactions. The costs had actually not been this low given that September 2021 when they were around $15.

Ethereum
Ethereum trading at $ 3,145 in the daily chart |

Source: ETHUSD on TradingView.com According to l2fees.info data, the charges are much lower for L2 protocols to around $ 0.19 per transaction as seen listed below. Ethereum is moving towards a Proof of Stake design and L2 procedures are implied to develop into a point where gas fees become a problem of the past, however at the moment users still need to take care of the price swings when sending out transactions. As seen in the following chart, the

costs can vary a lot in a week.< img loading ="lazy"class=" size-medium wp-image-172151 aligncenter "src="https://bitcoinist.com/wp-content/uploads/2022/02/Screen-Shot-2022-02-16-at-10.25.09-PM-640x268.png"alt=""width="640"height= "268"srcset=" https://bitcoinist.com/wp-content/uploads/2022/02/Screen-Shot-2022-02-16-at-10.25.09-PM-640x268.png 640w, https://bitcoinist.com/wp-content/uploads/2022/02/Screen-Shot-2022-02-16-at-10.25.09-PM-980x410.png 980w, https://bitcoinist.com/wp-content/uploads/2022/02/Screen-Shot-2022-02-16-at-10.25.09-PM-768x321.png 768w, https://bitcoinist.com/wp-content/uploads/2022/02/Screen-Shot-2022-02-16-at-10.25.09-PM-750x314.png 750w, https://bitcoinist.com/wp-content/uploads/2022/02/Screen-Shot-2022-02-16-at-10.25.09-PM-1140x477.png 1140w, https://bitcoinist.com/wp-content/uploads/2022/02/Screen-Shot-2022-02-16-at-10.25.09-PM.png 1239w"sizes= "( max-width: 640px) 100vw, 640px"/ > There are numerous tricks and calculators that can assist make a deal when ETH gas fees are low, however do users what to go through all that just to send out a tip? They can also tip with Bitcoin by using Strike, a payments platform constructed on the Lightning Network, which usually costs a few cents or less to make a deal.

So rather than supporting the Ethereum network, did Twitter simply handle to highlight Ethereum’s powerlessness?

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