Twitter’s tipping jars feature on author profiles include Ethereum wallets.
Users responded with skepticism and jokes, pointing out that sending tips over a network that can charge you considerably larger gas prices than the money you wish to contribute is not realistic.
About Twitter Tips
The Tips is a feature that allows users to add links to third-party payment systems to their Twitter profile, according to the platform. Anyone who uses the services tip or send suggestions to users.
Users can tip to express their support, admiration, or to help or reward others. It could range from up-and-coming creators and journalists to hosts of Twitter Spaces and more. Third-party payment systems help with tipping. Users must also guarantee that their tips adhere to the services’ terms and rules.
The feature included Bitcoin. It is the first digital coin they included. Venmo, Cash App, GoFundMe, Patreon, and Wealthsimple are among the classic third-party payment providers.
Users will also be able to copy someone’s Bitcoin or Ethereum address and paste it into their preferred wallet using Tips. They explained platform in this way. According to Twitter, users keep 100% of the tips they receive. This does not account for any fees charged by third-party payment systems.
Anyone over the age of 18 who adheres to their General Tipping Policy is eligible to request, receive, or send tips. The feature is currently only available on iOS and Android phones.
Most Luxurious Tips Ever
Some Twitter users joked that Jack Dorsey is currently pounding the air. Former Twitter CEO Jack Dorsey is a bitcoin maximalist who has openly criticized competing digital currencies.
Many believe that if Dorsey was still in charge, Twitter would not have adopted the latest Ethereum-related features.
Other jokes addressed a well-known issue with the Ethereum network: gas fees.
Who in their right mind would tip them in $ETH when the petrol costs are equivalent to taking out a loan, a user wondered. Another said they were looking forward to paying $40 in #ETH gas taxes to tip $2 on Twitter.
Ethereum has a scalability issue, which has rendered the gas payments required to complete transactions prohibitive in some cases. Meanwhile, the EIPs (Ethereum Internet Proposals) help, and layer two scaling solutions like ZKSync and Polygon (MATIC) have already demonstrated improvements.
Ethereum gas taxes have recently dropped by 71 percent from their mid-January average of $52.46.
According to Etherechain.org, the gas price for a regular transaction is around 40 GWei ($2.62) at the time of writing, with quick transfers costing around 90 GWei ($6.19). Since September 2021, when the fees were approximately $15, the fees have not been this low.
Thus according to data from l2fees.info, the fees for L2 protocols are substantially cheaper, at roughly $0.19 per transaction.
Ethereum is transitioning to a Proof-of-Stake paradigm. They designed L2 protocols get to the point where gas fees are no longer an issue. However, users must still be wary of pricing fluctuations when sending transactions for the time being.
When ETH gas fees are low, there are several strategies and calculators that can help users conduct a transaction. But do consumers want to go through all of that just to pay a tip? They can also use Strike to tip with Bitcoin. It’s a Lightning Network-based payment network that allows users to perform transactions for a few cents or less.
So, rather than promoting Ethereum, did Twitter succeed to draw attention to the network’s flaws?