Robert Steinadler, a year ago
Jack Dorsey is one of the strongest proponents of Bitcoin. When he left Twitter, it became clear that he would focus solely on BTC. But that doesn’t mean that Twitter has no further plans regarding crypto, quite the opposite! With Dorsey leaving it seems that the company is shifting to a broader scope and is not so much focused on Bitcoin anymore.
What is the tipping feature? And is it really a benefit adding support for Ethereum?
The tipping feature allows supporting individuals on Twitter with micropayments. Many content creators and artists depend on their communities and fans to support their journey. Twitter is a space that makes it easy to reach out to people and it is the tipping feature that adds the opportunity to create income by contributing content to the platform.
It was last year when Twitter added support for Bitcoin and the Lightning Network among other payment methods. Now the company added support for Ethereum wallets which not only recognizes the second biggest cryptocurrency after Bitcoin but also pleases the highly active Ethereum community on Twitter.
According to an article from Mashable, a spokesperson of the company insisted that the decision had nothing to do with Dorsey leaving. It is also completely open if other cryptos will be adopted in the future. There are not only many competitors to Ethereum but also stablecoins available on other chains that could be an attractive alternative to Dollar payments.
While it is a nice idea to add more crypto features, Ethereum is still facing a huge problem. Its blockchain became the backbone of decentralized finance and the NFT market, but it is crowded and expensive to send transactions.
At the time of writing, fees range between $13 and $120 depending on the type of transaction. This begs the question of why should people opt for tips using the Ethereum network. While Arbitrum and Optimism create solutions for trading, the public is still waiting for Ethereum to solve the most pressing problem.
It is expected that the Ethereum 2.0 merge will happen this year around June. Ethereum 2.0 is a shift from proof of work to proof of stake consensus and will reduce the current fees. As soon as on-chain transactions see dropping fees, the tipping feature will eventually become more attractive than other payment options.
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