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You can check current prices here: https://l2fees.info/ https://l2fees.info/ Sending any amount of ETH it costs between $0.01 (on the Loopring network) and $0.

You can check current prices here: https://l2fees.info/ https://l2fees.info/ Sending any amount of ETH it costs between $0.01 (on the Loopring network) and $0.46 on the Ethereum mainnet (with the most popular layer 2 network, Arbitrum, costing $0.02). So not quite there to send 1c micropayments, especially since sending USDC would instead cost something like 2x-3x more, but not inconceivable that it might get there on newer layer 2 networks which do more aggressive batching (using proof techniques called STARKs and SNARKs). There are some other networks, such as Solana where transactions are effectively free (though even very small fractions of a cent add up for an algorithm): https://solanabeach.io/transactions https://solanabeach.io/transactions

gamblor956 4y ago
So the defense to crypto being expensive to transact in is to...use another network on top of the crypto instead of the crypto I actually want to use. THIS IS WHY CRYPTO DID NOT TAKE OFF. It's too complicated and expensive to use for all of the supposed use case; it's objectively worse than comparable fiat options.
- iskander 4y ago
  I send USDC on eth pretty frequently and for larger amounts find it more convenient than Venmo or Zelle. For smaller amounts it would only make sense if other people are already using L2s, which might happen through website integrations (or not).
- llanowarelves 4y ago
  I agree with you that it should be solved at the protocol-level, as the BTC whitepaper describes, "for coffee" etc. There are plenty of cryptos with focus on scaling and cheap on-chain transactions, like E-cash.
acdha 4y ago
Don't forget to include the conversion fees. In the example shown in the blog post, it looks like using ETH to pay that $10 bill costs $1.63 vs. the $0.59 it would cost to use a credit card for the same transaction.
- iskander 4y ago
  I think that's why USDC on an L2 is a better payment layer, especially if it's integrated into a payment app or a social site like Twitter

gamblor956 4y ago

So the defense to crypto being expensive to transact in is to...use another network on top of the crypto instead of the crypto I actually want to use. THIS IS WHY CRYPTO DID NOT TAKE OFF. It's too complicated and expensive to use for all of the supposed use case; it's objectively worse than comparable fiat options.

iskander 4y ago
I send USDC on eth pretty frequently and for larger amounts find it more convenient than Venmo or Zelle. For smaller amounts it would only make sense if other people are already using L2s, which might happen through website integrations (or not).
llanowarelves 4y ago
I agree with you that it should be solved at the protocol-level, as the BTC whitepaper describes, "for coffee" etc. There are plenty of cryptos with focus on scaling and cheap on-chain transactions, like E-cash.

acdha 4y ago

Don't forget to include the conversion fees. In the example shown in the blog post, it looks like using ETH to pay that $10 bill costs $1.63 vs. the $0.59 it would cost to use a credit card for the same transaction.

iskander 4y ago
I think that's why USDC on an L2 is a better payment layer, especially if it's integrated into a payment app or a social site like Twitter