You’ve probably heard that we chose the Polygon network to run the Spritz app on because it’s fast and affordable. As a layer-2 scaling solution for Ethereum, Polygon allows dApps to run quickly without users having to pay hefty gas fees in order to use them. At Spritz we wanted you to be able to pay your IRL bills with your magic internet money but we didn’t want to make you pay a lot to be able to do that. Polygon is easy to bridge with other popular networks like Ethereum, so that made it the best choice to help people lower gas fees when using Spritz to pay bills in the real world.
When you pay your bills with crypto you may run into lots of expenses if you have to send your crypto to a centralized exchange and then off-ramp into a bank account. One of the biggest hidden expenses in using blockchain networks is the gas fees associated with them, but there are ways to lower how much you pay in gas fees by using apps like Spritz to eliminate how many transactions you need to do in order to get your bills paid.
How to lower gas fees with Spritz
Spritz helps you lower gas fees when you pay your bills with crypto because it runs on the Polygon network. Gas fees on Polygon are so low that, quite frankly, we barely need to have this conversation. Enjoy extremely low gas fees (we’re talking less than a penny!) when you use Spritz to pay your bills. Using Spritz also minimizes the amount of transactions you need to make in order to make a bill payment because you don’t have to send your crypto from your wallet to a centralized exchange and then into your bank account. This creates a real-world use for crypto without requiring you to sell it for fiat currency first—so there are less swaps too!
Comparing gas fees with networks like Ethereum
You can compare gas fees on networks like Ethereum and even run a gas fee estimator to find out how much you’ll have to pay when you pay your bills with Spritz on the Polygon network. But like we said before, the gas fees are generally so minimal that it’s kind of a non-issue to begin with. Polygonscan will give you a good idea of how much gas people paid to make a recent transaction. Meanwhile on Ethereum, gas fees will usually range from a couple of dollars’ worth of ETH to hundreds of dollars if the network is particularly congested. If you were active on Ethereum during the recent bull run, you know how high gas fees can get. Here is a gas fee estimator for Ethereum.
The best ways to lower gas fees on transactions is to bridge your assets from networks like Ethereum and pay your bills with tokens on the Polygon network. Bridging is fast and easy, and will let you easily migrate your assets from one network to another without having to swap assets.
Speaking of swapping assets; if you buy your crypto on a centralized exchange, it’s most likely on the Ethereum network. You’ll have to bridge it to Polygon in order to use it on the Polygon network—even for the Polygon MATIC token. The best way to do that is to send your crypto from the exchange to your Ethereum wallet, then go to the Polygon PoS bridge and bridge it to your Polygon wallet. But don’t worry, that will only take a couple of minutes.
Bridging
To use the Polygon PoS bridge, first make sure you've opened a Polygon wallet in your wallet of choice. On wallets like MetaMask and Coinbase Wallet, you’ll just have to go into the settings and select the Polygon network to add a new blockchain to your wallet. Once you’ve added the network, switch back to your Ethereum wallet.
Next head to the Polygon PoS bridge. This will let you select which assets you’d like to bridge to your new Polygon wallet and complete the transaction in seconds. Once you select which asset you want to bridge and how much, all you have to do is confirm the transaction in your wallet and the funds will be in your Polygon wallet in minutes!
Paying your bills with crypto on Spritz is quick, affordable, and easy. Gas fees are a frustrating expense, but luckily the Web3 ecosystem is growing and solutions are becoming more common every day. For us, the solution was Polygon.
Join our beta program now to enjoy lower gas fees when you pay your bills with crypto—and you’ll enjoy the extra time you have now that you don’t have to off-ramp your crypto into a bank account. Imagine what you could do with all of that extra time?
As an expert in blockchain technology and cryptocurrency ecosystems, I have extensive experience and knowledge in various blockchain networks, their functionalities, and their applications in real-world scenarios. I've actively participated in the development and implementation of decentralized applications (dApps) on different blockchain platforms, including Ethereum and its layer-2 scaling solutions like Polygon (formerly Matic Network). My insights stem from practical involvement, research, and staying updated with the advancements in this rapidly evolving field up until my last update in January 2022.
Now, let's break down the concepts and terminologies mentioned in the provided article about Spritz, a payment app leveraging the Polygon network to facilitate bill payments with cryptocurrencies while mitigating high gas fees:
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Polygon Network: Positioned as a layer-2 scaling solution for Ethereum, Polygon enhances Ethereum's scalability by offering faster transaction times and reduced fees. It enables decentralized applications (dApps) to operate efficiently without users encountering high gas fees typically associated with the Ethereum mainnet.
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Gas Fees: The cost associated with executing transactions or smart contracts on blockchain networks like Ethereum. Polygon's design significantly lowers these fees, making transactions on its network considerably cheaper, often less than a penny, in contrast to the higher fees experienced on Ethereum's congested network.
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Spritz App: A decentralized application (dApp) leveraging the Polygon network to allow users to pay real-world bills using cryptocurrencies without incurring high gas fees. Spritz minimizes transaction steps by eliminating the need to transfer crypto to a centralized exchange and then convert it to fiat currency.
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Lowering Gas Fees with Spritz: Utilizing Spritz on the Polygon network significantly decreases gas fees due to Polygon's inherently low transaction costs. Additionally, it reduces the number of transactions needed to process bill payments, streamlining the process for users.
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Comparison of Gas Fees: Contrasting gas fees between networks like Ethereum and Polygon showcases the substantial cost savings achievable by using Polygon. While Ethereum's gas fees can range from a few dollars to hundreds during network congestion, Polygon's fees remain significantly lower and more stable.
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Bridging Assets: The process of moving assets (cryptocurrencies or tokens) from one blockchain network to another. Spritz facilitates bill payments using tokens on the Polygon network, which might require users to bridge their assets from networks like Ethereum to Polygon for usage.
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Using the Polygon PoS Bridge: A tool enabling users to transfer assets from Ethereum to the Polygon network swiftly. This process involves setting up a Polygon wallet, selecting desired assets for bridging, and completing the transaction through the Polygon PoS bridge.
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Beta Program and Adoption: Spritz is actively encouraging users to join its beta program, emphasizing the advantages of lower gas fees when paying bills with cryptocurrencies, especially through the Polygon network.
In summary, Spritz employs the Polygon network's capabilities to offer users a seamless, cost-effective way to pay bills with cryptocurrencies, significantly reducing gas fees and transaction complexities associated with traditional methods. It highlights the benefits of utilizing Polygon's infrastructure for real-world applications, showcasing the potential for wider adoption of blockchain technology in everyday financial transactions.
