Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Basics => Topic started by: admin on December 17, 2017, 01:26:56 AM
-
When you send tokens, interact with a contract, send ETH, or do anything else on the Ethereum blockchain, you must pay for that computation. That payment is calculated in Gas and gas is paid in ETH.
You can see your TX fee (gas limit * gas price) in ETH & USD when you search for your transaction on etherscan.io. This fee is paid to miners for mining transactions, putting them into blocks, and securing the blockchain.
You are paying for the computation, regardless of whether your transaction succeeds or fails. Even if it fails, the miners must validate and execute your transaction (compute) and therefore you must pay for that computation just like you would pay for a successful transaction.
The total cost of a transaction (the "TX fee") is the Gas Limit * Gas Price.
You can think of the gas limit like the amount of liters/gallons/units of gas for a car. You can think of the gas price as the cost of that liter/gallon/unit of gas.
With a car, it's $2.50 (price) per gallon (unit).
With Ethereum, it's 20 GWEI (price) per gas (unit).
To fill up your "tank", it takes...
10 gallons at $2.50 = $25
21000 units of gas at 20 GWEI = 0.00042 ETH.
Therefore, the total TX fee will be 0.00042 Ether.
-
Try Coinswitch.co for best rates.
-
Great! thus, the Gas determines the transaction fee. you have really related it for better understanding. but I am still not convinced why on the ethereum blockchain, a Gas is computed for a failed transaction. If transaction fails then it means no fee is required.
-
I had a recent argument or more of a discussion with a friend over the recent move by Twitter to ban cryptocurrency ad. I think this move is great because of late I have seen a lot of people fall for flashy ICO ads with shallow promises. While my friend thinks that these moves by Twitter, Facebook and Google will hamper the growth of cryptocurrencies but I personally think such moves will help the genuine folks in stealth building of their projects and since these projects add value, I am sure, they will eventually see the light of the day. What do you guys think?
-
Thanks for clarifying these for us admin.
-
cool . thanks for info it very helpful
-
I always use online tool "ETH gas station" to check all actual info about gas. This is a habit for me to check this service before I interact with ETH network. You can see how much gas you have to use and how fast your transaction will be confirmed. One of best tools for ETH.
https://ethgasstation.info/ (https://ethgasstation.info/)