Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: cryptolab on November 01, 2017, 10:50:43 AM
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Feel free to answer, this is to benefit those newbies in Ethereum network. Thanks in advance.
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I really need to know this too because am yet to have bette understanding on this gas of a thing
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A quick answer, hope someone will give a better one.
Gas limit: Amount of fuel is required to execute that operation or run that particular smart contract code.
Gwei: Gas Price: how fast you want your transaction to be done.
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In short, it was a transaction fee weather you transfer/ buy or sell your tokens/ coins in your wallet.
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Thanks for this thread, it is very helpful
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I alwase use small gas, for example from 2 to 10
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after all this time I am still not sure how it all works
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Gas limit is a fee you have to pay for every transaction you perform on Ethereum blockchain.
Set low gas limit for lower transaction fee.
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nice question and finally i found the answer here. so far i just set gwei as small as possible and gas limit to 21k without knowing what for it is. lol
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nice question and finally i found the answer here. so far i just set gwei as small as possible and gas limit to 21k without knowing what for it is. lol
Right decision, but it's better to set much more bigger gas limit when u sending tokens.
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Gas limit is a fee you have to pay for every transaction you perform on Ethereum blockchain.
Set low gas limit for lower transaction fee.
The transaction would take longer time to execute with low gas limits.
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Gwei is Gas Price = how fast you want your transaction to be done.
GAS limit is required to send tokens according to their respective smart contracts.
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A different view:
In exchange we pay a mark generated by them (exchange policy)
With bitcoins we pay fee.
With ethereum tokens, each token has a contract and a stipulated fee. making it as original as possible.
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Some tokens say oh make it 1 gwei so it is cheap, but if I set the gas to something less than the suggested gas, which costs about 0.40, it says it is out of gas. Any help on that?
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Gwei is just a smaller denomination of Ether, at 1X10-9 ETH. A wei is the smallest unit of Ethereum you can have, at 1x10-18 ETH.
Ether is used to purchase Gas, which is required to run smart contracts and submit transactions to Ethereum. Gas is the primary method through which miners processing smart contracts get paid.
Each instruction sent to the Ethereum Virtual Machine to process a transaction or smart contract costs a specific amount of Gas. If the required amount of Gas is not provided to the transaction, it will fail before completion.
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Yeah, some people report that they even use 0.5 Gwei for transactions and it works. Weird.
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Transaction fees. Higher fees better speed(1-2mins)
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after all this time I am still not sure how it all works
The amount of gas u use determine how fast your transaction will be carried out. Sometimes u will initiate a sell order consecutively with another person, the person with the highest gas makes the sale and u don't and still pay the gas price. This often happens when a coin is pumping and many people want to sell at the same time..
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I have not understood that
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Gwei - Gwei is the price of one unit of gas is decided by the miners, currently it is around 5 to 21 GWei (One GWei is 10^9 Wei or 10^-9 Ether).
Gas limit - The gas limit is is 21,000 but could be higher . It depends on the number of codes needed to execute your transaction.
They are used to pay transaction fees in ethereum
Ether Ttransaction Fees = Gas Limit * Gas Price
Gas Price- This is the other variable in ether transaction fee measured in gwei. It determine how fast your transaction will be pick by miners to complete.The higher you pay the faster your transaction is completed
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it is very confusing looking up to down. I understand gwei means, but still not understand what gas limit means, it means a requirement that must be satisfied?
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I want to do a question on gas fee.
When you want to do a transaction on an exchange the fee will be different?
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A quick answer, hope someone will give a better one.
Gas limit: Amount of fuel is required to execute that operation or run that particular smart contract code.
Gwei: Gas Price: how fast you want your transaction to be done.
This is a perfect answer to the question
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Ether=Tx fee=Gas Limit * Gas Price
i.e. Gas Limit= Tx fee/Gas Price
Gas Limit is liking to the amount of liters/gallons/units of gas for a car that required to drive a car from point A to point B. You can think of the gas price as the cost of that liter/gallon/unit of gas i.e. the amount you will pay for that quantity.
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.
Sending tokens will typically take ~50000 gas to ~100000 gas, so the total TX fee increases to 0.001 ETH - 0.002 ETH
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its just way to calculate the transaction fees on etherium network
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Ethereum gas is gradually going down....
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it's the transaction fees. funny how it goes up and up right now.
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Are there any good leads on researching sites pertaining to Alt coins and there parent company's.. I have found verified info on a lot of coins and there backgrounds, has anyone done much research on CDT? It's Pairing with WINGS seems promising with the ease of use aspect on market place for new users. Anyone?
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the higher the gas the faster transaction!!
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gwei = gas price.
max gas - the maximum that you want to commit to give to the processing node for the transaction. Too less and transaction fails. You set too high and only the used gas is comsumed, you dont lose the rest.
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I really thanks all those that contributed to the topic at hand, this has really widen my knowledge of ethereum transactions.
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notice that a token transfer needs normaly a higher gas limit!
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It's nice to have this post, I am not well versed in using ethereum since I have been using bitcoin since I enter crypto world.
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cool.... thanks for this, i always wondered what Gas limit meant. now I know
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gas is the fee of transferring eth .most of the time it depends on the networm of etherum network .
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Is there any chance that the transaction can be unsuccessful?
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This thread is one of the most helpful. Thanks for this. It answers all my questions about ETH transactions.