Gas Fees
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Driving a car = Need to Pay For Gasoline
Using Ethereum, Avalanche, Polygon, Fantom, Etc = Need to Pay For Gas
Whenever you make an in-app purchase on your iPhone, Apple takes a 30% cut because they host the app on their app-store.
This is similar, except Ethereum isn't run by a company, fees help secure the network.
A: For every transaction on Ethereum (sending to wallet, depositing into apps, uploading NFT, purchasing NFTs, etc...)
Q: Why are gas fees always changing in price?
A: At the moment, gas fees can be unpredictable because they are controlled by demand & network usage. So if a lot of people start driving cars everyday, gasoline prices will go up, same with ETH gas fees. (This will be fixed soon so that gas fees are predictable and stable)
Q: Can I pay gas fees in any coin?
A: No, Ethereum gas fees can only be paid with Ethereum's native currency, ETH. (Can't put water in a car's gas tank!)
Q: Gas fees are so high! What should I do?
A: Due to insane demand and usage of the Ethereum network, gas fees have risen quite a bit. While in the coming months (middle of 2021), all Ethereum apps will begin or already have completed the implementation of a low-fee fix called "Layer 2". Until then, expect fees to fluctuate.
Transactions and smart contract functions on Ethereum's blockchain can only be carried out at the maximum gas limit set by a bitcoin user. Using gas units, these fees are calculated, and the gas limit determines the maximum value that the transaction or function can "charge" or "extract from the user." As a result, the gas limit serves as a safety mechanism to avoid excessive fees from being paid due to a smart contract malfunction or error.
Etherum (ETH) is the native currency of the Ethereum blockchain, and its smallest value is known as Gwei (). Additionally, Gwei is Ethereum's primary money denomination, and it is very handy for discussing gas. In a nutshell, the Ethereum network uses gas as a price mechanism. When users carry out a transaction or execute a smart contract, this mechanism is in charge of determining the costs.
Ethereum:
Avalanche:
Polygon:
Fantom:
