Get to know Gas, Gas Limits, and Gas Fees in Cryptocurrencies

Gas Limit and Gas Fee in Cryptocurrency

Getting to Know Gas / Transaction Fees in Crypto

Gas is a calculation that represents the cost of action on the Ethereum blockchain. Gas is needed for various activities that run on the Ethereum blockchain from launching decentralized applications (DApss) to simple transactions such as sending ETH to other traders. In addition, gas fees can also help secure the blockchain network. The burden of transaction fees, aka gas fees, can prevent spamming or other fraudulent acts, and reduce waste of computational code, and accidental loop mechanisms.

What is Gas Limit?

The gas limit is the maximum amount of gas fees that users can pay to be able to make transactions or carry out other activities that require gas fees. The gas limit is held because there is a maximum limit of available gas units. Gas costs are limited in order to avoid mistakes in transactions or other activities such as making smart contracts.

Gas Fee and How to Calculate It

In the illustration that has been mentioned above, there have been transactions described as trips, gas as the complexity of the trip, gas limit as a gas tank, and now last is the gas fee as fuel or gasoline.

Gas Fee Ethereum Expensive, How To Solve It?

Ethereum is one of the most widely used blockchains. Due to a large amount of movement in the Ethereum chain, blocks become full and transaction fees spike as demand increases. That’s what makes Ethereum gas fees expensive. The high gas fee makes users frustrated and often delays transactions until the gas fee drops. In addition, the high Ethereum gas fee also indicates that Ethereum and DApps on the network are interesting projects and have many enthusiasts. Seeing this, Ethereum is upgrading the network to be better and can provide cheaper and faster transactions.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store