Bitcoin Forum

May I know what is the purpose of gas price in myetherwallet? I am still confused about it and can someone please briefly explain it.


PS: I don't know if this topic is accepted in altcoin discussion since myetherwallet could store altcoins from ICOs then I think this topic is a good fit here.

It serves like it is a fee for you to withdraw your coin from the my ether wallet site. But instead of transaction fees it is called gas price. But I could be wrong though, that's just how I understand it.

It is transaction fee.
I don't know why this is confusing to you, when you send bitcoin you have to pay fee. When you send ethereum you have to pay fee - and that fee is called gas.

Its the transaction fee if you are going to compare it to bitcoin terminology. I'm pretty sure that you want to send your tokens to a exchanges and you can't because its asking for gas. The best way to go over it is to deposit ETH on you myetherwallet account so that you can send your tokens to any exchanges and trade it. Goodluck.

Gas Price is one account to other wallet transaction fee. When you transaction your token from your ether account to other ether account you will give transaction fees and it called gas price. It just my opinion. You will take more information on https://myetherwallet.github.io/knowledge-base/gas/what-is-gas-ethereum.html

Most users have the confusion in this regard, because of the varied term that's been used in the place of transaction fee. For each and every transaction transaction fee needs to be provided and based on the transaction volume here the gas price used to vary accordingly.

the ethereum network has 2 different currencies: ether and gas.  neo works the same way.  ether is the basic unit of value that gets moved around, and gas is the fee that provides the incentive to move it.  in neo, gas is separated out as a different token that can be traded.

GAS is so overpriced, if it's too expensive to do smartcontracts on NEO then no ones going to use it. GAS needs to be cheap for the ecosystem to work.

standard GAS 60K
but is good if GAS over 100K, with gwei is high

The network has to take some fees for managing the token transaction and they can't use all of the tokens as fees. so, GAS is a universal payment fees for ethereum and tokens.

Gas price determines how much money you want spend as transaction fee. With higher gas prices, your transaction is confirmed faster.

The gas just like the transaction fees in the bitcoinn transaction, if you are puting pore gas and your transaction should be delivered in a short time. because the gas price will be determined where your transction will have included in the fast block.

The gas in myetherwallet (MEW) is like fee in some other wallet, it has a unit called gwei (may resemble satoshi in bitcoin).

Its the transaction fee if you are going to compare it to bitcoin terminology. I'm pretty sure that you want to send your tokens to a exchanges and you can't because its asking for gas. The best way to go over it is to deposit ETH on you myetherwallet account so that you can send your tokens to any exchanges and trade it. Goodluck.

gwei just like coins transaction fee,you shou give high gwei to get fast transaction,but you will pay more fee,example,i set gwei 1000,i paid 10$ fee.

Gas price is token transaction charge of myether wallet. It will charged when transact one account to another.

I don't think this is accurate. Ethereum uses Ether as it's fuel/gas to compute on the network. All transactions are just operations/functions executed on the EVM. There is no separate 'gas' token on the Ethereum Network--it's just Ether.

While yes, Ether is a unit of value that pays for the usage of the network. Remember, gas fee is in the unit of Ether. It's easier to see by looking at a random transaction on the network. https://etherscan.io/tx/0xdf654dd4c220b0e30cae5207d68aee223234b277d1347e89c68c1a6917cf85f6

It's also important to note that Ether isn't intended to be a currency. And you don't buy Ethereum, you buy Ether. You don't send someone Ethereum, you send them Ether. All ERC20 tokens require Ether to execute the required operations on the contracts. All of the ERC20 tokens use the same Ethereum Blockchain as well. It's really awesome when put into perspective.

These are some of the basics that need to be understood because I see a lot of misinformation spread around.

I have the same question. I really don't get what is the main purpose of gas price. I just use the default i think it is 21 or 26 gwei. But thank you for all of this information atleast now i know what is the use of it.

Gas is the cost incurred if we will transfer the token to another swallow or fellow swallow. the gas value is set by Myetherwallet minimum. but if the gas gets bigger value. then the transaction will be fast.

GAS price determines the fees for the eth transaction. Instead of transaction of fees it is been called as gas cost or fee. gwei should be default or have a priority fees in every transaction then only it is been transact in short time. it is a unit of ethereum how we defines satoshi in bitcoin.

which I know of gas in MyEtherWallet (MEW) always default automatically follow the amount of tokens to be transferred.
when we set the gas larger than the default, will the rest of the gas be returned to ballance ethereum?

Yes, It means that you lose nothing when you choose higher gas limits. That's gas price which is determining the transaction fee.

so according to you, should use fee (gas) which default automatically or bigger than the default? (for fast transactions, but not out much more fee)

Fee = gas limit * gas price

confirmation time depends on gas price not gas limit. So higher gas limits doesn't cause the transaction to be faster. Always increase gas price when you want your transaction to be confirmed sooner.
And use high gas limit as the extra amount will return to your wallet.

It is an service fee or transaction fee in which is required to keep the wallet site running. You will need to have an advanve deposit to your account so that you could easily and instantly to transact all of your trading request to them. Its quite complicated that they made such a unique term for there own but they should simplify it as service fee or transaction fee term for the easy common understanding of everyone in their site.

It is the fee limit that can be used on the transfer of erc20 tokens. Another factor used in calculating price is something called gwei. Gwei gets over looked but it can provide value if you know how to use it correctly. For ex

if a lot of people are trying to get into an ICO gwei could be the difference between getting in and not. Not that you want to get into any ICOs nowadays though they are mainly failed promises left right and center.

Gas price is something that we uses as a payment for withdrawing cash in a site like myetherwallet. We need to pay in myetherwallet to get our money in the address that we have in myetherwallet.

its been answered several times and i do hope that OP already well informed about what is the use of this gas inside eth wallet, we need to pay the transaction fee each time that we request for certain transactions and gas is the one we uses for that.

Simply, it is just the transaction fee, everything that you do with the blockchain requires a fee. It is called gas because making a transaction is compared to running a car, and in order to run a car you need gas. if you read some FAQs on the site about the topic, you will know more about it, especially the conversion of the price of the gas in GWEI to Ethereum and to USD.