Gas Price

[8rch7]

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?

[hosseinimr93]

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.

[8rch7]

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)

[hosseinimr93]

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.

[MiF]

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 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.

[777asianinvasian]

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.

[swoolzze]

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.

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.

[Golftech]

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.

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.

[Wingo]

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.