GAS PRICE

[Crillycoin]

I am new to crypto and keep seeing this "gas price" can anyone help explain what it is?

[sehoon]

It is quite literally the transaction fee you pay in order for your transaction to pass, and depending on how high or low the gas that you give is, the faster or slower your transaction happens.

Do you recommend high or low gas price? And how fast does the transaction take place?

[withche.07]

It is quite literally the transaction fee you pay in order for your transaction to pass, and depending on how high or low the gas that you give is, the faster or slower your transaction happens.

Do you recommend high or low gas price? And how fast does the transaction take place?

I suggest to do mid. In general if you are trading with low amount of money, its very worthless/unnecessary to pay high fees. I tend to pull it to low levels because I don't care it is sent in a day or more. But if you are moving huge amount of money you need to set high as its risky to hold more, you need to trade quickly etc.

[samarahewasht]

Gas is the internal pricing for running a transaction or contract in Ethereum. At the time of writing before the launch of Frontier it is fixed to 10 Szabo, which is about 1/100,000 of an Ether. It's to decouple the unit of Ether (ETH) and its market value from the unit to measure computational use (gas). Thus, a miner can decide to increase or decrease the use of gas according to its needs, while if need be, the price of gas can be increased or decreased accordingly, avoiding a situation in which an increase in the price of ETH would cause the need to change all gas prices. This is also a response to the discussion in bitcoin about fees structure.

[rammanbl4]

 I want to add some. Gas price depends on current state of the ethereum network and it could be changed time by time. Current gas price you can look at http://ethgasstation.info/.

[pushkarmore]

what is gas price?

Gas price is nothing but the transaction fee for single Ethereum transactions. The default gas price is somewhere near to 21000 to 23000 which is equal to 0.00021 Eth ( which is less than $1 ) and If you compare this transaction fee to the bitcoin transactions fee, then Ethereum is quite cheaper and I don't mind to pay higher fee for confirming the transactions, as 1 US Dollar equals to 0.0014 Ethereum which is quite less to pay, than BTC.

[Genrix]

Where is better monitor actual gas price?
I am asking because after cryptokitties , net became overloaded and transactions with 5-7 gwei on etherdelta wasn't completed as it used to.

[RandyMagnum]

Where is better monitor actual gas price?
I am asking because after cryptokitties , net became overloaded and transactions with 5-7 gwei on etherdelta wasn't completed as it used to.

I use this resource and recommend it to you https://ethgasstation.info
You can find a lot of information regarding gas price and transactions costs here

[Hammonds]

what is gas price?

in other words, gas can be described as the transaction cost, the amount of gas can affect the length of time the transaction.

[hieu81]

Last some day! Gas fee verry hight when I send ETH and token! How to I can add the best GAS to sent! Hope everyone can help me! Thanks

[mariaana]

When you send tokens, interact with a contract, send ETH, or do anything else on the blockchain, you must pay for that computation called gas. You are paying for the computation, regardless of whether your transaction succeeds or fails. Even if it fails, the miners must validate and execute your transaction (compute) and therefore you must pay for that computation just like you would pay for a successful transaction. If you want to spend less on a transaction, you can do so by lowering the amount you pay per unit of gas. The price you pay for each unit increases or decreases how quickly your transaction will be mined.

My EtherWallet Behind the Scene shared that during normal times:

40 GWEI Gas Price will almost always get you into the next block.
20 GWEI will usually get you within the next few blocks.
2 GWEI will usually get you within the next few minutes.
During Token Creation Periods, these costs go crazy due to supply / demand:

50 GWEI is the max gas price most new Token Creation Period contracts will accept. Anything above that and your TX will fail. Most is the keyword here—check with the Token Creation Period you wish to invest in before said Token Creation Period begins.

50 GWEI would be the amount you should send in that case.

If you are trying to send during an Token Creation Period (but not to the Token Creation) you have 2 choices: wait a bit until the Token Creation Period is over, or increase the gas price over 50 GWEI.

You can adjust the gas price on MyEtherWallet in the footer via the slider. It is capped at 50 GWEI in order to prevent people tying to send to Token Creation Periods from having all their transactions fail because they don't read anything.

I hope this could help.

[BillCoin]

Gas price/gas limit is known as the transaction fee for Ethereum transactions. The default gas price for ETH transactions is set to 21000 which is equal to 0.00021 ETH. It is definitely much cheaper than BTC transactions. You could also increase the gas limit to  50000 = 0.0005ETH or 100000 = 0.001ETH for faster confirmation of transactions. Even if you pay 0.001 ETH I would still consider it to be cheap since 0.001 ETH = 0.00003BTC which is almost $0.5   Since the ETH network is congested it is always best to pay high fees for faster confirmation of  transaction.

It really depends on the network status.

Sometimes paying a very low fee would be the same as paying a high fee as both of them will make you to enter the very next block.

Sometimes Gas price is very important as paying a very low gas price may cause your transaction to be stuck at limbo.
Most of the ethereum wallets including MyEtherWallet(mew) always chooses the best netowork gas price, a calculation of the amount of money to be paid/ estimated amount of blocks that you will need to wait .

[bitcointarget]

Gas price/gas limit is known as the transaction fee for Ethereum transactions. The default gas price for ETH transactions is set to 21000 which is equal to 0.00021 ETH. It is definitely much cheaper than BTC transactions. You could also increase the gas limit to  50000 = 0.0005ETH or 100000 = 0.001ETH for faster confirmation of transactions. Even if you pay 0.001 ETH I would still consider it to be cheap since 0.001 ETH = 0.00003BTC which is almost $0.5   Since the ETH network is congested it is always best to pay high fees for faster confirmation of  transaction.

It really depends on the network status.

Sometimes paying a very low fee would be the same as paying a high fee as both of them will make you to enter the very next block.

Sometimes Gas price is very important as paying a very low gas price may cause your transaction to be stuck at limbo.
Most of the ethereum wallets including MyEtherWallet(mew) always chooses the best netowork gas price, a calculation of the amount of money to be paid/ estimated amount of blocks that you will need to wait .

I remember that I sent tokens many times by using 0.2 gwei gas price and the transactions took only few minutes. But now, the congestion is crazy in ethereum. I have to use 40-100 gwei gas price to make my transactions executed. This is not fair.

[Greedy squirrel]

Now the situation is already stable. Almost all transactions go at a price of 15-20 gwei. The gas limit will be set by the system. I hope that there will be no more major network shocks..

[Fahim]

I always look at the price on this site https://ethgasstation.info/ . Price Gas is always changing. When there was a boom for crypto kitties, the price reached 50. Now, as you can see, around 2. The price is very variable and you need to monitor to make the transaction more profitable.

[kafnan]

what is gas price?

gas price is a eth transaction fee. you can increase transaction speed from it. like if you need to send it early that's why you set gas fee. I have some friends and we working in ether delta and we can use gas price to increase transaction speed.

[TheAlchemist]

I do not understand the essence of the question. The price of GAS varies depending on demand. Higher demand for transactions is higher than the price of GAS. It consists of two parts: quantity and price. If you want something fast buy or take part in ICO, then you pay the maximum. If you transfer money not urgently, then you can specify the lower cost. If the question about GAS in the NEO system. Then there is another situation.

[Lumberjack1935]

In my opinion we can compare the GAS with the Fee, a slight difference is that the Gas increases the speed of the transition and mined.

[munareal]

Gas price  is a  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

[BitcoinBlack]

It's the transaction fee in Ethereum network for your withdrawals and deposits.