Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

[Indamuck]

I'm still sending 1 gwei transactions for under a penny in transaction fees.  It usually takes up to a day to complete but I have no issue with waiting.

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[bitmover]

I'm still sending 1 gwei transactions for under a penny in transaction fees.  It usually takes up to a day to complete but I have no issue with waiting.

Bumping for visibility

You can use a vert low gas price and a high gas limit . The extra gas won't cause you to problems and you will still make a very cheap transaction

[libert19]

I'm still sending 1 gwei transactions for under a penny in transaction fees.  It usually takes up to a day to complete but I have no issue with waiting.

You can use a vert low gas price and a high gas limit . The extra gas won't cause you to problems and you will still make a very cheap transaction

Anyhow if someone is looking for specific figures, 21k gas limit for ethereum transfers and 200k for token transfers. And for gas price, you can use ethgasstation as mentioned before, most wallets automatically estimate fees for you anyway.

Edit: fixed gas price, thanks @JeromeTash

[hosseinimr93]

Gas Limit and Gas Price attributes define the total cost of your transactions, according to the formula below:

gas limit * gas price

You should edit the OP.

The Transaction fee is not gas limit * gas price.
What you pay for a transaction is used gas * gas price.

Let's say 50,000 gas is needed for a transaction to be made and the gas limit you use is 200,000 and gas price is 10 Gwei.

The fee you pay for the transaction is 50,000 * 0.00000001

The extra gas which is 150,000 will be sent back to your wallet.

From my ICO example, if the Gas Price is 50 Gwei and the Gas Limit is 150.000, this transaction will cost 7.500.000 Gwei (or 0.0075 Eth).

No, the fee you pay depends on used gas not gas limit.
If the gas needed to be used is bigger than 150,000, your transaction will be failed and your 0.0075 ETH will be wasted.
If the gas needed to be used is lower than 150,000, you will pay used gas * gas price for the transaction and (gas limit*used gas) * gas price will be sent back to your wallet.

[JeromeTash]

Anyhow if someone is looking for specific figures, 20k gas limit for ethereum transfers and 200k for token transfers. And for gas price, you can use ethgasstation as mentioned before, most wallets automatically estimate fees for you anyway.

Isn't the gas limit for transfering Ether at 21K? I don't remeber it being 20K. If you set at 20k, you might get an out of Gas error.

Gas Limit and Gas Price attributes define the total cost of your transactions, according to the formula below:

gas limit * gas price

You should edit the OP.

The Transaction fee is not gas limit * gas price.
What you pay for a transaction is used gas * gas price.

Let's say 50,000 gas is needed for a transaction to be made and the gas limit you use is 200,000 and gas price is 10 Gwei.

The fee you pay for the transaction is 50,000 * 0.00000001

The extra gas which is 150,000 will be sent back to your wallet.

From my ICO example, if the Gas Price is 50 Gwei and the Gas Limit is 150.000, this transaction will cost 7.500.000 Gwei (or 0.0075 Eth).

No, the fee you pay depends on used gas not gas limit.
If the gas needed to be used is bigger than 150,000, your transaction will be failed and your 0.0075 ETH will be wasted.
If the gas needed to be used is lower than 150,000, you will pay used gas * gas price for the transaction and (gas limit*used gas) * gas price will be sent back to your wallet.

There is just a small confusion in the detail but OP is right
For example have you ever seen Ethers gas limit or as you prefer to call it gas drop to 15K or go above 21K? Nope, it's always been 21K which is the limit for Ether transactions. Even if you manually change to 100,000 as gas limit, The Ether transaction will only use 21,000 gas limit.

In other words, the known Gas limit for Ethereum transfers is 21000 and not any other value at the current state of ethereum network. So he is not wrong if he says;
Ether Transaction fees = Gas limit(in this case for Ether which is 21000) x Gas Price

Same applies to tokens, the most commonly used limit is 200k depending on the smart contract thou it may vary because of differences in smart contracts

[hosseinimr93]

There is just a small confusion in the detail but OP is right
For example have you ever seen Ethers gas limit or as you prefer to call it gas drop to 15K or go above 21K? Nope, it's always been 21K which is the limit for Ether transactions. Even if you manually change to 100,000 as gas limit, The Ether transaction will only use 21,000 gas limit.

So, the correct formula is
Transaction fee = Used gas * gas price.
As you yourself said, even if the gas limit is 100,000, the used gas will be 21,000.
Assume that the gas price is 10 Gwei, gas limit is 100,000 and used gas is 21,000
OP's formula will give 0.001 ETH for transaction fee while the correct value is 0.00021 ETH.

In other words, the known Gas limit for Ethereum transfers is 21000 and not any other value at the current state of ethereum network. So he is not wrong if he says;
Ether Transaction fees = Gas limit(in this case for Ether which is 21000) x Gas Price
Same applies to tokens, the most commonly used limit is 200k depending on the smart contract thou it may vary because of differences in smart contracts

That 21,000 gas is not called gas limit. Gas limit is the maximum gas can be spent in a transaction. It can be different from from used gas.
If the gas limit is bigger than used gas, the transaction will be failed. If the gas limit is lower than used gas, only the needed amount is used and the extra amount will be  sent back to your wallet.

Same applies to tokens, the most commonly used limit is 200k depending on the smart contract thou it may vary because of differences in smart contracts

Yes, It is recommended to use 200,000 for gas limit when you send tokens. But that's not the used gas. That's gas limit which differs from used gas.
Gas limit * gas price will give incorrect value for transaction fee. Because the used gas will be lower than gas limit.

[bitmover]

Gas Limit and Gas Price attributes define the total cost of your transactions, according to the formula below:

gas limit * gas price

You should edit the OP.

The Transaction fee is not gas limit * gas price.
What you pay for a transaction is used gas * gas price.

I believe you are going to refunded if you send extra gas
.
So you will spend all gas limit, and will get a refund later.

[Iyanu14]

Some time ago I participated in an Initial Coin Offering (ICO) and they defined the following parameters for Eth contributions:
Maximum Gas Price: 50 Gwei
Gas Limit: 150 000
I made a little research to learn what these attributes means.

Gwei, Wei and Ether are different unit measures of the same thing.
1 Ether = 1.000.000.000.000.000.000 Wei
1 Wei is the smallest unit of Ether, as 1 Satoshi (0.00000001 BTC) is the smallest of Bitcoin.

All computational work of running Smartcontracts or transactions in the Ethereum Network are paid in Ether (Eth), which is the fuel of that network.
Gas is a unit of measuring this computation work, which is usually measured in Gwei.
Some amount of Gas is charged for every computational operation in the Etehreum Network. For example, and addition costs 5 Gas.

Gas Limit and Gas Price attributes define the total cost of your transactions, according to the formula below:

gas limit * gas price

Gas Price: Amount of Gwei you are willing to spend per unit of gas.
Gas Limit: Maximum amount of units of gas you are willing to spend on a transaction.

From my ICO example, if the Gas Price is 50 Gwei and the Gas Limit is 150.000, this transaction will cost 7.500.000 Gwei (or 0.0075 Eth).

To determine what is the gas price, just check out this website
https://ethgasstation.info/

Thank you, I do enjoy these analyses.  But why is gas price really high now on ethereum blockchain despite the fact that the ETH price is not really increasing. Is the ETH block chain malfunctioning or deliberate.  Transactions I used to do with $0.02 ETH before has turned to $0.2 even more. I think something needs to be done about this.

[bitmover]

Thank you, I do enjoy these analyses.  But why is gas price really high now on ethereum blockchain despite the fact that the ETH price is not really increasing. Is the ETH block chain malfunctioning or deliberate.  Transactions I used to do with $0.02 ETH before has turned to $0.2 even more. I think something needs to be done about this.

But you can just set gas price to a very low price and wait a longer confirmation time. You don't need always an instant transaction, do you?

You can check https://ethgasstation.info/ for recomendations of gas price
Now you can use 68 Gwei foi about 30min.

SAFE LOW< 30m
$0.347 / Transfer

But if you are not in a hurry... i would use like 5-10 gweim about 0.04 USD

[Altryist]

There is a useful plugin that you can install and use.

Ethereum Gas Price Extension

Link: https://chrome.google.com/webstore/detail/ethereum-gas-price-extens/innfmlnnhfcebjcnfopadflecemoddnp

Displays the current gas price provided by EthGasStation. Clicking on the icon allows you to update your gas price preference.

[Denongels]

There is a useful plugin that you can install and use.

Ethereum Gas Price Extension

Link: https://chrome.google.com/webstore/detail/ethereum-gas-price-extens/innfmlnnhfcebjcnfopadflecemoddnp

Displays the current gas price provided by EthGasStation. Clicking on the icon allows you to update your gas price preference.

Actually, I prefer checking on telegram bot, but its shortcomings, I have to open telegram first to check, maybe it's true this plugin can help thank you for sharing.

[erikoy]

There are guides on this in beginners and help section but it is also good to discuss it here knowing that many newbies will go directly on some sectio like this as a highlight in this forum. The good thing is that this type of post is very helpful and wishing for the best of the newbies around and to the forum.

Anyway, all of the said things were very confusing of course but if one will going to do this in actual then it is a better way for better understanding. One can also see how to do it in youtube like this one https://m.youtube.com/watch?v=lkwTJgciQ0g.

[bitmover]

There are guides on this in beginners and help section but it is also good to discuss it here knowing that many newbies will go directly on some sectio like this as a highlight in this forum. The good thing is that this type of post is very helpful and wishing for the best of the newbies around and to the forum.

Strictly, Beginners & Help section should be for Bitcoin discussions only. As Ethereum is an altcoin, I posted it in this board. Maybe a Beginners & Help Altcoin board would be nice.

Anyway, all of the said things were very confusing of course but if one will going to do this in actual then it is a better way for better understanding. One can also see how to do it in youtube like this one https://m.youtube.com/watch?v=lkwTJgciQ0g.

Well, if you read the guide carefully while making a transaction you will understand.

most important is to keep gas price low (like suggested in ethgastation , a plugin, etc or less), and let the wallet handle gas limit automatically.

[Arkann]

0.1 gwei is working fine for me when ETH networks is not busy

Try Set 0.1 Gwei at the moment, I believe your transaction will never be done. Gas costs have increased a lot now and it's not as cheap as before, and this is one reason why I don't want to use the ETH network at the moment.

Recently, almost all transaction fees on the Ethereum network were $ 1 or more. if you set the commission below, then you have to wait a very long time to make a transaction. besides, I did not wait for the final result and I had to cancel the transaction because the transactions were in pending status for a long period of time.

[vermigerous]

A good and informative explanation about Gwei, Wei and Ether. This information is very useful to those beginners who wanys to transact Ether. And in my own experience, we should check first the current Gwei or Gas fees at https://ethgasstation.info/ and it is really good to adjust more of your Gas fee so that your transaction would be done immediately.

[qomariah95]

A good and informative explanation about Gwei, Wei and Ether. This information is very useful to those beginners who wanys to transact Ether. And in my own experience, we should check first the current Gwei or Gas fees at https://ethgasstation.info/ and it is really good to adjust more of your Gas fee so that your transaction would be done immediately.

I will go to that link too. At least know in advance the standard gas costs. Some people even delay the distribution of tokens because of very high costs. Even 3 times the current cost. And below is a recommendation for gas costs for now.

43 FAST <2m
40 STANDARD <5m
36 SAFE LOW <30m

[TopT3ns]

A good and informative explanation about Gwei, Wei and Ether. This information is very useful to those beginners who wanys to transact Ether. And in my own experience, we should check first the current Gwei or Gas fees at https://ethgasstation.info/ and it is really good to adjust more of your Gas fee so that your transaction would be done immediately.

I will go to that link too. At least know in advance the standard gas costs. Some people even delay the distribution of tokens because of very high costs. Even 3 times the current cost. And below is a recommendation for gas costs for now.

43 FAST <2m
40 STANDARD <5m
36 SAFE LOW <30m

I think with the gas cost set at around 36-40, it is still a very high number, because yesterday I made a shipment using Gas Price 20, Gwei can still enter the exchange wallet, even though it is a little longer than usual, but at least it can go into the wallet at a cost. Very cheap shipping.

[Shohag123]

Ethereums price is increasing and ethereum network has more congestion.Its a very disappointing.Ethereum fee is too much right now.Now I am using what my metamask recommend which is high still sometimes the transaction stuck.Somedays ago ethereum based token or ethereum transaction cost 0.5$ to 10$.Back then I was using 5-10 Gwei.And right now I have to pay 0.40$ to 0.50$.And daily I have to make some transaction so it cost me much.Now I am using 50 Gwei in the morning and in day time it shows 80-90 Gwei recommend.

And I always check the ether gas station price but sometimes transaction fail because of gas limit.So its very confusing.