Simplified Way to Understand Gas Price and Gas Limit.

[Wenbing]

Today i will be sharing with the house some insight from my course and studies on Gas Price and Gas Limit.

I'll also need more clarification about what I'm not getting right. Here is an excerpt:

Let’s imagine that somebody needs to get from point A to B in his car. For making it possible car needs to be filled with gasoline.

For example, gasoline will cost $10 per gallon. And to cover the same distance always the same amount of gasoline should be spent.

Then let it be for covering the distance from A to B 50 gallons of gasoline should be spent which means that forces making it possible the amount of $500 should also be spent.

In this example, we have 1 gallon = 1 point of gas and 10$ is a gas price for this one gas point. 

This is probably the easiest example of how Ethereum fee system works. Might be that is why gas in Ethereum is called so.

Areas I want us to throw light on are as follow:

1. How's the ethereum fee system different from bitcoin fee system?

2. In smart contract we understand that there are three types of memory saving storage.

 a. The Volatile stack access
 b. The Volatile memory access
c.   The Non-volatile
How do these storages type affect or determine  the cost of storage on the ethereum blockchain?

3. Share other  knowledge you have regarding this topic for the general benefit of all.

[Wenbing]

There must be a better place to ask about how Ethereum works than in a Bitcoin forum.

I'm sorry for this. Being that this is beginner forum, I felt my level should be limited to this forum until I grow.

Furthermore, the post is actually ethereum in comparison to bitcoin. So I feel its still suitable to be here. Check question 1 of my post.

[masulum]

Gas Price is amount ether will be use for your transaction per unit of gas. Mostly we will see a gas fee as Gwei. About gas limit is maximum gas you need to spent for every transaction. In standar you will see as 21.000 gas limit for ETH transaction. For token transaction it will different, you need to check any lowest gas limit for that token. Don't make a gas limit lower than minimum for token or you will be spent a fees while your transaction will be fail. You can make it higher than minimum in case that need more gas to send. Let say if minimum gas from token 150000, you can make as 300.000 for gas limit. No worry about the number, if your transaction just need to use 150000, the rest of your gas will be back to you.

[Kodaman]

There must be a better place to ask about how Ethereum works than in a Bitcoin forum.

Forum is Bitcoin section is altcoin discussion. YOur comment makes no sense. Be a Bitcoin maximalist that is ok  but also open your eyes.

[Wenbing]

Gas Price is amount ether will be use for your transaction per unit of gas. Mostly we will see a gas fee as Gwei. About gas limit is maximum gas you need to spent for every transaction. In standar you will see as 21.000 gas limit for ETH transaction. For token transaction it will different, you need to check any lowest gas limit for that token. Don't make a gas limit lower than minimum for token or you will be spent a fees while your transaction will be fail. You can make it higher than minimum in case that need more gas to send. Let say if minimum gas from token 150000, you can make as 300.000 for gas limit. No worry about the number, if your transaction just need to use 150000, the rest of your gas will be back to you.

Great question.  Can there be a condition were when you send beyond the fee limit and the reminder won't be sent back to you?

[masulum]

In my experience, I never found rest of gas limit not back to my wallet, network just taking our Gas as they need. I'm not really know how it works, but i think, the gas limit actually on our wallet, and network will keep our gas limit set before used it, so if the network already get enough gas per transaction, network will stopped to take the rest of our gas limit. I try to search article about this for you, maybe this article will help you more than me.

1. https://masterthecrypto.com/ethereum-what-is-gas-gas-limit-gas-price/
2. https://ethgasstation.info/blog/gas-limit/
3. https://kb.myetherwallet.com/en/transactions/what-is-gas/

If you have another question about this, I will recomend you to ask on ethereum thread it will more relevance.

[Kaliecious]

Can the ethereum gas limit be changed at will? for example, we trade on DEX with a gas price of 6 gwei and the limit is 250000.
I once changed the gas limit to 100000 but the transaction failed

[Iyeman]

Can the ethereum gas limit be changed at will? for example, we trade on DEX with a gas price of 6 gwei and the limit is 250000.
I once changed the gas limit to 100000 but the transaction failed

it can be changed as long as the exchange site provides the feature to adjust the transaction fees, if you ever used ED or FD and you can find something like this. It's better to adjust the gwei to follow the change of gas limit. Im always sending a tx with use maximum gas limit and a big amount of gwei.

[Denreal]

Gas Price is amount ether will be use for your transaction per unit of gas. Mostly we will see a gas fee as Gwei. About gas limit is maximum gas you need to spent for every transaction. In standar you will see as 21.000 gas limit for ETH transaction. For token transaction it will different, you need to check any lowest gas limit for that token. Don't make a gas limit lower than minimum for token or you will be spent a fees while your transaction will be fail. You can make it higher than minimum in case that need more gas to send. Let say if minimum gas from token 150000, you can make as 300.000 for gas limit. No worry about the number, if your transaction just need to use 150000, the rest of your gas will be back to you.

I have never been conscious of this. I didn't know that excess gas limited is always sent back to the sender. Well, that is a good observation, because sometimes, I get conscious of that and try as much as possible to reduce it.
Yet, I think most tokens can use as low as 60,000 gas limit, even with the lowest gwei for the network at that particular time, except when you are sending zero Eth, which is mostly applicable for self drop airdrops.