Ethereum - Gas Fees

Driving a car = need to pay for gasoline.

Using blockchains = need to pay for transactions.

Gas fees add a cost and barrier to spamming a network, and rewarding those that keep it live and running.

Q: When do I pay gas fees?

A: For every transaction on a blockchain(sending to wallet, depositing into apps, uploading NFT, purchasing NFTs, etc...)

Q: Why are gas fees always changing in price?

A: At the moment, gas fees can be unpredictable because they are controlled by demand & network usage. So if a lot of people start driving cars everyday, gasoline prices will go up, same with gas fees.

Q: Can I pay gas fees in any coin?

A: No, different networks have their own respective tokens they accept for gas: Ethereum / Arbitrum / Optimism = ETH Polygon = MATIC Binance Chain = BNB Avalanche = AVAX Solana = SOL

Q: Gas fees are so high! What should I do?

A: During bull markets, networks can reach very high demand which can bump up the transaction cost on any network, you can always wait it out as they always will drop to normal levels, gas spikes can happen, and you do not have to pay right then and there.

Q: Why are ETH gas fees called "gwei"?

A: For the same reason we don't say "zero point zero one dollar ($0.01), but instead say, "one penny" or "one cent". Gwei makes very small fractions of the ETH currency easier to visualize. To clarify: 1 Gwei = 0.000000001 ETH (10-9). This is why you may see the current gas price being quoted at, say, 200 gwei.

Monitor Current Gas Prices:

Real Time Gas Use

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