Gas Fees

Gas Fees

Ethereum - Gas Fees

Driving a car = need to pay for gasoline.

Using Ethereum = need to pay for gas.

Whenever you make an in-app purchase on your iPhone, Apple takes a 30% cut because they host the app on their app-store.

This is similar, except Ethereum isn't run by a company, fees help secure the network.

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Q: When do I pay gas fees?

A: For every transaction on Ethereum (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 ETH gas fees. (This will be fixed soon so that gas fees are predictable and stable)

Q: Can I pay gas fees in any coin?

A: No, Ethereum gas fees can only be paid with Ethereum's native currency, ETH. (Can't put water in a car's gas tank!)

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

A: Due to insane demand and usage of the Ethereum network, gas fees have risen quite a bit. While in the coming months (middle of 2021), all ethereum apps will begin or already have completed the implementation of a low-fee fix called "Layer 2". Until then, expect fees to fluctuate.

Q: Why are 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:

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