How do gas fees work in ETH?

in cryptocurrency ā€¢Ā  2 years agoĀ 

How do gas fees work in ETH.png

šŸ’µGas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.

ā›½"Gas limit" refers to the maximum amount of gas (or energy) you're willing to spend on a particular transaction. A higher gas limit means executing a transaction using ETH or a smart contract requires more work.

šŸŖ™Priced in small fractions of the cryptocurrency ether (ETH), commonly referred to as gwei, sometimes also called Nano ETH. The gas is used to allocate resources of the Ethereum virtual machine (EVM) so that decentralized applications such as smart contracts can self-execute in a secured but decentralized fashion.

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šŸŒhttps://www.488ex.exchange/en_US/

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