What Are Gas Fees?

in gas •  4 years ago 

Gas fees are the transaction fees that users pay to miners on a blockchain protocol to have their transaction included in the block. The system works on a standard supply and demand mechanism. If there is more demand for transactions, miners can choose to include the transactions that pay more, compelling users to pay more to have their transactions processed quickly and efficiently. Users of Ethereum can also choose to pay more for faster transactions, as seen in the diagram below.

Wallets like @metamask enable users to interact directly with the Ethereum network, choosing which amount of gas they wish to pay. There are several websites where you can track gas prices.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

good