cryptoworld How to know the gas fee of ETH, BTC and other currencies

[tomasonswedgw 70]

Friend, I thank you for your great work in informing us of the rates of the gas of ETH, BTC since most of the kisses do not understand how this gas works and its rate but thanks to you I understand better.

[Projectcrypto 4382]

Well explained topic mate and i will also like to remind us currently making use of yobit exchanger because transaction fees of ethereum, litecoin and bitcoin has increased higher compared to the way is was before which is why i now prefer to make use of xrp which has a transaction fee of 0.5 xrp and i think that is good for all.

[Naga 1250]

On 10/1/2020 at 10:41 PM, Izeal said:

Actually I didn't knew detaily about the gas fees. But your information made me clear about the gas fee. Some times gas fee becomes so much we have to pay more gas fees than the amount we are actually paying to buy other erc20 coins. Whenever I have to pay more gas fees I feel very bad because 5-10% of the earning should be paid as fees but those fees are for the miners who are helping us to make transaction. I think its important to pay gas fees because we have to maintain quality and pay the miners.

etheruim is lately lacking behind, because at first when people used to use eth for transaction it was because eth had lower fees and faster, but nowadays we see TRC20 tokens and even usdt working on trc20 network has 0 fees, and its fast as well.

[invertirencripto 109]

Wow, it is one of the best tutorials I have seen on the forum, very clear, complete and very well explained.
Congratulations, good job

[Ndayebo8 0]

On 10/1/2020 at 3:50 PM, Oxygen99 said:

i prefer making use of ethereum, litecoin or xrp to accomplish a transaction because they don't take much time and have low transaction fees compared to the likes of bitcoin

I learn all this from my experienced friends but moat of the time you only learn through own experience .It takes time to understand cryptocurrency different operations which slow down their movements.Reading good content always refresh mind and gives more closer to you. 

[Oxygen99 1930]

19 hours ago, Ndayebo8 said:

I learn all this from my experienced friends but moat of the time you only learn through own experience .It takes time to understand cryptocurrency different operations which slow down their movements.Reading good content always refresh mind and gives more closer to you. 

You are right my friend we need to keep learning because knowledge is light and the more we learn the more we see😉 which will definitely gives us oppotunity to be successful in the world of Cryptocurrency, let work together to achieve greatness my friend.

[malik6314193 5449]

Thanks for detailed note on Gas fee of different coins. 

But i have some confusion that gas fee of some erc20 tokens are high as compared to transaction fee of ethereum however both are working on same block chain. 

Is token owner gets extra fee to himself? 

@Babubu609 if you know then tell me. Thanks

[Babubu609 0]

2 hours ago, malik6314193 said:

 

Is token owner gets extra fee to himself? 

@Babubu609 if you know then tell me.

Yes bro this depends on how faster you need your your transaction to be delivered if you need it more faster you can increase this through increasing the speed limit mostly this works on trust wallet and coinomic wallets.

[Ndayebo8 0]

I can see you have done a very good research , and the information is also very useful , i myself had no idea about this gas fee of the coins , but thanks to your post , you did a good job man. Really appreciate your effort.

Most of the wallets that are now being used for crypto tell you the transaction fee that they recommend with your transaction and they even have a part where you can change this transaction fee in order for the transaction to go through faster or slower.

[Shaza Ahmad 1682]

As for the fees paid, I think that the less it is, the more that encourages the use of the blockchain network, because most users want the fees paid to be the least possible, but the speed factor is also important, so no one wants his transaction to remain stuck for days.

[SuperCrypto 7193]

This topic seems very complex to many investors in the world of cryptocurrencies and digital currencies, but it is an important topic to know for everyone working in the world of digital and new currencies. Therefore the user should be careful when sending coins and follow the instructions provided about the appropriate amount, limit and price for each transaction.

[Razan alikac 1899]

Thank you, my friend, for your good topic, and I think that the speed of transactions is important ... Opportunities may change or be lost for us whenever the time is late ..

[Froshk 1828]

Interesting and educative topic indeed!!! 

All along I use to believe that gas fees are only applicable to Ethereum, but after going through these, I have learned something new today 

[TimopheyKa 3900]

This is a really cool article! Because when I came across this, and realized that the price of ether is very high when withdrawing, it surprised me, and I had to postpone my payment. I did not understand how this system works, and it seemed to me that it is possible only with ether, but it turns out not. This is really great. Thank you!

[VijithaVarghese 1994]

This is a really useful Post . Thank you for sharing this my friend. I think people should make sure too much fee isn't taken it would only profit the miners there is no big earning. The time taken is also quite long as they were really really needing patience.

[cryptovlek 2597]

Gas is a term that is not used for Bitcoin. We use just the word fees. Gas is something that was named in Ethereum first and it acts as fee to transact but also for other functions as contacting a smart contract, or to create one. Don't use the word gas for Bitcoin this is wrong.

[Serbberq 724]

Thanks for sharing, I have been using the ether for my transactions, but now the transaction fees is much which I want to check everyday if the gas fee have come down. Through this link now i can be checking to know the update about the gas fees. 

[zhoutong 2188]

To know the optimal fee for Bitcoin transaction you have to check the size of the mempool. If the mempool is empty you can make transactions with very low fees if you transact using your wallet. Exchanges have fixed fees. This website helps a lot to define the BTC fees: https://jochen-hoenicke.de/queue/#0,24h

Edited January 7, 2021 by zhoutong

[Syriana 350]

This is a good and useful explanation for me and for the beginners who are trying to prove themselves and strengthen their actions in order to reach their goal. We really need a lot of science in order to benefit from it and strengthen ourselves. Thank you again.

[yonkii 3205]

On 9/28/2020 at 10:32 AM, Babubu609 said:

SETUP TRANSACTION FEE FOR BITCOIN

 

This will explain to you briefly about how you can set your fee depending on how much you are willing to spend on fee and on how much fast you need your transactions to be successfully. 

 

FAST:. Transactions took around or between 15 minutes this can be estimated to take within 1-2 blocks

 

MEDIUM: Transactions at this points tooks around 30 minutes which is processed within 3-4 blocks respectively.

 

SLOW:  This is the slowest transactions it tooks between 1 hour 2 hours to complete the transaction. Were about 5 blocks are used to complete this transactions.

 

I'm sorry for asking but these must be options coming from a Bitcoin wallet if I'm correct. Anyone knows which wallet gives these values and doesn't it give the current cost of the transaction before we send the Bitcoin?

[Sykkuno 2887]

Eth and btc fees are very higher lately from what they used to be, this on average for a long time, but this is how the blockchains scale right now, they scale in the side of higher fees, the more they are used the higher the fees will be. However, we can find times when fees are low, perhaps insignificant and make some transactions at these times without having to spend a lot of money. For BTC there are times when the miners clear all the transactions even those that send with very low fees, but for Ethereum usually this doesn't happen. The ETH fees are more strict and if you send today with a very low fee, it may never be mined as for many months now the lowest fees I've seen were 30 gwei.