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

[Babubu609 0]

The gas fee of a coin not only for ETH or BTC And also for other currencies are fixed and done by demand from miners. If a current reward for a transaction of a particular coin like eth is 5.5 then the miner may attached an additional 0.5. This attach reward belongs to the Miners. The Miners helps to push your transactions. Note this do not give the miner an obligation to include price he wished while confirming. 

 

You can check out the ethereum gas fee using this link 🔗: 

 

https://ethgasstation.info/

 

The transaction fee provided by the sender, helps to tell us how faster you need your transaction to gets processed Successfully. Therefore, it was very important for the sender to know how much to pay as fee he is willing to use in other to get his transaction processed.

Right here I may likely  highlight some free features of the transaction fee as you can see below 👇:

 

GAS PRICE OF A COIN: is the price of which a user making a complete transaction is willing to pay per unit of Gas for the work done successfully compulsory in Gwei.

                                                                          

 

GAS  LIMIT OF A COIN: is the total peak amount of Gas you are having choice or intention to pay for the submitted transaction to be mined in a seconds.

                                                                          

 

TRANSACTION FEE OF A COIN: This is the total Gas consumed multiplied by the Gas Price of that particular coin. When ever the transaction fee varies equivalent to the gas limit the transaction is reverted. Note that the Gas collected from executing EVM bytecode still goes to the Miners at state that eth is well modified. 

                                                                          

 

BLOCK GAS LIMIT OF A COIN: this was the total Gas allowed in a block to make a fast transactions.

 

  SETUP TRANSACTION FEE FOR ETHEREUM

 

This will explain to you in fetai about how you can setup 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. 

 

FASTEST: This is the fastest but consumes more fees because It takes below 30 seconds to complete your transactions.

 

FAST:  This is next alternative to the fastest to make transactions so fast below 2 minutes it has to do with about <10 blocks

 

 MEDIUM:  This take around 5 minutes to complete a Successful transactions using about 20 blocks.

 

SLOW: This takes around 30 minutes a full Successful transactions due to low fee but is really safe-low using about 120 blocks.

 See the screenshot below how it's work on ether gas station. 

 

 

  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.

This was just a brief explanation about the gas fee and how to check it. This topic is quite useful for both beginners and to some old member that lacks the knowledge. You can also share your knowledge with us I am not perfect but trying to be perfect.

Edited September 28, 2020 by Babubu609

[Syedbesharat 5423]

This quit good explanation for reader specially newbies who doesn't know about this or don't pay attention.The simple wording and pin point phrases are good to understand instantly and can be memorise for future references. 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. 

[Ridam 7455]

Good explanation @Babubu609 and the guide is complete. I want to aware everyone to be careful while setting up limit because previously a user pays millions or something for a transaction fee accidentally and that was a huge loss.

And while many people are hurrying to buy or sell a Erc-20 coin (i.e- selling UNI ) the transaction fee increases more and transaction with higher fee gets privilege at that moment.

[Dorjoy12 8962]

19 hours ago, Babubu609 said:

SETUP TRANSACTION FEE FOR ETHEREUM

 

@Babubu609 its good that you have given us a good explanation about all currency gas fee.. But i want to talk about the setup transaction fee.. You Have discussed with us how we can reduced our transaction fee but if you mentioned us some of exchange site where provide this kind of facilities then it Will be Great for us because you know yobit dont provide this kind of facilities. So mention us about those exchange site where we can set up our transaction speed and fee..                     

[Prince90 668]

Very nice fellow mate!! 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.

[Mark wood 2970]

Thank you so much that's what I need I get here I really search about these but here lots of members have a great experience here and that is my goal to get knowledge like you and then share with beginners because in this platform many newbie are like this site they want earn more so keep sharing your experience thanks..

[Jaafar Fahad Hassan 114]

Nice write up, I have been hearing about gas fee for sometime now, getting the person to explain to me has been a problem,with this explanation,I have understand little about it 

[Raqeebzy 6456]

Good explanation @Babubu609. 

4 hours ago, Dorjoy12 said:

So mention us about those exchange site where we can set up our transaction speed and fee..     

I don't think such features are present in exchanges (or I have not come across it to be on a safer part. There are several wallets however which gives the opportunity to set transaction fee to your taste and at how much pace you want your transactions to be completed. Most hardware wallets you know have it. You can just check on this short list.

[Babubu609 0]

5 hours ago, Dorjoy12 said:

So mention us about those exchange site where we can set up our transaction speed and fee

Well I didn't provide any exchange that requires setup for transaction fee because that is done automatically from exchangers. Already @Raqeebzy had explained to you and also provide a link that can help you too. Most setup are found in wallets like trust wallets, coinomic wallets etc. 

 

@Ridam thank you for your advice of course I saw the news when some transactions of thousands are performed using a gas fee that use millions of usd which is 100% thousands times of what you invest.

Edited September 29, 2020 by Babubu609

[duncun007 3577]

very well written mate, I remember the old days when eth gas price was so cheap and how it was prefered over bitcoin because of gas fees. 

[BrolySSJ 7899]

Thank you for this information. It is very helpful to those that are new to crypto transactions and want to increase the speed of their transaction. 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. this gives you more control over how much you pay to have the money transferred, depending on the urgency of the transaction. 

[Babubu609 0]

12 minutes ago, eliottalderosn said:

know one wants to make the fees as small as possible, if not then is there any cases where you would really need the fastest potion?

Yes when you need a fast transactions emergency then you can use the fastest option and pay the fee 

12 minutes ago, eliottalderosn said:

if I got it right then do we really need the fastest option or even the fast one?

Yes we all need the fastest transaction in cases of making fast transactions if you are using coinomic or trust wallet it is the place to set your fees in such a way you want it there are three option

 

-Fast 

- medium 

- slow 

 

The fastest need 2 to 3 time fee required by the two medium and slow.

[Swapzone 174]

That's a good explanation tho! For more info on how blockchain transaction fees work, what time it takes, etc., you can check it here: https://swapzone.io/learn/

[Maaz sultan 265]

If sender pays high fee then the time  of transaction is become lesses an lessear and if you want to pay less so some time takes a high time  some time weeks and months acquired for low fee transactions .

[Digital 387]

On 9/29/2020 at 6:55 PM, Maaz sultan said:

If sender pays high fee then the time  of transaction is become lesses an lessear and if you want to pay less so some time takes a high time  some time weeks and months acquired for low fee transactions .

Different crypto currency has individual gas fee for every transaction according to what @Babubu outline is that you have to Know the fee for the gas transaction you want to make the higher the fees the faster the transaction .

[Oxygen99 1930]

This is a well explained topic that will give members oppotunity to know and experience how the gas fee of top coins are being detected especially for newbies who have less experience about gass fees and for someone like me 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.

[Izeal 4404]

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.

[gourav789 2834]

I also used used Same website bad you mentioned for check gas fee's for Etherium . alternatively we can add " crypto whale " bot for checking price , gas fees instant at accurate price . gas fee's is really a big problems at this time , hopefully we will see Etherium fee's at normal price .

[Ridam 7455]

On 9/29/2020 at 11:40 PM, Maaz sultan said:

If sender pays high fee then the time  of transaction is become lesses an lessear and if you want to pay less so some time takes a high time  some time weeks and months acquired for low fee transactions .

Yes @Maaz sultan the transaction fee for Ethereum is really big problems for people who carry small trades. If we pay less fee the transaction takes a long time and some times failed. And I have faced the problem of transaction failed several times because of gas fee. 

[duncun007 3577]

On 9/29/2020 at 6:16 PM, Kapil Koirala said:

Thank for the information. Btc transactions fee has been normal for many years but eth has some serious problems. It can get higher upto as $30 a times and still the fee is not maintained by the team and for eth fee I check ethgasstation .

yea the problems with the price of ether gas went through the roof specially with this uniswap coins craze going on, people have long been waiting for eth 2.0 to have all issues solved.

[pxZ 42]

lets hope eth 2.0 comes soon and isnt getting delayd

[edSick edSick 30]

Здравствуйте,новая криптовалюта DRLS , вы знаете о ней? Она выходит в широкий масштаб и может затмить как Биткойн как и езериум , будьте на чеку и запасайтесь

[Mella 3680]

I am know that fees are high in Bitcoin and Ethereum but I did not know how to find them, I thanks for this informatio that will be very healpfull and give me many to know when I am plan to use these coin and make some transfer. I will wait for the fees to be low if I want to make them and not try to waste a lot in the fee that many are doing and are only making the miners more profit and lose profit from their trade wit hthat.

[julian2911 27]

Congratulate you, my friend, excellent publication, I have been using Etherum as a currency for some time to make my personal transactions and I do not know things you mentioned

 

Although the only negative thing about this network is the issue of high commissions.

[jfcrypto7 131]

Thank you very much for this post, I have been wondering how the gas for an asset is calculate and you have given me answers and provided more information than I was expecting such as the classification of how fast a transaction is processed depending on the amount of gas you are willing to pay.