Optimizing ETH transaction fees

[Kreur 102]

Ethereum network transaction fees are counted as gas used multiplied by gas price.

 

Gas used is given by complexity of task, transfering ETH is exactly 21k while transfering complex ERC-721 tokens might use around 400k gas. There is not much you can do about this part (gas limit work mostly only as failsafe against endless cycles and I do not recommend tinkering with it unless you are an expert)

 

Gas price is much more interesting - this is where you compete against other users incentivizing miners to pick your transaction and inlude it into blockchain. And other users as a whole likes certain numbers. 1gwei is big one since its lowest gas price many miners agree to include into blocks, lower gas prices makes transactions VERY slow. 1 gwei however gets the job done once there is no high demand for fast transaction (might be minute or also hours or even worse)

 

Now comes second part of the puzzle - wallets like to add 10% to gas price when you want to speed up you transaction, that together with favourite numbers makes transactions clump together on certain gasi price levels and if you add just little bit more you will have priority over them for near zero cost.

 

Examples:

1gwei -> use 1.001

1.1gwei (1x speed up on 1) -> use 1.101

1.21 gwei (2x speed up on 1) -> use 1.211

2 gwei -> use 2.001

2.2 gwei (speed up of 2) -> use 2.201

4 gwei (kinda favourite) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (another favourite) -> use 8.001

8.8 gwei -> use 8.801

10 gwei (big favourite) -> use 10.001

11 gwei -> use 11.001

20 gwei (lot of ppl use this if they want very fast tx) -> want lightning fast tx? use 20.001

 

or in general take anything your wallet suggests and add small fraction (like 0.001 gwei) to make any transaction faster (sometimes very significantly) by jumping ahead of all those transactions clumped at favourite gas prices. And it costs virtually zero ( to be exact 0.000 000 021 ETH for ETH transfer, which is around 0.000 003 USD in todays prices)

[Kreur 102]

@Jonok ETH fees are lot lower than BTC fees for sure, but when network is congested (a lot of people wanting to send transactions) they might spike up and even stay there for some time, in quite recent past gas prices were around 20-30 gwei for a week. Or during ICOs you might experience short term sharp price spikes.

 

Fees are very small if you want to do simple things like sending ether (21k gas usage), however is you want to do complex things like lets say deploy large smart contract or permanently store some data on blockchian (lets say 5 million gas usage) fees start to become significantly larger and gas price matters a lot. This trick allow to optimized it especially at times when gas price is higher.

 

Hypothetical example - 5m gas used, gas price 20.001 vs 30 might at some circumstances be nearly same speed, but can save you about $7.5 at current ETH prices. Or if you do a lot of smaller transactions (day trading for example) those fees adds up too.

Edited December 4, 2019 by Kreur

[sdsonjoy50 886]

8 hours ago, Kreur said:

Ethereum network transaction fees are counted as gas used multiplied by gas price.

 

Gas used is given by complexity of task, transfering ETH is exactly 21k while transfering complex ERC-721 tokens might use around 400k gas. There is not much you can do about this part (gas limit work mostly only as failsafe against endless cycles and I do not recommend tinkering with it unless you are an expert)

 

Gas price is much more interesting - this is where you compete against other users incentivizing miners to pick your transaction and inlude it into blockchain. And other users as a whole likes certain numbers. 1gwei is big one since its lowest gas price many miners agree to include into blocks, lower gas prices makes transactions VERY slow. 1 gwei however gets the job done once there is no high demand for fast transaction (might be minute or also hours or even worse)

 

Now comes second part of the puzzle - wallets like to add 10% to gas price when you want to speed up you transaction, that together with favourite numbers makes transactions clump together on certain gasi price levels and if you add just little bit more you will have priority over them for near zero cost.

 

Examples:

1gwei -> use 1.001

1.1gwei (1x speed up on 1) -> use 1.101

1.21 gwei (2x speed up on 1) -> use 1.211

2 gwei -> use 2.001

2.2 gwei (speed up of 2) -> use 2.201

4 gwei (kinda favourite) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (another favourite) -> use 8.001

8.8 gwei -> use 8.801

10 gwei (big favourite) -> use 10.001

11 gwei -> use 11.001

20 gwei (lot of ppl use this if they want very fast tx) -> want lightning fast tx? use 20.001

 

or in general take anything your wallet suggests and add small fraction (like 0.001 gwei) to make any transaction faster (sometimes very significantly) by jumping ahead of all those transactions clumped at favourite gas prices. And it costs virtually zero ( to be exact 0.000 000 021 ETH for ETH transfer, which is around 0.000 003 USD in todays prices)

Your post will be of great help to newcomers, and I didn't even know how much the ETH transaction fee covers, I found out through your post, thank you.

[guatazoo 7150]

Do you are saying that the whole Ethereum transaction process is been powered by these so called gases are these gas juts a pseudonym or it is an actual electronical gas.

[littledi059 1010]

I saw before questions about what has is so it definetely be useful for someone to know. But I think it is not too hard to understand it by yourself when you send a transaction it does look like a commission

[guatazoo 7150]

1 hour ago, sdsonjoy50 said:

Your post will be of great help to newcomers, and I didn't even know how much the ETH transaction fee covers, I found out through your post, thank you.

I didn't even know about gas and how it applies to Erheremen network so you're right thos s a very useful topic.

[Migo 7946]

This is very helpful informations, I remember myself when I was new in the crypto world it took me a lot of time yo understand what is the meaning of gas fees, but the newbies now all they have to do is reading this topic 

[Cgogogo 71]

This is kind of post I love to read,very directive information and very important,though I already know about this gas fees but many new comer never heard of it

[bentayebsalah 2280]

This fee is necessary in order to complete the transaction successfully, because there are miners, some payments must be obtained and I think that these current fees are good and suitable for everyone.

[Zzoro6110 19]

Ethereum fees are good and they are low in relation to the value, but for the currency they are big fees and this is if the price of Ethereum develop

[Sumayya 493]

If the ether network is not overloaded you will find that the price for the transaction is low, sometimes is goes up to 20 gwei for a transaction

[Thekingcallme 1975]

It is considered a large fee for the currency, but its value is not worth anything and this does not harm the transactions or the owners of the transaction because it is considered a symbolic price only

[bliznec 22267]

I always have gwei by default and it suits me. If in time you need to get a translation faster, then gwei put more.

[rajonmia 181]

I also know that Etherum transection fees need when we want to transection. But i don't know lot of about this transaction. Your example such really helpful.i know a lot of information for your example.thanks

[thiscomm 306]

On 12/4/2019 at 7:39 PM, Kreur said:

Ethereum network transaction fees are counted as gas used multiplied by gas price.

 

Gas used is given by complexity of task, transfering ETH is exactly 21k while transfering complex ERC-721 tokens might use around 400k gas. There is not much you can do about this part (gas limit work mostly only as failsafe against endless cycles and I do not recommend tinkering with it unless you are an expert)

 

Gas price is much more interesting - this is where you compete against other users incentivizing miners to pick your transaction and inlude it into blockchain. And other users as a whole likes certain numbers. 1gwei is big one since its lowest gas price many miners agree to include into blocks, lower gas prices makes transactions VERY slow. 1 gwei however gets the job done once there is no high demand for fast transaction (might be minute or also hours or even worse)

 

Now comes second part of the puzzle - wallets like to add 10% to gas price when you want to speed up you transaction, that together with favourite numbers makes transactions clump together on certain gasi price levels and if you add just little bit more you will have priority over them for near zero cost.

 

Examples:

1gwei -> use 1.001

1.1gwei (1x speed up on 1) -> use 1.101

1.21 gwei (2x speed up on 1) -> use 1.211

2 gwei -> use 2.001

2.2 gwei (speed up of 2) -> use 2.201

4 gwei (kinda favourite) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (another favourite) -> use 8.001

8.8 gwei -> use 8.801

10 gwei (big favourite) -> use 10.001

11 gwei -> use 11.001

20 gwei (lot of ppl use this if they want very fast tx) -> want lightning fast tx? use 20.001

 

or in general take anything your wallet suggests and add small fraction (like 0.001 gwei) to make any transaction faster (sometimes very significantly) by jumping ahead of all those transactions clumped at favourite gas prices. And it costs virtually zero ( to be exact 0.000 000 021 ETH for ETH transfer, which is around 0.000 003 USD in todays prices)

I think this is new news that is useful for ETH users. Your post is very interesting and this will be shared by ETH users. and it looks like this fee will begin to take effect after ethereum 2.0 is launched.

[Rickso 768]

the fees price on ehereum is a lot lower if compared to bitcoin but, if look in the past you see that many times there have been problems due to congestion of transactions, but ethereum is still working on it to make things work better

[mani982 286]

I am using myetherwallet for long time and do many transaction and transfer funds from my account to other exchange accounts and in wallets and have pay small fees and get transaction very fast.

[Soaib khan 1035]

Thanks for information. Ethereum transaction fees very low and ethereum transaction faster than bitcoin.i using ethereum for any transaction.

[Amirul Islam 382]

On 12/4/2019 at 6:39 PM, Kreur said:

Ethereum network transaction fees are counted as gas used multiplied by gas price.

 

Gas used is given by complexity of task, transfering ETH is exactly 21k while transfering complex ERC-721 tokens might use around 400k gas. There is not much you can do about this part (gas limit work mostly only as failsafe against endless cycles and I do not recommend tinkering with it unless you are an expert)

 

Gas price is much more interesting - this is where you compete against other users incentivizing miners to pick your transaction and inlude it into blockchain. And other users as a whole likes certain numbers. 1gwei is big one since its lowest gas price many miners agree to include into blocks, lower gas prices makes transactions VERY slow. 1 gwei however gets the job done once there is no high demand for fast transaction (might be minute or also hours or even worse)

 

Now comes second part of the puzzle - wallets like to add 10% to gas price when you want to speed up you transaction, that together with favourite numbers makes transactions clump together on certain gasi price levels and if you add just little bit more you will have priority over them for near zero cost.

 

Examples:

1gwei -> use 1.001

1.1gwei (1x speed up on 1) -> use 1.101

1.21 gwei (2x speed up on 1) -> use 1.211

2 gwei -> use 2.001

2.2 gwei (speed up of 2) -> use 2.201

4 gwei (kinda favourite) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (another favourite) -> use 8.001

8.8 gwei -> use 8.801

10 gwei (big favourite) -> use 10.001

11 gwei -> use 11.001

20 gwei (lot of ppl use this if they want very fast tx) -> want lightning fast tx? use 20.001

 

or in general take anything your wallet suggests and add small fraction (like 0.001 gwei) to make any transaction faster (sometimes very significantly) by jumping ahead of all those transactions clumped at favourite gas prices. And it costs virtually zero ( to be exact 0.000 000 021 ETH for ETH transfer, which is around 0.000 003 USD in todays prices)

I also found this kind of transaction fees on my Ethereum wallet. But I don't know how it calculated. I saw many time it's fees take low and sometime take high fees for it.

[Amir YT 202]

On 12/4/2019 at 6:39 PM, Kreur said:

Ethereum network transaction fees are counted as gas used multiplied by gas price.

 

Gas used is given by complexity of task, transfering ETH is exactly 21k while transfering complex ERC-721 tokens might use around 400k gas. There is not much you can do about this part (gas limit work mostly only as failsafe against endless cycles and I do not recommend tinkering with it unless you are an expert)

 

Gas price is much more interesting - this is where you compete against other users incentivizing miners to pick your transaction and inlude it into blockchain. And other users as a whole likes certain numbers. 1gwei is big one since its lowest gas price many miners agree to include into blocks, lower gas prices makes transactions VERY slow. 1 gwei however gets the job done once there is no high demand for fast transaction (might be minute or also hours or even worse)

 

Now comes second part of the puzzle - wallets like to add 10% to gas price when you want to speed up you transaction, that together with favourite numbers makes transactions clump together on certain gasi price levels and if you add just little bit more you will have priority over them for near zero cost.

 

Examples:

1gwei -> use 1.001

1.1gwei (1x speed up on 1) -> use 1.101

1.21 gwei (2x speed up on 1) -> use 1.211

2 gwei -> use 2.001

2.2 gwei (speed up of 2) -> use 2.201

4 gwei (kinda favourite) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (another favourite) -> use 8.001

8.8 gwei -> use 8.801

10 gwei (big favourite) -> use 10.001

11 gwei -> use 11.001

20 gwei (lot of ppl use this if they want very fast tx) -> want lightning fast tx? use 20.001

 

or in general take anything your wallet suggests and add small fraction (like 0.001 gwei) to make any transaction faster (sometimes very significantly) by jumping ahead of all those transactions clumped at favourite gas prices. And it costs virtually zero ( to be exact 0.000 000 021 ETH for ETH transfer, which is around 0.000 003 USD in todays prices)

I think the transaction fee depends on the your sending amount. And it's not stable. Every time it change on different value. If you make transaction with big amount you have to pay high fee for that.

[Xsimple 441]

Thank you for this one I really do not have any idea about what you are giving information but now it seems that it is clear and I understand it.

[Captain Karim 0]

A good explanation about dealing with transfers in the Ethereum network, I think Vite Blockchain does not impose any fees on transfers and this may make it better than Ethereum.

[Opinder 1310]

Generally crypto coins has very low transaction fee. Bitcoin has transaction fee about $0.30 usually. And all other coins have less fee than btc. One interesting thing that transaction speed could be increased with more transaction fee.

[Captain Karim 0]

20 hours ago, halloweed said:

Ethereum Gas fee is the same thing as Bitcoin transaction fee, so bitcoin is no better.

Not that I mean, I mean there is a blockchain project called Vite if you want to transfer bitcoin or ethereum or any digital currency supported in this blockchain you can transfer to another person without paying a transfer fee.

[Ms.o 3322]

Ethereum is one of the best projects,actually it has use cases than btc and it is better than btc when it comes to fees and speed as ethereum is faster and cheaper than btc.