Want to know about Gas in details | Bitcointalksearch.org

jhimli

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Quote from: hdtqisg on March 10, 2018, 10:52:58 AM

Quote from: jhimli on March 08, 2018, 05:05:31 AM

Hi , I am new in this blockchain field.. sorry for my ignorance

Try to learn step by step , how Blockchain actually works ..

so One word I found GAS ,, and after google it got this :

Gas is the name for the execution fee that senders of transactions need to pay for every operation made on an Ethereum blockchain,

Can anyone here please elaborate this for me with an example..

For exapmple: If I want to purchase ERC20 token, I have to pay GAS [ or excution fees]

Please help me.

Cheers

You can see more info :
https://ethgasstation.info/index.php
The price of gas that a user offers should generally reflect how fast they want a transaction mined. Most users also want to avoid offering a price this is so low that it will never be mined (or require them to resend the transaction at a higher price). While offering a high gas price can speed up confirmation some, there is a limit to the acceleration. Offering a higher gas price than what is needed for acceptance by all top miners is unlikely to speed up the transaction time further under nomral circumstances.

Hi as per your Link one question is roaming on my mind "What determines the price miners charge for gas? in this section one WORD is there " uncle rate" what is this rate actually

Xynerise

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Activity: 322

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39twH4PSYgDSzU7sLnRoDfthR6gWYrrPoD

Quote from: jhimli on March 10, 2018, 11:38:48 AM

Ok , Thanks for your answer that means without GAS , we cannot send any token ... Gas is necessary for BLOCKCHAIN and minning,.. the higher the GAS price .. its faster ... ok that Means If I want to invest BITCOIN or Altcoin I have to pay some fees , such as when we transfer money via NEFT/IMPS we have to pay some transaction fees ... is my understanding is OK?

Exactly, yes.
But Gas is necessary to make transactions of ETH and of tokens that run on the Ethereum blockchain.

jhimli

jr. member

Activity: 59

Merit: 7

Quote from: Casalania on March 10, 2018, 10:28:20 AM

Quote from: jhimli on March 08, 2018, 05:05:31 AM

Hi , I am new in this blockchain field.. sorry for my ignorance

Try to learn step by step , how Blockchain actually works ..

so One word I found GAS ,, and after google it got this :

Gas is the name for the execution fee that senders of transactions need to pay for every operation made on an Ethereum blockchain,

Can anyone here please elaborate this for me with an example..

For exapmple: If I want to purchase ERC20 token, I have to pay GAS [ or excution fees]

Please help me.

Cheers

gas stands for transaction fee that you have to pay when executing transactions in blockchain. without gas, you wont be able to transfer your funds or your altcoin to another.
transaction process depends on the gas or gwei you set, the higher the gas, the faster it will transfer.

Ok , Thanks for your answer that means without GAS , we cannot send any token ... Gas is necessary for BLOCKCHAIN and minning,.. the higher the GAS price .. its faster ... ok that Means If I want to invest BITCOIN or Altcoin I have to pay some fees , such as when we transfer money via NEFT/IMPS we have to pay some transaction fees ... is my understanding is OK?

hdtqisg

sr. member

Activity: 686

Merit: 250

Quote from: jhimli on March 08, 2018, 05:05:31 AM

Hi , I am new in this blockchain field.. sorry for my ignorance

Try to learn step by step , how Blockchain actually works ..

so One word I found GAS ,, and after google it got this :

Gas is the name for the execution fee that senders of transactions need to pay for every operation made on an Ethereum blockchain,

Can anyone here please elaborate this for me with an example..

For exapmple: If I want to purchase ERC20 token, I have to pay GAS [ or excution fees]

Please help me.

Cheers

You can see more info :
https://ethgasstation.info/index.php
The price of gas that a user offers should generally reflect how fast they want a transaction mined. Most users also want to avoid offering a price this is so low that it will never be mined (or require them to resend the transaction at a higher price). While offering a high gas price can speed up confirmation some, there is a limit to the acceleration. Offering a higher gas price than what is needed for acceptance by all top miners is unlikely to speed up the transaction time further under nomral circumstances.

Ri Polok

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Activity: 364

Merit: 4

Quote from: electronicash on March 10, 2018, 10:24:18 AM

if you want to purchase ERC token then its not gas that you will be paying, its the transaction fee for the exchange you are into. GAS is where you send tokens to another ETH wallet regardless of which token,, even if you send ETH itself you need to pay GAS. I'm not familiar as to how much is the gas fee but i'd assume its just less than $1.

Thanks for your impressive explanations of Gas. Really it's very helpful for me.

Casalania

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#SWGT PRE-SALE IS LIVE

Quote from: jhimli on March 08, 2018, 05:05:31 AM

Hi , I am new in this blockchain field.. sorry for my ignorance

Try to learn step by step , how Blockchain actually works ..

so One word I found GAS ,, and after google it got this :

Gas is the name for the execution fee that senders of transactions need to pay for every operation made on an Ethereum blockchain,

Can anyone here please elaborate this for me with an example..

For exapmple: If I want to purchase ERC20 token, I have to pay GAS [ or excution fees]

Please help me.

Cheers

gas stands for transaction fee that you have to pay when executing transactions in blockchain. without gas, you wont be able to transfer your funds or your altcoin to another.
transaction process depends on the gas or gwei you set, the higher the gas, the faster it will transfer.

rezurect

sr. member

Activity: 686

Merit: 250

Quote from: jhimli on March 08, 2018, 05:05:31 AM

Hi , I am new in this blockchain field.. sorry for my ignorance

Try to learn step by step , how Blockchain actually works ..

so One word I found GAS ,, and after google it got this :

Gas is the name for the execution fee that senders of transactions need to pay for every operation made on an Ethereum blockchain,

Can anyone here please elaborate this for me with an example..

For exapmple: If I want to purchase ERC20 token, I have to pay GAS [ or excution fees]

Please help me.

Cheers

https://ethgasstation.info
For real time gas prices and even more insight in the network traffic.

electronicash

legendary

Activity: 3178

Merit: 1054

if you want to purchase ERC token then its not gas that you will be paying, its the transaction fee for the exchange you are into. GAS is where you send tokens to another ETH wallet regardless of which token,, even if you send ETH itself you need to pay GAS. I'm not familiar as to how much is the gas fee but i'd assume its just less than $1.

Aminmon

member

Activity: 224

Merit: 10

Gas is required for your current account transfer fee, most of the time you use the gas transfer depends on the current network how many not packaged deal, if the more to trade package, then you need to pay for more the gas.

jhimli

jr. member

Activity: 59

Merit: 7

Quote from: Xynerise on March 09, 2018, 05:59:52 PM

Quote from: jhimli on March 09, 2018, 02:14:20 PM

Below 20 GWEI the blocks are almost all full, may I know the reason here.

Where did you get this info from?

Quote

.as per my understanding if we set lower than 20 GWEI that WILL have to wait in line ??

Probably, but fee estimation is not an exact science.
It is possible that of you use a lower gas price your transaction will still be processed fairly quickly (even though not as fast as when you use a higher gas fee)

AS YOU SUGGEST ME A WEBSITE , https://myetherwallet.github.io/knowledge-base/gas/what-is-gas-ethereum.html ,read already, but I did not understand fully ,2-3 things are more complicated so ask you , anything wrong..

Xynerise

sr. member

Activity: 322

Merit: 363

39twH4PSYgDSzU7sLnRoDfthR6gWYrrPoD

Quote from: jhimli on March 09, 2018, 02:14:20 PM

Below 20 GWEI the blocks are almost all full, may I know the reason here.

Where did you get this info from?

Quote

.as per my understanding if we set lower than 20 GWEI that WILL have to wait in line ??

Probably, but fee estimation is not an exact science.
It is possible that of you use a lower gas price your transaction will still be processed fairly quickly (even though not as fast as when you use a higher gas fee)

jhimli

jr. member

Activity: 59

Merit: 7

Quote from: Xynerise on March 08, 2018, 05:22:49 AM

Gas (or petrol, if it helps you understand better) is the fuel for the ETH blockchain.
Ethereum was designed to be a distributed turing-complete computer, and you can't have a public computer without a way to limit actions of participants or else they will exploit it or make the network halt by deploying code that loops forever.
That is how the concept of gas was born.
It is payment for every computation you make on the Ethereum blockchain (your ETH or token transactions are actually computations), so the more complex your calculation/computation is, the more gas you will have to pay. This limits people spamming the network as it would get prohibitively expensive to do so.

You can think of it like transaction fees in bitcoin (even though it is not actually the same thing)
For more information read this article by MyEtherWallet:
https://myetherwallet.github.io/knowledge-base/gas/what-is-gas-ethereum.html

Below 20 GWEI the blocks are almost all full, may I know the reason here..as per my understanding if we set lower than 20 GWEI that WILL have to wait in line ??

jhimli

jr. member

Activity: 59

Merit: 7

Quote from: Xynerise on March 08, 2018, 05:22:49 AM

Gas (or petrol, if it helps you understand better) is the fuel for the ETH blockchain.
Ethereum was designed to be a distributed turing-complete computer, and you can't have a public computer without a way to limit actions of participants or else they will exploit it or make the network halt by deploying code that loops forever.
That is how the concept of gas was born.
It is payment for every computation you make on the Ethereum blockchain (your ETH or token transactions are actually computations), so the more complex your calculation/computation is, the more gas you will have to pay. This limits people spamming the network as it would get prohibitively expensive to do so.

You can think of it like transaction fees in bitcoin (even though it is not actually the same thing)
For more information read this article by MyEtherWallet:
https://myetherwallet.github.io/knowledge-base/gas/what-is-gas-ethereum.html

Hey ,

I really appriciate your help , I was tried to understand form that link which you provide,,, its totally new to me , so may be it will take time to understand,,, you people are more educated in crypto industries ,, I am totally newbie in this large crypto world... but again thanks for your awesome help,, send me some more information ,, I jsut registered some courseware for blockchain technology ... so need to learn more and more..

cheers

Xynerise

sr. member

Activity: 322

Merit: 363

39twH4PSYgDSzU7sLnRoDfthR6gWYrrPoD

Gas (or petrol, if it helps you understand better) is the fuel for the ETH blockchain.
Ethereum was designed to be a distributed turing-complete computer, and you can't have a public computer without a way to limit actions of participants or else they will exploit it or make the network halt by deploying code that loops forever.
That is how the concept of gas was born.
It is payment for every computation you make on the Ethereum blockchain (your ETH or token transactions are actually computations), so the more complex your calculation/computation is, the more gas you will have to pay. This limits people spamming the network as it would get prohibitively expensive to do so.

You can think of it like transaction fees in bitcoin (even though it is not actually the same thing)
For more information read this article by MyEtherWallet:
https://myetherwallet.github.io/knowledge-base/gas/what-is-gas-ethereum.html

jhimli

jr. member

Activity: 59

Merit: 7

Hi , I am new in this blockchain field.. sorry for my ignorance

Try to learn step by step , how Blockchain actually works ..

so One word I found GAS ,, and after google it got this :

Gas is the name for the execution fee that senders of transactions need to pay for every operation made on an Ethereum blockchain,

Can anyone here please elaborate this for me with an example..

For exapmple: If I want to purchase ERC20 token, I have to pay GAS [ or excution fees]

Please help me.

Cheers

Topic: Want to know about Gas in details (Read 156 times)