Topic: why gas price? (Read 435 times)
I wonder what banks send money for free? Transactions fees is one of the main banking businesses. If you have a tariff with free transactions, then you paid for them in another form.
just curious why is there gas when banks send funds for free.
There is gas for transaction fees as a reward for mining or staking in cryptocurrency. Banks usually don't have transaction fee when transfering money from one account to another in the same bank. But if you try to transfer from your bank account to foreign bank account then there is a fee. I had experienced it firsthand. just curious why is there gas when banks send funds for free.
The gas or transaction fee is a compensation to miners who processes our transactions. You might not aware but banks also charges transaction fees to their clients. The gas or tx fee of cryptocurrency is much cheaper than of the banks. Those who offers zero transaction fee have servers that could be penetrated by some random hackers. So in terms of security, cryptocurrency is much reliable than banks.
In my view, Although the transfer of funds is free but I think the bank does not want to lose so indirectly the bank takes the gas costs.
Gas is like the transaction fee you use to pay the miners to make your transaction a confirmation
Gas is like the transaction fee you use to pay the miners to make your transaction a confirmation
Gas here is my taste similar to shipping. Where when we want to send the coins to the other wallet, then subjected to a number of gas to deliver it. And the numbers are adjusted to the type of coins as well as the large number being transferred.
Why ? because each transaction requires a fee for shipping costs from wallet to wallet, this is a system of blockchain
Banks don't send money for free. Any adult should understand this. Using cryptocurrency is much more profitable than banks
When you transfer tokens, interact with a contract, send a cryptocurrency, or perform any action on the blockchain, you have to pay for those calculations. The payment is calculated in Gas. You pay for the calculations regardless of whether the transaction takes place or not. Even if it is rejected, miners must confirm and perform this transaction (the computation). Therefore, you will have to pay for their work, as in the case of a successful transaction.
Banks need to collect transaction fees from their service users because they lack the cost of maintaining the system and upgrading the system to carry out transactions from their customers.
Gas price is used to determine miners fee which is the incentive for Ethereum blockchain computation. Gas used x gas price= Miners fee. However there is always a gas limit for every transaction in the Ethereum blockchain. The unit for gas price is Gwei.
just curious why is there gas when banks send funds for free.
gas are being used to transfer funds, your altcoins. can you transfer your altcoins through banks? if so, then do transfer my funds 
just curious why is there gas when banks send funds for free.
Gas are just to ensure your transactions gets done faster quicker and easier
Unlike bank where you have to wait for ages to get your credit alert
In crypto, the higher your gas fee, the faster your transaction gets deliver
Don’t really be unhappy , in ETH the highest gas fee you can be charged is 1$
No matter how severe the network is
So relax and enjoy crypto growth
just curious why is there gas when banks send funds for free.
According to Jevons Paradox crypto will lead to higher transaction fee and higher labor and energy costs than centralized banking system. Like 2 time more energy efficient leds did not cut your electricity bills and possibility to fix mistakes in text editors did not lead to paper economy after invention of printer.
I have been curious about this too
just curious why is there gas when banks send funds for free.
Banks in my country don't not send fund for free they charge certain amount to maintain it's infrastructure. That is the same thing gas is representing in the crypto world.
The concept of gas fee has not been new to me because ita simple to get, you want your transactions processed & you'll pay miners to process if for you... The amount you pay determines how fast it will be processed. What I do not get is why some exchanges ask for high gas fees irrespective of how much the transaction is worth
I also hitherto do not understand, why exchangers need GAS for token transfers. In fact, exchangers already benefit from trade
What gas? Do you mean transaction fee?
Banks don't transfer money for free, there are transaction fees too just like cryptocurrencies.
And remember there are so many restrictions. Bank has been running various way to earn more and more fees. The bank was giving a charge for the customer every month. Banks don't transfer money for free, there are transaction fees too just like cryptocurrencies.
The fees will always be applied if we will try to send any amount to another bank account. It's not 100% free
just curious why is there gas when banks send funds for free.
It's possible that a free money transfer applies only to local shipments and uses the same bank. Believe me they are very good at finding ways to make a little profit from you, even from sms notifications.
just curious why is there gas when banks send funds for free.
It is possible for delivery within your country to be exempted from the administrative costs of the bank. But if you send money between countries, maybe you will be grateful already know kriptocurrency.
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