Have you ever heard of ethereum gas price? Or is this the first time? Welcome to both of you.
In today’s post, I’m going to explain what is ethereum gas price.
By the end of this post, I also explain how to set gas prices. So keep reading.
Okay, let’s start with the explanation of the ethereum gas.
As you might know already, You cannot make transactions on myetherwallet without gas. What is gas price, Gas limit? I will use a simple example to explain this.
You have a car and you need to go on a trip about 100kms. But you need fuel(gas). Assume you need 1 gas per 1km and the price of gas is 1$. You are going to need at least 200gases to complete the trip(gas limit). If you put below 200 gases, you cannot complete the trip. Then you are about to cost 200$ at least. This is a simple explanation about gas price and gas limit.
But, In the ethereum transaction gas, gas price is the miner’s price which how much they are going to cost for gas. Commonly known as “Gwei“.
“Gas limit“, it’s the maximum amount of units of gas you are willing to spend on a transaction.
Check out the myetherwallet article.
Here’s the deal.
If you’re paying a higher amount for Gwei, The transaction is quicker. But, that’s going to run you more ethereums than setting a low Gwei.
What is the real story?
All the transactions made by people are in a pool. If your transaction is pending, That means your transaction still in the pool.
Check out this infographic by myetherwallet.
If you pay higher for the Gwei, The miners pick your transaction first. (Basically, they pick transactions with high Gwei first) And they add your transaction to the blockchain. Once your transaction is in the blockchain, Your transaction is complete.
I hope you understand my explanation. Let’s get into the gas setting process on myetherwallet.
How to set gas price, gas limit for your transaction
Get into send tokens section on the left side of the dashboard.
Select the token that you want to send. If you don’t know how to add custom existing token to myetherwallet, Don’t worry I have a post for you.
Now you can see the details that we talk about in the above section. Select and set the amount of the token that you are going to send.
Pase the destination public address.
NOTE: Make sure that you generated this address from the specified section of the token in that destination exchange or wallet. Otherwise, the transaction will fail.
Now, set the transaction fee. Mentioned in Gwei. The default may be 40 Gwei. You can change if you wanted to.
Set the Gwei as you needed. Remember, Higher the gwei, Faster the transaction is.
Click save. Now set an enough gas limit. Or untick advanced. It will automatically calculate the gas limit.
Send transaction and you’re good to go.
After that how to check the transition process of your token?
Search your wallet by public address. In the bottom, you see “Transactions” Or you can track your transaction by transaction hash.
Learn something new today?
I would like to know your ideas. Leave a comment.