What is GAS? Gas Limit? Erc-20 transactions? – ALTCOIN MAGAZINE

Gas is always payable in ETH.

ETH transactions and any ERC-20 transactions.

ERC-20 tokens are stored on Ethereum addresses and built on the ETH network. All ERC-20 tokens can be found on etherscan.

Generally, people use the standard gas price to execute transaction. The standard gas limit for a simple transaction of sending ETH from one wallet to another is 21,000 units of gas.

However, in some instance’s products have advanced options where you can set your own gas price.

Gas limit refers to the maximum amount of gas you are willing to spend on a transaction. The higher the complexity of your transaction, the higher the amount of gas required.

(A screenshot from Etherscan showing a failed transaction due to insufficient gas)

· Different transactions will incur different gas costs.

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