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.
Normally, wallets and exchanges give users an option on how much they want to pay for the gas. The higher the chosen gas price, the higher the priority your transaction will get in being processed on the ETH blockchain. If time is not of importance when conducting a transaction on the ETH network, you can choose a lower level of gas price and vice versa if you require a quick transaction.
The following subcategories (terminology may differ slightly from the product you use) are what you would expect to see when transferring on the ETH network;
However, in some instance’s products have advanced options where you can set your own gas price.
The latest gas prices can be found here.
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.
For example, during 2017 when initial coin offerings (ICO) were ‘hot’, individuals would send ETH to withdraw their new tokens into their own wallet. ICO smart contracts require a higher computation and therefore the gas amount would have to be higher than the standard 21,000 Gwei.
By setting a gas limit, this prevents a situation where there might be an error in the smart contract and the costs keep spiraling. If there is not enough gas then the transaction will be canceled and a block explorer will show that there was not enough gas for the transaction.
· Different transactions will incur different gas costs.
· Miners will stop executing the transaction when gas…
