gas fee
Gas fee (noun) means the charge paid to have a transaction processed and recorded on a blockchain, covering the computing work involved. It rises when the network is busy and is paid in that network's own currency. Example: “The gas fee cost more than the item she was trying to send.”
How to use gas fee
Learner’s notesIn plain EnglishThe charge you pay to get a blockchain transaction to go through.
Most associated with Ethereum and networks modelled on it; other blockchains simply say "transaction fee". Often shortened to "gas": "gas is high today".
Gas is charged in the network's own currency, so on Ethereum you need some Ether in the wallet to move anything else, including tokens and NFTs.
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The _____ cost more than the item she was trying to send.
Etymology
From gas in the sense of fuel, by analogy with the fuel a vehicle consumes: the amount of computing work a transaction uses is measured in units called gas.
Synonyms
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Rhymes for gas fee
See all rhymes for gas fee →Frequently asked questions
Why are gas fees sometimes so high?
Space in each block is limited, so users effectively bid for it. When many people transact at once, the price needed to get included rises, and complicated transactions such as those involving smart contracts consume more gas than a simple transfer.
What is the difference between gas price and gas limit?
Gas measures how much computing work a transaction takes. The gas limit is the most work you are willing to pay for, and the gas price is what you pay per unit. Roughly, the fee is the gas actually used multiplied by the price.
Who receives the gas fee?
Part of the fee goes to whoever adds the transaction to the chain, the miners or validators who run the network. On some networks, including Ethereum, a portion of each fee is destroyed rather than paid to anyone.
What is the meaning of gas fee?
"gas fee" (noun) means the charge paid to have a transaction processed and recorded on a blockchain, covering the computing work involved. It rises when the network is busy and is paid in that network's own currency.