Gas (fees)

Definition of Gas fee

Cost of completing a transaction on a blockchain, also known as ”gas” fees. Gas often spikes when a large project is minting, leading to many stalled and ultimately failed transactions. This is currently not a problem for XRP as gas fees/transaction costs are below $0.01, as of right now it is approximately 0.00016 XRP per transaction.

Gas used in a sentence

‘’I’m not going to send the ETH to my Metamask wallet right now, because the gas fees are too high! I might do it tuesday early in the morning or wednesday.’’

‘’The gas fee is the cost of successfully completing a transaction on the Ethereum network.’’

‘’The high gas fees have been one of the greatest issues in the crypto market.’’

History of the term gas fee

Gas fees, contrary to their name, have nothing to do with the consumption of liquid fuels or the environmental impact of mining. Rather, it is the payment sent to miners for entering or executing transactions on the blockchain. The unit of account of the gas fee is called GWEI.

For more information regarding the Gas Fees, read this article.


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