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by freewilly1040
1610 days ago
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Side note, the term “gas fee” is a nice example of how crypto projects pick needlessly obtuse vocabulary. It’s a transaction fee. There’s no “gas” involved. Why call it that? Perhaps I’m jaded but my feeling is that using plain terms would reveal the emptiness of the space. A non technical person can see that a $200 “transaction fee” is a rip off. |
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The Ethereum VM has a bunch of different opcodes, some physically more costly than others. To account for this, each opcode has its own "gas cost." Storing a value costs much more gas than adding two values.
The gas price is the current price in ETH for one unit of gas. The gas price fluctuates with demand.
The transaction fee is the total ETH paid for your transaction. If you have a complex transaction that executes a lot of expensive opcodes, you will have a higher transaction fee than someone doing something simpler, even though you're both paying the same gas price.