What are gas fees

We develop & create digital art.

Gas fees, also known as transaction fees, are charges incurred when conducting transactions on a blockchain network. Gas fees are typically associated with decentralized platforms, such as Ethereum, and are used to incentivize network participants to validate and process transactions. In Ethereum, gas fees are paid in Ether (ETH) and serve multiple purposes. Firstly, they prevent malicious actors from spamming the network with an excessive number of transactions. Secondly, gas fees compensate the network's validators (miners or stakers) for the computational power and resources utilized to process transactions and execute smart contracts. The amount of gas fees required for a transaction depends on various factors, including the complexity of the transaction or smart contract, network congestion, and the gas price set by the user. Gas price refers to the amount of ETH paid per unit of gas, and higher gas prices incentivize miners to prioritize a transaction and include it in a block sooner. Gas fees can vary significantly, ranging from a few cents to several dollars or even higher during periods of high network activity. Users have the flexibility to adjust the gas price according to their urgency and willingness to pay more to expedite their transactions. It's important to note that gas fees are specific to blockchain networks like Ethereum and may not apply to all types of transactions or platforms. Other blockchain networks may have different fee structures or mechanisms for transaction validation.