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Ethereum gas fees and why they matter
- Transaction or gas fees must be paid by each user in order for transactions to be processed successfully on the Ethereum network.
- Fees are not paid to INX but to the network of miners who confirm and store transactions on the Ethereum blockchain.
- Gas fees are typically expressed in Gwei,ETH or US dollars and your Metamask wallet must hold enough ETH to cover any transaction fees.
- Depending on how busy the blockchain is, gas fees fluctuate. Sites such as https://ethgasstation.info/ or https://etherscan.io/ allow you to see current Ethereum gas prices.
- The basic settings tab will automatically ensure you are paying the minimum required amount for fairly quick completion of the transaction.
- Users may opt to speed up a transaction by increasing the gas fees from the advanced tab.
- Setting gas too low may result in delay, transaction failure, and loss of gas fees.
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