What are gas fees in crypto

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What Are Gas Fees In Crypto? (ETH High Gas Fees Explained In Animations)
Gas is a measure of how much it costs someone to transact on the blockchain. This cost is defined using the gas limit and the gas price. Gas fees are the transaction fees users pay on the Ethereum blockchain to conduct transactions (like sending or swapping ETH) and execute smart. Gas is the unit of measure for how much computational work is required to process transactions and smart contracts on Ethereum. Ethereum gas fees are often.

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Gas prices are based on supply and demand for the network's validation requests. The gas mechanics of Ethereum are complex. Since Ethereum has a block time of around 13 seconds, a fast transaction is generally executed in the first or second block. Gas ensures that users can prioritise their transactions based on the gas price they are willing to pay. Many wallets that cater to Ethereum users such as MetaMask have built-in calculators that will automatically set the gas fee for you.