Gas Fees

What is Gas?

Gwei is a unit of gas that is used in the Ethereum network. Gas is used by miners to process transactions and it is one of the key differences between Ethereum and other cryptocurrencies like Bitcoin.

Because the price of gas is currently so high, you want to make sure that you are planning any transfers and calculating whether they are worth it. You can easily watch your hard earned ETH dwindle away due to gas prices.

If you want to know what the current gas fees are, or what they have been over the last 7 days then check out this site:

https://www.etherchain.org/tools/gasnow

Most wallets allow you to adjust your gas fee for a transaction. If your suggested fee is below the current running rate, your transaction may take a while to complete. So be careful!
But on the other hand, most wallets set the fee to be higher than the current rate to ensure that your transaction happens quickly. With the current price of ETH, this can get expensive quick.

If you keep an eye on the trends, you will soon notice that time of day and day of the week can affect the price of gas. So make sure you plan ahead! Schedule your transactions when the price of gas is usually lower. It can save you money in the long run!