TP Courses - What is Gas Fees?

Transfer fees, commonly known as consuming Gas, are also called miner fees as an incentive for miners to mine.

Transfer fees are determined by the Gas Price (unit price) and the Gas Limit (amount) consumed. The calculation formula is as follows:

Transfer fee/Gas fee/Miner fee = Gas Limit * Gas Price

The amount of Gas Limit is mainly affected by the complexity of the operation based on the content of the smart contract. The more complex the operation, the higher the Gas Limit.

The Gas Price is set by the sender. The higher the Gas Price set by the sender, the faster the transaction initiated by the sender can be confirmed in blockchain.

Notes:
The gas fee for ETH is ETH;
The gas fee for BSC is BNB;
The gas fee for HECO is HT;
The gas fee for OKExChain is OKT;

Gas can be returned if it is not used up.