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How to check Ethereum Gas Fees [Ethereum Gas Fee Solution + 3 Tips if Ethereum Gas Fees too High] - YouTube
Channel: Petko Aleksandrov
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In today's video, we'll talk about how聽to check Ethereum Gas fees before you聽聽
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purchase an NFT, for example from platforms聽like OpenSea or any other or if you want to聽聽
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send Ethereum from an exchange like Binance聽or crypto.com and if you have already done聽聽
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that, you know that for every transaction, we pay Gas fees. So the question is what to do聽聽
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when the Ethereum Gas fees are too high聽and what is the Ethereum Gas fee solution?
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Hey guys, hope everyone is doing well and in this video, I will talk about how to check the Ethereum聽聽
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Gas fees because this is very important if you are聽 buying NFTs or if you are sending Ethereum from聽聽
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one wallet to another or simply said if you are聽doing any transactions on the Ethereum blockchain.聽聽
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No matter if you're doing it on an NFT platform or聽 you're just sending Ethereum from an exchange or聽聽
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from wallet to someone else, you are paying those聽
Gas fees that we've already mentioned. So how to聽聽
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check them and what I found as a solution for聽the Ethereum Gas fees, I will share that with you聽聽
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in that video. So the Ethereum Gas fees could聽really increase and quite often it happens that聽聽
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people are buying NFTs but they pay more Gas聽fees than the price of the NFT itself, okay, and聽聽
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on the other side, if you are selling NFTs still聽you are paying NFTs if you accept the offer or聽聽
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if you are listing your NFT for a first time and especially if you are selling it on a cheap price聽聽
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and you hit a period when the Ethereum Gas fees聽
are too high, then it could turn that you are聽聽
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actually losing Ethereum instead of profiting. So聽one of the Ethereum Gas fee solutions that I found聽聽
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is that website called ethereumprice.org/gas where we can see the Gas price for the last聽聽
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one week and you can see those peaks that聽usually happen when there is an expected release聽聽
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from an artist and many people are trying to buy聽the NFTs in the first minutes so the Gas price聽聽
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increases significantly. Alright, so, before you are purchasing an NFT or before you are聽聽
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accepting an offer or on the other side, if you聽are the seller before you accept the offer, you聽聽
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may want to check out this website and聽see where is the Gas price currently聽聽
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and right over here, you can see that the Gas聽price is in gwei. This is gwei and 1 gwei聽聽
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is one trillion of the price of the Ethereum but to make that clear, I will go to the Gas and Fees聽聽
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section in the ethereum.org developers guides聽
and you will see that each gwei is equal to
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0.000000001 of Ethereum, okay. Or in other words,聽 this is one trillion of the price of the Ethereum,聽聽
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so instead of saying my Gas fee was 0.0000 so many times 1 of Ethereum, you聽聽
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can say that it was 1 gwei and actually聽below, you can see that 1 gwei on the other聽聽
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side is equal to 1,000,000,000,000 WEI and this聽is the smallest unit of the Ethereum, okay. And聽聽
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there is a lot of information right over here聽prior to London upgrade which happened recently聽聽
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and after the London upgrade, what was the聽 difference, and I'm not going into details over聽聽
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here, I just want to bring your attention right at聽this section. The Block Size, so it says that before聽聽
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the London upgrade, Ethereum had fixed-size blocks聽
and then when there was a huge demands, those blocks聽聽
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operated at total capacity, right, but after the聽London upgrade, each block has target size of 15
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million Gas but the size of blocks will increase聽or decrease in accordance with network demand, up聽聽
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until the block limit of 30 million gas and it's聽a lot more to it for me, it is really interesting聽聽
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to know what is the change on the Ethereum with聽
every upgrade but what's interesting as well聽聽
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is that we have the Maximum Fee, so to execute a聽
transaction on the network, the users can specify聽聽
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a maximum amount or maximum fee that is known as聽Max Fee per Gas and usually, we should be refunded聽聽
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with the difference between the maximum fee we聽 allowed and, uh, the actual fee that we were charged.聽聽
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Now, I'm really not sure yet if all platforms聽for NFTs and exchanges already applied that聽聽
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but one more time, I just wanted to show you right聽
here that, uh, 1 gwei is 1 trillion of the聽聽
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Ethereum, okay. So, this is the unit we use when we聽
are looking at the Gas price, okay, so the first聽聽
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tip here on what to do when the Gas fees are聽too high, simply you can try the transaction a聽聽
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little bit later okay, so for example, if you are聽an OpenSea and you want to buy NFT for example,聽聽
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I will click on that one, okay. Cryptohamster girl聽and it has the current price of 0.02 of Ethereum聽聽
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or approximately $75, before I click on the Buy聽now, I'm pretty sure that the Gas fee will be more聽聽
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than the price of the NFT itself. Let's check this out, I will accept the terms and conditions.聽聽
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I will check out and let's see what we will聽have as a Gas fee, OpenSea suggested Gas fee聽聽
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is 0.0657 of Ethereum or this is about $250 right, and this changes all the time, so you聽聽
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can see that the Ethereum Gas fees could be too聽high when you are buying a cheap NFT okay, $75聽聽
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for the NFT itself and nearly $250 for Gas fee and here it is, 185 it just updated,聽聽
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okay. So you see I'm doing nothing at this聽moment, I'm just recording the video but聽聽
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the Gas fees they change and you can see right now聽
we are in this moment where the Gas fee increases聽聽
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but we saw that at the current moment, it actually聽
decreased, okay, so what's the solution here?聽
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Just do not rush, if I really wanted to buy the NFT and I jumped straight away, I would have paid $250聽聽
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and right now, it's about $185 which is $75 less okay, for Gas fees so just stay聽聽
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a little bit longer on the checkout page and grab the opportunity when the Gas fees聽聽
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are lower. So, this is the first thing to check the Ethereum Gas fees when you are buying first before聽聽
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you purchase or before you accept an offer if you聽
are the seller, check out this Ethereum Gas price聽聽
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chart and the second thing is the time of the day,聽so the brighter it is it means the price is lower聽聽
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and usually on the weekend, here is Sunday and here聽
Saturday, you can see that the Gas fees are lower聽聽
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and on Monday at 12 a.m. and 11 p.m. at the end of聽
the day, the Gas fees increase significantly and聽聽
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I don't think it's because of the NFT market but聽
because usually on Monday morning and I consider聽聽
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Monday morning when the stock exchanges open in聽
Tokyo, in China and there are a lot of Ethereum聽聽
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transactions that usually happen on Monday morning聽
there or this would be actually Sunday evening in聽聽
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the United States but keep in mind as well that聽here, we have the GMT+3 okay, so it depends聽聽
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where you are located. If you are looking at this聽Gas price by time of day, make sure to check what聽聽
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is your local time zone and below you will find some more information about the Gas聽
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fees that is very useful. I'm not going through it聽except to this sentence that I want to point out.聽聽
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The amount of Gas required for each transaction聽
depends on the complexity of the transaction.聽聽
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Okay, so buying one NFT is totally different from聽
sending 1 Ethereum from one wallet to another聽聽
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and on the Ethereum blockchain happens so many聽
transactions and keep in mind that the developers聽聽
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are always trying to improve the Ethereum Gas and聽
we really hope that in the future the Gas fees聽聽
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will lower and they have to lower. Many people聽stay away from the NFT world because of the聽聽
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high Ethereum Gas fees and I can assure that a lot聽
of people are looking for solutions, I'm sure there聽聽
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will be more solutions but for the current moment,
these are three simple things you can do. First,聽聽
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when you buy an NFT, make sure to stay a little bit聽
longer on the checkout page and as you saw the Gas聽聽
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fee changes automatically. Second, you can check聽
if you're not hitting such a moment where a lot聽聽
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of people are trying to buy NFTs and there are a聽lot of transactions on the blockchain Ethereum so聽聽
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the gas price is really high and third, you聽can check out on which day during the week,聽聽
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at what time you are doing the transaction and try to do it and those hours where you聽聽
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see average Gas price somewhere between 50 and 70聽gwei. Alright guys, I really hope this video聽聽
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was useful to you. If you have any questions聽about why the Ethereum Gas fees are too high聽聽
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or if you have any other solutions to lower聽Ethereum Gas fees, I'll be super happy to see them聽聽
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in the comments below. If you have found the video聽
useful, don't hesitate to smash the Like button.聽聽
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I'll be super happy if you support the channel, subscribe as well and this way you won't miss聽聽
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any future videos about the NFT world. Thank you聽
for watching and I will see you soon guys, cheers.
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