ββπ Why is Gas the most important thing you need to understand in the crypt? What are the nuances?
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Now many are switching from exchanges to decentralized wallets. The first thing you will encounter outside of the exchanges is Gas.
Gas is needed everywhere, you need to constantly think about Gas, Gas can be different.
π What is Gas?
In simple words: this is the commission for transactions on blockchain platforms for smart contracts. Gas is a fuel for the grid, like gasoline for an engine.
Examples:
β’ When you send ETH on the Ethereum network, you pay a little bit of ETH for sending.
β’ When you send BNB on the BSC network, you pay a little BNB for sending.
β’ When you send SOL on the Solana network, you pay a little SOL for sending.
It seems to be simple. But the most difficult part begins when you send tokens that work on a certain blockchain.
There are various tokens on the Ethereum blockchain: USDT, USDC, UNI, DAI, LINK and the like. To send any of them from a wallet (not an exchange one) you still need to pay the commission in ETH.
There is a very simple logic: if the token works on the Ethereum blockchain, then you need ETH to send any transaction.
If the token works on the BNB Smart Chain blockchain, then to send any token, for example CAKE, BUSD or XVS, you need to have some BNB on your wallet.
π But that's not all, we're moving on to a more complex level:
β’ Gas is needed for any actions in the blockchain: creating a smart contract, interacting with a smart contract, creating an NFT, sending an NFT, and much more.
β’ The commission in blockchains is not always fixed. The user can pay more Gas to speed up the transaction.
β’ It is not always necessary to pay a commission in ETH to send ETH. If you have ETH tokens that have been transferred to the BSC blockchain, then you need BNB to send them within this blockchain. If you have Bitcoins on the Ethereum blockchain, for example, WBTC, then you need to pay not BTC, but ETH to send them. The logic is the same: Gas depends on the blockchain on which this or that token works.
β’ Most of the Gas in blockchains require NFT.
β’ To send USDT on the Ethereum blockchain, you need ETH, To send USDT on the BSC blockchain, you need BNB, To send USDT on the TRON blockchain, you need TRX.
β’ In most wallets, there is a hint on the right next to the tokens. If ERC20 is written in parentheses next to the token name, then you need ETH (ERC20) to send this token. If BEP20 is in parentheses, you need BNB (BEP20). If BEP2 is written, BNB (BEP2) is needed. If TRC20, then TRX is needed.
Who do you pay for Gas to?
Miners /validators process and verify transactions, as well as ensure the security of the network - for this they receive a reward, that is, Gas. There is a direct dependence of network security on the size of the transaction fee that a miner can receive. The more they earn, the higher the stability of the system.
You should always have coins of the main blockchains in your portfolio (BNB,ETH,TRX,SOL...)
I hope you have learned something new for yourself π
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