Gas Price

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Gas price is a very small amount of ethereum and it is multiplied by an amount known as gas limit to pay people to record transactions and do other software actions. If the amount of gas is insufficent to complete the work, the work will fail. On the other hand, you can pay a bit more gas and expect the computers to complete your task sooner.

Gas is calculated by multiplying a very small amount of ethereum, known as “gwei” and “gas price”, and multplying that by how much you want to spend, known as the “gas limit”. The very small amounts of ethereum used in gas price are known as gwei. 1 ethereum = 1 billion (1,000,000,000) gwei. A typical gas price is 20 gwei, but it can go as high as 50 during peak usage and as low as 2 gwei for a slower transaction.

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