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Side note, the term “gas fee” is a nice example of how crypto projects pick needlessly obtuse vocabulary. It’s a transaction fee. There’s no “gas” involved. Why
by freewilly1040 5y ago
Side note, the term “gas fee” is a nice example of how crypto projects pick needlessly obtuse vocabulary. It’s a transaction fee. There’s no “gas” involved. Why call it that?
Perhaps I’m jaded but my feeling is that using plain terms would reveal the emptiness of the space. A non technical person can see that a $200 “transaction fee” is a rip off.
- _jal 5y agoJargon is inevitable. Have you ever listened to an investment banker in their native habitat?
- delabay 5y agoGas (as in a car) is a useful analogy to the function of this fee in the protocol. Transaction fee implies something else all together.
- albertopv 5y agoSomething else like what? It's a transaction and you pay a fee, what's wrong with this explanation?
- DennisP 5y agoSince you asked, here's where the terminology comes from. The Ethereum VM has a bunch of different opcodes, some physically more costly than others. To account for this, each opcode has its own "gas cost." Storing a value costs much more gas than adding two values. The gas price is the current price in ETH for one unit of gas. The gas price fluctuates with demand. The transaction fee is the total ETH paid for your transaction. If you have a complex transaction that executes a lot of expensive opcodes, you will have a higher transaction fee than someone doing something simpler, even though you're both paying the same gas price.
- PebblesRox 5y agoSounds like the quote from the article is using the term "gas fee" to refer to the overall transaction cost. At least I don't see any reason why someone would specifically car about the gas fee portion of the overall fee in the context of losing most of the money in the refund process.
- DennisP 5y agoUsers focus a lot on the gas price since it's a consistent indicator of the cost to transact, so they've tended to use the terms "gas fee" and "transaction fee" interchangeably. Your transaction fee is used entirely to buy gas, which is spent in running your transaction.