Gas Fees: Ethereums Congestion Problem And Layer Two
Imagine sending a letter and having to pay not just for the stamp, but also for the postman’s time, the cost of fuel for the truck, and even a tiny fraction of the post office’s rent. That, in essence, is what gas fees are in the world of blockchain. They are the transaction fees users pay to compensate for the computing energy required to process and validate transactions on a blockchain network. Understanding gas fees is crucial for anyone interacting with blockchain technology, whether you're buying NFTs, trading cryptocurrency, or using decentralized applications (dApps). This guide will break down the intricacies of gas fees, explaining what they are, how they work, and how to navigate them effectively.
What are Gas Fees?
Defining Gas Fees
Gas fees are the fees required to conduct a t...