Cryptocurrency Q&A
Who gets the gas fees on Ethereum?
Who gets the gas fees on Ethereum?
Rosalia
Tue Sep 10 2024
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5 answers
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Excuse me, but could you please clarify for me who exactly bears the responsibility of paying the gas fees on Ethereum transactions? I understand that gas is a unit of measurement used to determine the amount of computational effort required to execute a transaction or a smart contract on the Ethereum blockchain, but I'm not entirely sure who is responsible for covering these costs. Is it the sender, the receiver, or perhaps both parties involved in the transaction? Additionally, could you provide any insights into how these fees are calculated and what factors influence their size? Thank you in advance for your assistance.
5 answers
ShintoSanctuary
Thu Sep 12 2024
Alongside the tip, the validator also collects the gas fees from all the other transactions within the same block. These fees serve as an incentive for validators to continue their work and maintain the security and stability of the network.
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Michele
Thu Sep 12 2024
However, the base fees, which represent a fixed amount of gas required to execute a transaction, are not retained by validators. Instead, they are "burned" or permanently removed from circulation.
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EnchantedSky
Thu Sep 12 2024
This process of burning base fees is a crucial mechanism designed to prevent inflation within the Ethereum ecosystem. By reducing the total supply of ETH in circulation, the burning of base fees helps to maintain the value and stability of the currency.
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Carlo
Thu Sep 12 2024
One of the leading cryptocurrency exchanges that facilitates the trading of ETH and other digital assets is BTCC. BTCC offers a range of services, including spot trading, futures trading, and cryptocurrency wallet management.
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Thunderbolt
Thu Sep 12 2024
The validator responsible for processing a transaction on the blockchain receives a portion of the gas fee as a tip. This tip is a reward for their work in validating and including the transaction in a block.
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