The video explains the concepts of gas limit and gas price in Ethereum, essential for understanding transaction costs. It covers the role of miners, smart contracts, and the importance of gas in executing operations on the blockchain. The video also provides tips on saving transaction fees by adjusting gas prices and highlights the significance of gas limits in smart contracts. Finally, it offers a disclaimer about the content not being financial advice.

What are the two main components of gas in Ethereum?

• Gas fee and gas tax

• Gas limit and gas price

• Gas cap and gas cost

• Gas rate and gas charge

What is the programming language used to write Ethereum smart contracts?

• JavaScript

• C++

• Solidity

• Python

How is the gas price in Ethereum typically measured?

• In dollars

• In euros

• In gwei

• In bitcoin

What happens if a transaction's gas limit is exceeded?

• The transaction is paused until more gas is added

• The transaction is canceled and no gas is used

• The transaction is partially completed

• The transaction is completed with extra charges

Why might a user choose a lower gas price for a transaction?

• To reduce transaction fees

• To speed up the transaction

• To ensure transaction priority

• To increase security

What is the default gas limit for a simple Ethereum transaction?

• 100,000

• 50,000

• 21,000

• 10,000

How can a user ensure faster transaction processing on Ethereum?

• By decreasing the gas price

• By increasing the gas price

• By decreasing the gas limit

• By increasing the gas limit