Save Money on Transaction Fees!

The video explains the concepts of gas limit and gas price in Ethereum, essential for understanding transaction costs. It covers how gas is used to measure computational power for executing smart contracts, and how gas prices fluctuate. The video also discusses how to save on transaction fees by adjusting gas prices and limits, and the role of miners in prioritizing transactions. It concludes with a disclaimer about the content not being financial advice.

What are the two main components of gas in Ethereum?

• Gas limit and gas price

• Gas value and gas charge

• Gas amount and gas cost

• Gas fee and gas rate

What is the programming language used for writing Ethereum smart contracts?

• Python

• Solidity

• JavaScript

• C++

What is the smallest unit of Ether called?

• Gwei

• Finney

• Wei

• Satoshi

How is the gas price typically measured?

• In Bitcoin

• In Dollars

• In Gwei

• In Ether

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

• The transaction is canceled and no gas is used

• The transaction is paused until more gas is added

• The transaction is completed with extra charges

• The transaction is partially completed

What is the recommended gas limit for ICO smart contracts?

• 21,000

• 500,000

• 100,000

• 200,000

How can you save on transaction fees if your transaction is not urgent?

• Pay in a different currency

• Use a different blockchain

• Decrease the gas price

• Increase the gas limit