Saving ETH Gas Fees & TOP TIPS to Profit!! ⛽️💰
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📺Essential Videos📺
1inch Explained 👉 https://youtu.be/8gGohy53s-o
Loopring Explained 👉 https://youtu.be/k_oAgPQfsqg
Why Ethereum Will Fly In 2021 👉 https://youtu.be/NLr2HMz_tvg
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– TIMESTAMPS –
0:00 Intro
2:26 Ethereum Gas Explained
4:49 How To Save Ethereum Gas
6:45 Speeding Up & Reversing
8:16 Gas Tokens Explained
9:50 Chi Gas Token
11:11 Layer 2 Solutions
12:42 EIP 1559 Updates
14:28 Conclusion
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Ethereum Gas Explained In-Depth: https://defiprime.com/gas
► Eth Gas Station: https://ethgasstation.info/
► Eth Gas Browser Extension: https://chrome.google.com/webstore/detail/ethereum-gas-price-extens/innfmlnnhfcebjcnfopadflecemoddnp?hl=en
► TxStreet Live Ethereum Gas Changes: https://txstreet.com/
► How To Unstick Stuck Transaction On Ethereum: https://ethgasstation.info/blog/stuck-transaction-guide/#:~:text=Select%20’Expand%20View’%20and%20click,with%20a%20higher%20gas%20price.
► EIP 1559 Status: https://github.com/ethereum/pm/blob/master/Fee%20Market%20Meetings/mainnet-readiness.md
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⛽Ethereum Gas Explained⛽
Like every other cryptocurrency, the Ethereum network has transaction fees known as ‘gas’. Ethereum gas fees are measured in a unit called Giga Wei or Gwei for short.
Wei is the smallest denomination of the ETH cryptocurrency. 1 Wei represents 1 quintillionth of an ETH, and 1 Gwei is 1 billionth of an ETH.
Ethereum miners vote to set something called the gas limit, which is how much gas can be included in each Ethereum block.
Even with a higher gas limit, if the Ethereum network is busy enough it means you’re going to be paying a premium to get the Ethereum miners to include your transaction in the next Ethereum block.
💱How To Save Ethereum Gas💱
Almost every single Ethereum wallet in existence lets you set your own personal gas limit before sending a transaction. The default gas fees set by these apps is not always up to date.
Check websites like Eth Gas Station and Tx Street to see what the most up to date fees are. Setting your own custom gas limits using these tools can reduce your Ethereum gas costs by up to 30%.
Another similar way to reduce gas fees is to transact during Ethereum’s “quiet hours”. This is between 8 to 11pm UTC. Ethereum gas costs can be up to 50% cheaper during that timeframe.
⚡Speeding Up & Reversing Transactions ⚡
Unless you’re executing a mind-melting arbitrage trade using a flash loan, sticking to the bare minimum gas limit you see on Eth Gas Station during Ethereum’s quiet hours.
If you set the gas too low, your transaction could get stuck. To speed it up, you must pay at least 10% more than the previous fee, regardless of the current gas costs.
If you want to reserve the stuck transaction, you can find it on Etherescan, copy the nonce number, and send yourself 0 ETH using the current gas fee along with the nonce number.
💰Gas Tokens Explained💰
Gas tokens take advantage of a function on Ethereum called the ‘storage refund’. This refunds a portion of the ETH used for gas in a smart contract when some of the data inside of it is deleted.
Gas tokens are essentially junk data inside a dummy smart contract that can be destroyed in exchange for Ethereum gas. They are usually created when gas fees are low, and burned.
🤑 Chi Gas Token🤑
The Chi Gastoken has pulled an impressive 20x since the fall and continues to rise in accordance with Ethereum’s gas fees. It can be minted using the 1inch exchange, but be aware that this too costs gas.
⛓ Layer 2 Solutions ⛓
In addition to being a decentralized exchange, Loopring also allows you to transfer ETH and LRC to other users with zero fees.
Getting your funds into Loopring does cost gas however, so whether you use this solution really depends on what you’re trying to do.
🛠EIP 1559 Updates🛠
Ethereum Improvement Proposal 1559 would set a base fee for Ethereum transactions and burn those fees out of circulation.
A recent Tweet by Ethereum developer Tim Beiko suggests that they’re still pressing forward with EIP 1559, and that we will see it “ready to be considered for main net” sometime in March.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#ethereum #gas #ETH #crypto #blockchain #cryptocurrency #trading
Liked and subscribed!
excellent excellent video
ETH gas fees Fu*ck you! You took my whole pay check!!!!!:(
I wish you make shorter videos. Don’t need a show of 20 mins for 1 small solution.
Thank you for so much value! I learned alot. 🙂
Is this still applicable to today’s EXTREMELY high gas fees?!?!??!?!??!?!?!
This video was well done and informative and I learned about Loopring and EIP 1559 cheers! thank you
Gas prices are up. Thanks Biden!
$120 in gas? That’s cute.
Thanks
omg how hard can crypto be? i feel like i never understand crypto
Fees are too high….can cost a lot of money for a newbie….i made the same mistake at first…tranfer to wallet 29€ and receiving 14€ 🙁 Was quit a negative experience
Could you imagine if a regular bank had fees that worked like ETH gas, you send someone a check for $20 and in order for them to cash it they have to pay $30. People would riot.
too complex i quit..
I tried to swap one token to another and the gas fee was 30 x higher than the amount I would like to swap…it does not make any sense at all…
Tried to withdraw $69 from binance US to metamask and fees were $170 so 0 ETH ended up in my wallet.
If it’s not on Coinbase it ain’t worth a headache don’t understand transferring 150$ worth of a coin to pay 118 in fee shit doesn’t make any sense
Where does it give you the gas fee
Pls dont delete. this is a legit swap. Anji has up to 40%less gass fee compared to UNI. Go do ur own resertch.
Lets just agree ethereum sucks and binance is pretty dope
hi, fantastic video, very informative. I still have a question though. so if the GWEI is 180 that should be $11.34 gas fees (21000 X 180 GWEI X 0.000000001 = 0.00378 X $3000 (ETH price today) =$11.34, so why am i still getting gas fees of $145 ?
Before transacting in ETH, ask yourself, am I okay? 😂
I bought gala for 500 and 250 paid to etherium gas fee🙁. For tjis reason I hate Eth
Shafted this morning so here I am.
Use BSC instead
as I watch this video I’m realizing I need to rewatch and take notes.. damn
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I tried making manual gas fees several times and lost $700 — they got rejected, and my ETH was kept. HOW do you keep that from happening?!?!??!?!
Jimmy Saville’s phone number is a nonce number.
so confused lol etf
Hmm yeah ethereum is crazy expensive to use how is it so popular if its practically unusable. I had no clue that wallets where so different I tryied out exodus and like a idoit moved all my small amounts in to it thinking I could convert it in the wallet yeah that was a huge mistake. Moved Shibu into it and now basically I’m screwed, the fees to move it out of my wallet are ridiculous. I am never using anything ethereum based again if it went up 10× mabe it would bread even after gas cost. It’s a strange thing to see that your asset went up 276% and you will cash out at a loss is eth made by apple? 😂
This just makes me want to bite the bullet, take the loss and get rid of every ETH based coin I have. Put it all into ADA. Yesterday my son sent me $3000 worth of ADA for $0.84 CAD.
Guy, my main financial advisor 😀
honestly your the best just learned about gas fees the hardway
Thanks Guy!
so funny watching that video when ETH is almost 5 k
This was so healpful. Thank you
I got shagged by gas fees and the transaction failed, fml 😑
ALMOST unusable? Newbies need to learn about "failed transactions" due to slippage and lack of enough ETH to pay for gas fees. You will be charged your fees for failed transactions either way. You could easily spend thousands of dollars to only invest a few dollars.
ETH gas fees are totally shit. Eth is shit. It is old, expensive, slow, it doesn’t work proper and it it fails your money is lost. Fk ETH. Gwei was 6855 yesterday. That is almost 2000 euro’s. Eth is death.
Thanks ☺️
Xrp
Me:
Why is he standing in front of a gas station awning?
Also me:
Um, hey dummy, he’s talking about GAS fees. 😂
Lmfaooo now 100 is cheap
⚠️⚠️ Please watch out for scammers in comments with whatsapp numbers. Hope this vid helps you guys reduce gas fees. Don’t forget to jump into my socials for the content that you are not getting here 👉 https://guy.coinbureau.com/socials/
guy your the best In Crypto
Thank you for sharing! Hoping for some guidance: My Trust Wallet contains some Tether, and I know the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way should I go about sending them to KuCoin?
in other words it works like shit for the buyer. we are screwed. a lot of words a lot of explanation for a shit system
Eth gas fees are criminal. Keeping the fees high is a criminal activity making eth miners part of a criminal organization?
as long as gas fees are so high the network is worthles