What are network fees? What is an ETH gas fee?

Transaction fees, which are also known as network fees, are incurred for processing transactions on the network. The payment of network fees by users is a means for them to attract miners or validators to conduct transactions, which they earn as part of the reward.

On the Ethereum network, a "gas" is what defines the basic form of network fee. A gas is a measure of the computational complexity involved in conducting transactions or contracts on the Ethereum network. However, it can vary depending on network congestion and the complexity of a transaction or contract as well as market demand for block space.

Users can set a gas price and a gas limit for transactions by submitting their own transaction details. This feature also permits the user to specify the amount of gas they are willing to spend per unit of gas. Miners may experience faster confirmation times due to higher gas prices, while lower gas prices may result in longer confirmation times or delayed or hanging transactions in the mempool.

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