Thank you. Really good information. Why are you using so high gas price? What is the minimum you recommend in order not to miss the ICO? 500,000 is not fine? How can I calculate this number? Thank you very much.
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Thanks @romangt87! The BAT crowdsale doc says that a minimum of 200,000 should be used for the gas limit. As for the gas price, etherscan has a good chart for the average price, and ~22 gwei, or 22,000,000,000 wei, has been steady for the last few months now. A minimum of 1,000,000,000 wei is needed for most nodes to even pick up your transaction, so 500,000 is way too low. Eth Gas Station shows how the gas price corresponds to transaction time, and there seems to be diminishing returns above 30 gwei. I anticipate momentary congestion in the network during the ICO though, so 30 gwei+ seems like a good idea if you really must get in. I'd say a minimum to use is 18 gwei, and anything 22 gwei+ is safe.
Thank you great explanation. So more than 30gwai how much ETH fees correspond aprox? How much ETH I must have also for the fees for a 30gwai+ transaction? Thanks.
30 gwei is the amount of wei you spend for each unit of gas. At 200,000 gas, you have 6 x 10^15 wei, which is 0.006 Ether, or about $1.10 in fees at $180 per Ether. Any gas that isn't spend on the transaction will be refunded to you automatically though. I recommend checking out this post I wrote about Ethereum Gas if you want more info on how it works and how to calculate it.
one last question, when you introduce the "gas price" in myetherwallet, what are you exactly introducing? That amount is in gwei or in wei? So in order to participate in BAT sale safe I need to use 22gwei gas limit = 22.000.000.000 wei gas limit. Is this last amount (22.000.000.000) what I need to put in gas limit in myetherwallet? That would be less than 10usd transaction cost rigth? Thank you very much and sorry for so many question but it is a new concept and I want to understand it well :)
MyEtherWallet has a slider in the bottom right of the site for gas price:
You can see that it is measured in Gwei, so in this picture you would pay 20 Gwei (20.000.000.000 wei) for every gas unit consumed in the transaction. The gas limit (200.000 for the BAT ICO) caps the amount of gas you allow the transaction to consume. If all 200.000 gas is used, you would pay 20 Gwei * 200.000 gas = 4 million Gwei, or .004 ether ($0.72 @ 180 per ETH).
If you use 30 Gwei for the 200.000 gas limit BAT ICO like me, it will be $1.08 in fees
Thank you very much!
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