What is the cost of doing a transaction in Ethereum? Is it less than bitcoin or higher? First of all, the Ethereum transaction cost is denoted by a unit called Gas. Standard transaction cost is 21000 gas and this is paid using Ether currency. At the time of writing of this article, the price of Gas in terms of USD is $0.0885 which is quite low compared to bitcoin.
That being said, the way transactions work in Ethereum is totally different from bitcoin. The price of gas price is impossible to predict for future.
Ethereum transaction cost is determined by Ethereum wallet app that you are using. If you are charged excess Ethereum fee, that will be refunded back after you make send Ethereum from your account to another.
In the future, cost of Ethereum transaction will get even lower if the ETH USD rises significantly. Since miners can accept or reject any transactions they wish, as with bitcoin, some may decide to start balancing costs and prioritizing high-fee transactions while others may mine altruistically. For example: if you doing a gas transaction of 21,000, it would cost you about 0.00043657 ether. In comparison, the cost sending similar amount was 0.00105 ether. So this will go down as price of Ethereum increases.
May 30, 2017
| Ethereum FAQ