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Ethereum: basics 1

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Basics: Epoch 11: Gas and Payments

Gas Costs

As we already explained in Basics: Transactions, every operation needs a fee to be paid to miners, to reward the computation cost.
This cost is called gas and is bought from your account.
So when you make a transaction you need to have the ether to cover the gas cost in your account.
To avoid losing all your money, you can set the gas limit.
If you don't have sufficient gas to run your transaction, at some point the process aborts and the transaction is rolled back.
But in this case, a part of the gas has been spent, so your ether balance will be decreased.
If you want to test all these things you can set your own test network, but this requires little bit advanced skills, and we will explain how to do it in the future.

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