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hi bloomies welcome back to bloom Academy you ever wonder why some of your crypto transactions cost more than your Starbucks latte let's talk about gas fees and by the end of this video you'll be ready to slay crypto without draining your wallet gas fees are the cost you pay every time you do something on a blockchain network whether you're sending crypto buying an NFD or diving into a decentralized app everything on ethereum needs gas to run they might seem tiny but trust me they can stack up real quick so understanding them means saving money and time here's how gas fees work every transaction on a blockchain needs to be verified and added to the network and that takes computational power these fees are basically the payment to the computers AKA miners or validators who are grinding behind the scenes gas fees are paid in ether and depend on two things how packed the network is and how complicated your transaction is every move you make on ethereum takes gas units some actions like sending eth to a friend are chill and don't need much gas but minting an nft is going to burn hot now that's the price you pay per a gas unit that fluctuates it's measured in something called guay and when everyone's fighting to get their transactions through you might have to offer more gay to avoid getting stuck in this traffic jam but I've got your back with some easy hacks to keep your gas fees low First Watch gas prices using tools like ether scan or gas fee trackers they'll show you the average gas prices and when the Network's less busy so you can time your transactions then choose the right time and avoid transacting during peak times next adjust your gas limit every transaction has a max gas limit if your transaction needs more gas than you've set aside it could fail and you'll still lose that gas anyway so make sure to set an appropriate limit finally optimize your smart contracts if you're dabbling in coding make sure your smart contracts use as little gas as possible the more complex they are the more they'll cost you crypto is evolving faster than ever and so are gas fees so keep your mind sharp with Bloom Academy smash that like button subscribe and ring that notification Bell bye a [Music]
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