GAS LIMIT (ETHEREUM)

Gas Limit refers to the term that the Ethereum platform uses to pertain to the maximum amount of “gas” the user would be willing to spend on a coin transaction. When the Gas Price is multiplied by the Gas Limit, this will give a trader the total transaction cost. 

Basicaly, the Gas Limit is one’s guess at the total amount of work that being requested. This is not at all easy. It is commonplace that most transaction require up to 21,000 “gas” for these to be satisfied.

Should the limit be too low, the crypto trader’s work would not be finished once the trader hits it. The transaction will eventually fail and ETH token will be lost. Should one’s work be accomplished before the limit had been reached, he or she will be able to get the ETH that had not been used back. Ultimately, the “Gas Limit” protects crypto traders from spending unlimited ETH through the guarantee of a stopping point on one’s work. All the trader has to ensure is that it is set properly, should the trader fail to secure all conditions, problems are sure to be experienced.