Gas refers to the amount of Ether (ETH) required by the Ethereum network for users to interact with it. The fees are used to compensate miners on the Ethereum network.
Understanding the Term
The term gas, in the context of cryptocurrencies, is used to describe the pricing mechanism used on the Ethereum network. It is the fee or pricing value that is required to successfully execute a contract or conduct a transaction on the Ethereum network. It is a special unit that measures how many computational resources a certain task requires. More demanding tasks require a higher gas cost. The gas price is more important than the gas limit as the latter term just means maximum value. The total cost of a transaction can be found by multiplying the gas price with the gas price limit.
The meaning of crypto gas fees is the cost required to perform a transaction on the Ethereum network. The price of gas is set by miners based on supply and demand for the computational power of the Ethereum network. Gas prices are expressed in terms of GWEI, which are small fractions of Ether.