What are gas fees on BSC chain?
In this article, we'll explain what miners are and explore why gas fees are needed. We'll also go over the two categories of gas fees you'll encounter on NumisArt (one-time fees and recurring fees), as well as failed transactions.
Let's dive in!
What are miners on BSC?
BNB, like Bitcoin, currently uses a proof-of-work mining model. In proof-of-work, miners are decentralized computers that use their computing power to process and confirm transactions. In bsc, new transactions get added in "blocks" every 3 seconds. Miners are a built-in mechanism of the binance blockchain and get paid in Ethereum's native cryptocurrency, BNB.
When you pay gas fees, the payment only guarantees your transaction to be processed. It does not guarantee that the transaction will succeed.
This is because gas prices on BNB fluctuate widely. If there is a high level of activity on BNB - for example, a popular NFT collection is being released - gas prices will rise due to network congestion. In this case, the original gas fee you paid may no longer be high enough for miners to process and confirm the transaction.
When are gas fees needed on NumisArt?
When you send crypto to another wallet or purchase an NFT using NumisArt, you'll need enough BNB in your wallet to pay for gas fees.
There are two categories of user actions that result in ETH gas fees on NumisArt:
One-time fees
Recurring fees
One-Time Fees
As we mentioned above, there are a few one-time fees you'll have to pay when using BNB for the first time. These transactions are required to grant certain permissions between your wallet and NumisArt.
#1 Approve allowances
If you’ve never sold an NFT using NumisArt before, you’ll need to pay an account initialization fee before you can list it on BSC.
The cost of this account initialization fee may vary widely, depending on bsc network congestion. It will be slightly higher than your typical transaction.
#2 Token or Contract Approval (such as USDT, USDC, BUSD)
Suppose the item you're listing on NumisArt, you'll need to pay approval fee authorizing transactions between that contract and your wallet.
If this is your first time listing an auction, you will also need to approve the selected token too.
Token approval is required whenever you interact with a cryptocurrency for the first time. This includes other popular currencies like USDC, BUSD and USDT.
Recurring Fees You will pay gas fees on BSC when:
Accepting an offer
Buying a NFT
Canceling a listed NFT
Bid
Claim NFT from contract
Gas-Free Actions
These actions don't require gas fees:
Changing profile picture & banner
Changing your biography
Avoiding failed transactions
There are four common errors users might encounter with failed transactions. These can be found by "Status" when reviewing the transaction on BSC.
Dropped and Replaced: this means the transaction was dropped and replaced by a new one
Out of gas: this occurs when the gas limit of your transaction was set too low. Default gas limit settings for transactions are automatically calibrated on crypto wallets like MetaMask. Changing these gas limit settings may increase the chances of a failed transaction.
It's important to check websites like Bscscan before confirming a transaction. If gas prices are too high
Reverted transactions: this error typically occurs when purchasing an NFT. The failure refers to the loss of the transaction (gas) fee, not the value of the item you attempted to purchase. In this case, generally the person who paid the most gas actually gets to buy the item. This can often happen if a lot of users are bidding for the same item at the same time.
Last updated