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What is the difference between Gas Limit and Gas Price?

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The following are the differences between Gas Limit and Gas Price :

  • Gas Limit refers to the maximum fee a user is willing to pay for a transaction, while Gas Price is the fee a user pays for each unit of Gas used in the transaction.
  • Gas Limit is static and set by the user before the transaction is executed, while Gas Price can be adjusted by the user to influence how quickly the transaction is processed by the network.
  • Gas Limit ensures that the total cost of the transaction does not exceed a predetermined limit, while Gas Price affects the priority and speed of the transaction.

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