erc20 fees | BTCC Knowledge

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How much does it cost to move ERC-20 tokens?

For example, I have X amount of ERC-20 token that I am trying to move between two wallets. The gas fee for this transaction is ~$$50. During the same time, if I attempt to move 100X of another ERC-20 token, the gas fee is the same. So the question is, does it cost the same whether you send 100 dollar or 10,000 worth token?

What is the ERC20 standard?

The ERC20 standard has been a dominant pathway for the creation of new tokens in the cryptocurrency space for some time. It has been particularly popular with ICOs and crowdfunding companies. There have now been tens of thousands of distinct tokens that have been issued and are operating according to the ERC20 standard.

How do ERC-20 withdrawals work?

ERC-20 tokens utilize Ethereum addresses and transactions use the same Ethereum network as ETH. As such, outgoing ERC-20 withdrawal transactions also require gas fees to process transactions. The gas fees required are dynamically calculated based on prevailing Ethereum network activity (gas price * gas limit).

What is Ethereum Request for comment 20 (ERC-20)?

Ethereum Request for Comment 20 (ERC-20) is the implemented standard for fungible tokens created using the Ethereum blockchain. ERC-20 guides the creation of new tokens on the Ethereum blockchain so that they are interchangeable with other smart contract tokens.