What are gas fees?

In the crypto world, transaction fees are known as ‘gas fees’.

Why not just call them transaction fees? No idea. Maybe it’s an elaborate inside joke?

The term originally comes from the Ethereum network, where these ‘gas fees’ are the payments made by users to compensate for the computing power that’s used to process each transaction.

While the term relates specifically to the fees charged by the computers running transactions Ethereum, it is often used interchangeably within the crypto community to reference transaction fees on all cryptocurrency networks.