Can gas price be fixed under 2 gwei?

Question

I see that 20 gwei is the default gas price. A simple token exchange fee is around 0.5$ at the current price (230$). Reducing gas to 2 gwei takes more time to confirm transaction but reduce the fee. What if ETH reach 1000$ soon? Will it be possible to reduce gas under 2 gwei or is that a minimum limit? Ethereum is unsustainable if we cannot keep fees in the range of 1/1000 of fiat currencies.

Answer 1

There is no minimum for gas price

You can set a transaction with 10wei as gas price if you want.

The problem is most miners won't include transactions below it. You can see here http://ethgasstation.info/ the minimun gwei each miners pool ask for. It seems right now the minimun is 1gwei and it will take 1.5 minutes.

However with tools like MyEtherWallet or Metamask the minimun is indeed 2gwei because actually it is "the cheapest" miners accept.

But in the future we might see this reduced again but for this more miners will have to accept transactions below it.

If you want to set manually your gas price I advice you to use a client like geth

eth.sendTransaction({
 from: '0x036a03fc47084741f83938296a1c8ef67f6e34fa',
 to: '0xa8ade7feab1ece71446bed25fa0cf6745c19c3d5', 
 value: web3.toWei(1, "ether"),
 gas: 100000,
 gasPrice: /* gasPrice in wei */ 
})

Remember one gwei is equal to 1billion wei