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When I launch an Ethereum transaction, I have to choose how much WEI I am able to pay for one GAS.

This is a "bid" concept: If my transaction is very important and if I want to run it quickly, I have to set a big value in order to be first, before other users.

Let's suppose I put a very, very big value of WEI. For example 1 Ether. And someone else sets 0.5 Ether. I know this is crazy but it is an example. (All other users sets a few WEI per GAS).

My transaction will be executed first. But will I pay 1 Ether per GAS or is there something automatic saying I will only pay only 0.51 for example?

Thanks

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Updated Answer

My transaction will be executed first. But will I pay 1 Ether per GAS or is there something automatic saying I will only pay only 0.51 for example?

The amount you pay will not be reduced based on the other bids.

Original Answer

There is no maximum limit to gasPrice. The gas you end up paying is gasPrice * gasLimit.

For a normal transaction, gasLimit = 21000. So, in your case, you would pay 1 ETH * 21,000 = 21,000 ETH.

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    You haven't answered the actual question, and at the same time, you've referred to other things which are not even a part of the question. First, this user refers to an Ethereum transaction in general, while you seem to be focusing specifically on ETH transfer to an externally-owned account (the only transaction which consumes exactly 21000 gas). Second, his/hers question can be summarized to "if the highest bid is 0.5 ETH, will my bid be reduced to something very close to that?", which you have not referred to at all. Jan 12 at 20:40
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    Also, there's no mentioning of "maximum limit to gasPrice" within the question. So all in all, your answer, although accurate by itself, seems way off the actual question. Jan 12 at 20:42
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    You have made a great summary of my question: So the answer is the bid won't be reduced ?
    – Bob5421
    Jan 12 at 20:47
  • Sorry, I misread the question. I will update the answer now. Jan 12 at 21:11

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