What is the difference between gwei and wei in the world of cryptocurrencies?

1 answers

• May 01, 2022 · 3 years ago
  In the world of cryptocurrencies, gwei and wei are units of measurement commonly used in relation to the Ethereum blockchain. Gwei, short for gigawei, is equal to one billion wei. Wei, on the other hand, is the smallest unit of ether. These units are used to measure the cost of transactions and smart contract execution on the Ethereum network. When you send a transaction, you specify the gas price in gwei, which determines the speed and priority of your transaction. Wei is often used to represent very small amounts of ether, such as when calculating transaction fees or balances. So, gwei and wei are both important units to understand when dealing with Ethereum and cryptocurrencies in general.
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