What is wei in the context of cryptocurrency?

3 answers

• May 01, 2022 · 3 years ago
  Wei is the smallest unit of Ether, the cryptocurrency used on the Ethereum blockchain. It is named after Wei Dai, a computer scientist and cryptography pioneer. Wei is used to measure the value of transactions and to calculate transaction fees. 1 Ether is equal to 1 quintillion wei, making wei a very small fraction of a single Ether. This allows for precise and granular transactions on the Ethereum network. So, when you hear someone mentioning wei, they are referring to the smallest unit of Ether.
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• May 01, 2022 · 3 years ago
  Wei is like the penny of the cryptocurrency world. It's the smallest denomination of Ether, just like a penny is the smallest denomination of a dollar. When you send or receive Ether, the transaction value is measured in wei. For example, if you want to send 0.1 Ether, you would actually be sending 100,000,000,000,000,000 wei. So, wei is important for accurately representing the value of transactions on the Ethereum blockchain.
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• May 01, 2022 · 3 years ago
  Wei is a term commonly used in the Ethereum community to refer to the smallest unit of Ether. It's like the cents in a dollar. For example, if you want to send someone 0.5 Ether, you would actually be sending 500,000,000,000,000,000 wei. It's a way to break down the value of Ether into smaller, more manageable units. Wei is an essential concept to understand when dealing with Ethereum and its transactions.
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