How does the concept of a gwei impact transaction fees in the world of digital currencies?

1 answers

• Nov 29, 2021 · 3 years ago
  In the world of digital currencies, the concept of a gwei has a direct impact on transaction fees. Gwei is a unit of measurement for the gas price in the Ethereum network. Gas is required to execute transactions and smart contracts on the Ethereum blockchain. The gas price, measured in gwei, determines the amount of ether (ETH) that users need to pay as transaction fees. Higher gas prices in gwei result in higher transaction fees, while lower gas prices in gwei result in lower transaction fees. Therefore, understanding the concept of a gwei is essential for users to optimize their transaction costs and make informed decisions when conducting digital currency transactions.
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