How does wei differ from other digital currencies?

3 answers

• Dec 17, 2021 · 3 years ago
  Wei is a unit of the cryptocurrency Ethereum, while other digital currencies like Bitcoin have their own units of measurement. Wei is the smallest unit of Ethereum, similar to how Satoshi is the smallest unit of Bitcoin. Unlike Bitcoin, Ethereum is not just a digital currency but also a platform for building decentralized applications. Wei is used for transaction fees and gas costs on the Ethereum network.
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• Dec 17, 2021 · 3 years ago
  Wei and other digital currencies differ in terms of their underlying technology. While Bitcoin uses a proof-of-work consensus algorithm, Ethereum is transitioning to a proof-of-stake algorithm called Ethereum 2.0. This change will make Ethereum more scalable and energy-efficient compared to Bitcoin. Additionally, Ethereum allows for the execution of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.
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• Dec 17, 2021 · 3 years ago
  From a user perspective, wei and other digital currencies may have different use cases. For example, wei is commonly used for microtransactions or paying for gas fees on the Ethereum network. On the other hand, Bitcoin is often used as a store of value or for larger transactions. Each digital currency has its own strengths and weaknesses, and it's important to consider your specific needs and goals when choosing which one to use.
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