What is GWei


You must make some calculations if you need to make a transaction in the Ethereum network.
The number of calculation measures in units that called Gas.
One standard transaction requires 21,000 Gas, sometimes a little more.

However, the price of Gas may vary depending on the load of the Ether network.
Therefore, in different conditions for 1 Gas, you have to give an additional amount of Wei.

WeiGas cost unit, “Ether’s penny

1 Wei = 0.000000000000000001 ETH

GWei (Giga-Wei) is a billion of Wei. This value is more suitable to use.

1 Gwei = 1 000 000 000 Wei = 0,000000001 ETH

How many GWei should I pay for one transaction?

One Ether transaction to your wallet costs 21,000 Gas.
So the miner sets the price for 1 Gas.

The Gas price in the network is constantly changing.
It can rise as demand rises or fall as the market falls.

If the miner sets the Gas price below the average market price, the transaction will wait until the price drops to the price he had charged.

You can see the current fee on this resource: https://etherscan.io/gastracker

The transaction is processed fast if you set the fee higher than the market's average.
If you set the fee lower — you will have to wait until the average price drops to yours.

Let's summarize:

Are you consider yourself a professional?
Calculate and set the fee yourself - save on every transaction!

Are you a beginner, and it's hard for you to calculate the Gas amount?
Trust the professionals! Leave the standard commission that is in your account.

Kryptex respects your choice and gives maximum options for our users!

Remember that fees in the Ethereum network are expensive.
Small transfers are NOT profitable.
If you transfer 0.002 ETH - 20 GWei is more than 20% of the funds from your transaction.
Raise the threshold, or reduce the amount of GWei.

Ця стаття доступна іншими мовами: