How does gwei affect transaction fees in the crypto market?

1 answers

• Nov 23, 2021 · 3 years ago
  Gwei is an abbreviation for gigawei, which is a unit of measurement for gas prices on the Ethereum network. Gas is used to measure the computational work required to process transactions and smart contracts on the Ethereum blockchain. The gwei price determines the amount of gas fees you need to pay for each unit of computational work. When the gwei price is high, the transaction fees will be higher, and vice versa. It's important to consider the gwei price when sending transactions on the Ethereum network to optimize the cost and speed of your transactions. You can check the current gwei price on various websites and adjust your transaction fees accordingly.
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