Definition of 'Gwei'
Gwei is used to pay for gas on the Ethereum blockchain. Gas is a fee that is paid to miners to process transactions and execute smart contracts. The amount of gas required for a transaction is determined by its complexity.
Gwei is also used to denominate the price of NFTs and other digital assets on the Ethereum blockchain.
The value of gwei fluctuates with the price of Ether. When the price of Ether is high, the value of gwei is also high. This is because it takes more Ether to buy 1 gwei. Conversely, when the price of Ether is low, the value of gwei is also low. This is because it takes less Ether to buy 1 gwei.
Gwei is a useful unit of measurement for Ethereum because it is small enough to be used for micropayments. This makes it ideal for paying for gas and for buying and selling NFTs and other digital assets.
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