Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Bobcrypto on October 28, 2024, 04:11:29 PM
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As an Etheruem user, I have been transferring Ether to different persons on the etheruem chain with the term 'Gwie', i thought it is a standard measure on the chain.
Many friends have asked me to explain what Gwie means for better understanding but I am yet to define or explain to them in a layman level.
I said in this mana, Gwie is a small denomination of Ether, but in your idea, how you define or explain in details this term 'Gwie' to a layman? your ideas.
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Years ago when most of the bounties were done using Ethereum, I usually encountered the term GWIE especially in transferring the ERC-20 token or coin to an exchange for selling...and there were days when it would be a big pain in the neck as the gas requirement can be high. We usually equate GWIE then as the gas in doing the transactions. Now, later on I understand that GWIE is small denomination of ETH and there are one billion GWIE in one ETH. In Bitcoin, we have the satoshi which is its smallest possible unit. So how do we explain this to someone who can be new to the industry or even someone who is just curious? I can picture out a bunch of banana...and in that bunch there are fingers. Or maybe we can look at it as a strand of hair which made up one's head not unless, of course, if you are bald.
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I said in this mana, Gwie is a small denomination of Ether, but in your idea, how you define or explain in details this term 'Gwie' to a layman? your ideas.
is it not gwei? or are the letter interchangeable and still mean the same thing?
anyway the simplest explanation i can give is that if 1 ether is 1 us dollar then gwei is just the cents that make up the dollar or in this case ether
for each ether there is a billion gwei gwei is used to measure gas fees that would need to be paid when making a transaction in ethereum network
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Gwei is kind of more like a small denomination of Ether (ETH), which is the native cryptocurrency of the Ethereum network. Think of it like cents to the dollar . However in this case, an Ether (ETH) is actually equal to 1,000,000,000 Gwei. The importance of this tiny fraction is that it makes it easier to transact small amounts. For instance instead of saying 0.0005 ETH you can say 500,000 Gwei.
The whole concept would be much easier for someone who understands bitcoin as well just like we have sats or Satoshi as the smallest units of bitcoin so instead of some one saying the paid 0.00000x (x can be any number) as fees they can easily say they paid x sats per byte as fees.
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So far no one has asked about this, but if someone asks, if the person asking is someone who knows about Bitcoin, then I can easily equate gwei with satoshi, but if they are new to crypto, then we can say it is a fraction of ethereum, like cents for fiat, or you can also direct them to this forum to learn more about cryptocurrency.
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I haven't got any information about this,and I'm also still wondering what it is, what is it please tell me
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I haven't got any information about this,and I'm also still wondering what it is, what is it please tell me
What exactly do you still not understand? Like literally I'm not trying to be harsh but many users here have spoken on the topic and literally aired their different views and opinions while still trying to explain the topic. So at this point you should simply read through all the replies you have there and then come back with a couple of straight forward questions you may have rather than this your reply.
Besides the simplest explanation I can think of is take Ethereum as the dollar for illustration sake and then cents as Gwei.
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Gwei is kind of more like a small denomination of Ether (ETH), which is the native cryptocurrency of the Ethereum network. Think of it like cents to the dollar . However in this case, an Ether (ETH) is actually equal to 1,000,000,000 Gwei. The importance of this tiny fraction is that it makes it easier to transact small amounts. For instance instead of saying 0.0005 ETH you can say 500,000 Gwei.
The whole concept would be much easier for someone who understands bitcoin as well just like we have sats or Satoshi as the smallest units of bitcoin so instead of some one saying the paid 0.00000x (x can be any number) as fees they can easily say they paid x sats per byte as fees.
It's a good way to explain
to OP, it's Gwei and not Gwie
We use a lot this word when we want to talk about the ETH fees on network, like in this website to calculate ETH gas https://etherscan.io/gastracker
As far as I know, wei is the minimum amount of ETH, and Gwei means gigaWei, 0.000000001 of ETH