I admit I’m not a big crypto expert, but I’m always learning something new.
Ignorance costs a lot of money, and if we don’t become aware of our mistakes, we commit them again and it leads to the loss of even more money. Today’s topic is Gas price and GWEI.
(Source: https://cryptoadventure.org/ethereum-gas-everything-you-need-to-know-about-it/)
For a long time, I had no idea what that words or abbreviations meant. To be honest, I didn't care at all. I saw this in the transactions, with a number that was somewhere between 70 and 120, but sometimes it was around 400. More than once, I was annoyed by the high transaction fees when I wanted to swap my Hive dollars to ETH or to buy WBT for $ 300, and my nearly $ 450 Ethereum wasn’t enough for it.
I was aware that for small amounts, the transaction fee was specifically much higher, but I didn’t understand why the fee would be multiple suddenly from one hour to the next.
Well, let's see what these two words mean!
Gas price:
In an ordinary report, Gas price is the current fuel price that is displayed at gas stations. You will need to refuel your car from time to time, otherwise it will not take you from A to B. It also matters which gas station you refuel at, as prices may vary.
In a figurative sense, gas price is the fee that must be paid when exchanging and transferring cryptocurrencies, in case of any transaction. In a busy time of day, this charge can increase several times, while in a quiet time of day it is low.
I know it is not easy to interpret these concepts, but this knowledge is essential. I even add that it also matters a lot how much I transfer. For small amounts (worth a few dollars) it’s not worth it at all. However, for a transfer worth $ 1,000 or even $ 1,000,000, it is negligible. Try to perform normal fiat banking transactions this way, huge amounts will be deducted to your detriment.
Based on this new knowledge, I can amass more WBT, which may not be a great achievement right now, but as the WBT grows, there may be a significant surplus in a few years.
By the way, what on earth is WBT?
I’ve written about it several times before, but now I’ll briefly introduce it again. This is not a new cryptocurrency, not a risky ICO (Initial Coin Offering – A form of community fundraising)
It is an index token that contains the current 20-25 best cryptocurrencies regulated by a smart contract. This significantly reduces the risk of volatility.
The last 6 months:
Portfolio:
If you want to buy WBT, first register here:
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You'll get an ETH wallet soon, fill it with ETH, then you can buy WBT tokens. This moment, you need 0.22432786 ETH (with the 20% comission and gas price) to buy 150 WBT for the minimum 300USD. If you need some help, you can find me here: kalemandra@gmail.com
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