Are you new to the cryptocurrency world and feeling a bit lost? Don't worry, you are not alone. The cryptocurrency space can be daunting for newcomers, with its many terms, abbreviations and definitions that can be difficult to understand.
ATAIX crypto glossary will help make sense of some of the most common cryptocurrency terms and definitions. Armed with this information, you'll be ready to start participating in this exciting and innovative new economy!
What is Wei in Cryptocurrency?
Wei is the smallest denomination of a Bitcoin. It is also the unit of account on the Ethereum network. 1 Wei is equal to 0.000000000000000001 ETH.
The name Wei comes from Chinese and it means “small”. Wei is used to calculate transaction fees and rewards on Ethereum. It is also used as a measurement of the value of contracts on the network.