Ethereum Wallets Explained Simply (Smart Contracts, Gas, Transactions)
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- เผยแพร่เมื่อ 14 พ.ค. 2024
- Start trading Ethereum here: bit.ly/3brrhpF
Ethereum wallets allow you to hold Ether as well as to write smart contracts. Beginners will be better off using wallets that do not allow smart wallet functionality as they are much simpler to use.
The best Ethereum wallets for beginners are:
Ledger
TREZOR
MyEtherWallet (MEW)
Exodus
Edge
If you are looking for a smart contract wallet (also known as a full node) take a look at Mist.
Gas is the unit used to measure how much transaction fee you'll need to pay. It is calculated according to the complexity of your requested action and the traffic across the Ethereum network.
00:33 - Ethereum wallets in a nutshell
01:03 - Ethereum vs. Bitcoin
01:40 - Ethereum accounts
02:58 - Ethereum transactions
3:55 - Ethereum wallet types
07:11 - Ethereum units
07:52 - Gas and fees
11:52 - Ethereum fees summary
12:10 - Conclusion
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..... after almost 10 mins of my head spinning he goes......"now comes the tricky part"............ love this guy.
Crypto will eventually take over if we ever figure out how it works!
Very funny!
True
Yes that’s true - once your pickled you can never become a cucumber again -
Technology has passed me bye 😳
He really said - "don't worry it gets worst." 😂
we need more like you. Excellent video!
Total revenge of the nerds. My head is spinning.
a title for an HBO serie in the next 2 years
Investing in Crypto now is very cool now especially with the current market price
Stocks are good too
Stocks are good but Crypto is Better
I wanted to trade crypto but got confused by the fluctuations in price
Love the way you say gigawei... Reminds me of Doc saying jigawatts in Back to the Future
This was super useful, thank you!
In this world of crypto madness and madmen, we have you. Thanks for the amazing explanation.
I/We appreciate all you share!....excellent, informative, learning so much from you!...your TOP Notch and Heaven sent !!
Awesome. I came back above ground just in time and right on schedule.
Very cool, Nate! Gas = gas pump ⛽ or ethereum execution fee 💸 or fart 💨 🤣
WOW THAT WAS AWESOME ! THANK YOU
Oh my goodness so much to learn thanks Nate
An explanation that is as clear as Mud!
Beautiful Explanation !!
Thank you for explaining it. Although I only get about 5% of it. Great job!
keep rewatching it and take notes . Also watch other videos. It takes some effort until the concepts really sink in.
Thank you for the educational information you provide
This is gold, thank you so much
Thank you so much for everything.
Excellent!
As a newbie to crypto, I thought initially that gas fees were arbitrary but now it makes sense..
Absolutely, miners should/must be paid for their labor..💯
Thanks for the video. I appreciate your explanation. Can you please tell me, in regard to Ethereum acting as a decentralized internet, what is the value in holding more than one Ethereum.
I think this would be more understandable if you included done examples of how this is used
This was really useful. Maybe a practical example of how to pay the gas fee and execute a transaction, would be nice.
Thanks Nate you always make things easier for me to understand!
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Investing in Crypto now is very cool now especially with the current market price
Invest and earn more money 💸 💰💸💸💸💸💸
Can you list ICOs we can invest in 2021?
You're the best to give this.
Nate is Neat when it comes to explaining!
Amazing content 👌🏽
Glad you think so!
Fascinating stuff!
Great channel. Very good content.
you explained ethereum trading in a nice way I even start to think to spend more tether on ethereum now
Unbelievably amazing and simplified video. Keep it up.
Hey Why not you all join forsage.io/i/sq2hkc/
The The World's First Ultimate Decentralized Smart Contract Revolving Matrix Program where one can earn Unlimited ETHEREUM.
For More Info Contact me
abhijithjgd@gmail.com
Or WhatsApp me @ +91 9886420055
Happy FORSAGE Earnings
👍🙌
don't worry it gets worst lol
Thanks you.
Can you do a video on initiative q?
Please start doing the timelines for your videos. Would make it easier to flip between topics.
I have different coins on 2 different exchanges wallets and I want to transfer them all to MEW. do I need ether for gas in the exchanges wallets? Will it work if I have ether on my MEW wallet?
Very useful u are
best explained
I've watched this video a couple of times already, I think I finally get it haha
Please do a review on million money smart contracts deployed in eth, is it scam or legit? Is it advisable to invest in eth through million money?
I may have missed something but how do you mine ether?
Thanks for the information, just getting into crypto now and this is super helpful!
Hope you trade it too
Nice update.
Thanks!
Excellent explanation !
Just one doubt! How is value of ether is linked to the usefulness of etherium as a technology that supports smart contact! Is Price of ether depends on demand and supply as any other limited supply crypto or more applications on etherium will bring more value to ether holders !
So, the contracts are written by a lawyer, and then it is uploaded for be coded by a minner?
Do several minners can be working in one contract simultaneously?
Hi Can you Tell me the Diffetences between the Testnets plz? Ethereum GOERLI, Beaconscan etc
Nate, can you go into how smart contracts actually make money?
If anyone has the English edition of this video could they please share it
have you courses for built smart contract from scratch ?
It's the first time I finally understand!
And that's why Ethereum won't be universally adopted. It's too complicated for ordinary people to understand while Bitcoin is just digital money - and that's pretty simple to understand.
Thank you
First off - he's great. That said - his gas/ether explanation is confusing two concepts. He makes the point that Ether value is constantly changing with the painting the house, so we pay in Gas (a fixed calculated value). However Gas is based on Ether so his point is... well... pointless -as what you pay is constantly changing based on Ether anyway.
can you give an example of a "smart contract"? what did it do? and who used it? ... I am trying to understand why would somebody write and pay for a contract to be run on Ethereum (a program that apparently anybody can use and the program writer does not control)
Very well explained :)
Awesome video once again pleasure to watch just a question based on the explanation you gave at 9:00 i must quote :
"gas is payed in ether, now i know what you re thinking, why not just price execution of smart contracts in ether? why do we need another virtual currency ? well ether's price is constantly changing and if we priced contracts in ether the price would be different every time we calculated it due to the fluctuating exchange rate"
if for example 1 gas is 2 ether and 2 ether is 4 euro/dollar (1 ether = 2 euro/dollar) , the price of the gas still fluctuates, if ether price doubles (doubling to 1 ether = 4 euro/dollar from 2 euro/dollar) we will need 8 euro/dollar to buy 2 ether for 1 gas
so why bother ? why not pay contracts with ether and miners with ether or ether fractions ?
Gas price is fixed, if ethers price goes up then gas price decreases
@@shubhankarmote9726 you just made it more confusing.Dont you mean if ether price goes up gas is still priced the same?
// reply for people having same doubt in future
its that, number of gas required is fixed that is it will always take 21000 gas to transfer money while if we use ether it may take for example .1 ether now and .2 ether in future
The best answer would be convenience I think. I know how much gas im actually using, not just the price of it, get what i mean?
how much HD memory do you need to store the blockchain?
what do you need to be a full node? (system requirements)
I think it's a bit over 300 gigs at the moment. maybe 320 gigs
Goddamn, I just wanna buy some ETH. Must everything be so complicated? It's almost like crypto creators are trying to outdo each other by incorporating ever-increasing levels of complexity simply to entertain themselves. And I thought technology was supposed to become more user friendly over time. Foolish me...
this made me laugh.... EXACTLY! :)) it is a nightmare .... seriously... bla bla bla
Yes ethereum is tough. It takes time to really understand it from scratch.
All you need is a wallet, and there are 3 types of wallets choose what suites you.
Full nodes (takes more storage space), light nodes, and online services that runs the node for you but is not as safe as the other two
There are many wallets in each type, some are free and open source, others are private from companies
It has been too easy, now time for some complexity
There are so many Ethereums which one is used for Dex's like 1inch, there's Eth/usdt, Eth/BTC, Eth/Busd, Eth/Bidr, Eth/Aud
Thanks for this comprehensive explanation however if I have ethereum sent to a contract address not trust wallet on Binance smart chain, and I am unable to find it anywhere how can I recover my funds and have it sent to ethereum deposit wallet please help !!!
very good explanation, thank you
But how that affects the minor investors? Usually they just buy coins, tokens and so forth, wait to value up and sell! I m asking because I saw too many videos regarding gas! In my opinion the people that execute contracts have already that knowledge! What do I don't understand here? Thank you!
Hey Nate could businesses have their own cryptocurrency in the future and have that reflect value of the business like stocks are suppose to reflect value of a publicly traded company?
Why not. The question is who would want it. In essence shares in the non public company is the same thing. Back to who would want it.
Thanks for subtitle i'm from indonesia
Hey Why not you all join forsage.io/i/sq2hkc/
The The World's First Ultimate Decentralized Smart Contract Revolving Matrix Program where one can earn Unlimited ETHEREUM.
For More Info Contact me
abhijithjgd@gmail.com
Or WhatsApp me @ +91 9886420055
Happy FORSAGE Earnings
👍🙌
Ohhhhh. So first I have to learn Indonesian.......apa?
wow this is crazy stuff
i don't understand a word but i appreciate your work in trying to help me understand...i guess i don't really understand fiat either but because it's what i've grown up with i kinda understand it but when you think about it why do we trust a bit of paper to pay our bills buy our groceries or value our labour...i guess our kids and grandkids will just understand crypto better through usage as i do with fiat.
So if there are no miners, there are no gas circulating in network?
Does Gas fee is to distributed to all miners is it true?
Is there is reward system? like Bitcoins miners get it only I case of winning
Essentially yes, the winning miner gets all the gas used by each transaction they include in their block.
I have ether on binance. What are the steps to take, to utilize them? Do I transfer to these ethereum wallets you are talking about?
No you transfer to the platform wallet address for the contract
what is the difference between Ethereum Wallet and Ethereum Client? Are they both same? Eth, Pytheapp are clients and Mist, Metamask are wallets. Please explain.
They are all different types of Ethereum wallet.
so I deleted the file with my geth wallet, but I do have all the passwords and keys. Any way to still be able to get paid on that public key? I have balance on a mining pool, and don't want to lose it. ANy ideas?
I am going crazy
is the code ran everytime or just when its added to the chain? i thought miners where paid for finding the nonce, how do different instructions of a smart contract affect this? since the price of gas is always changing, doesnt that defeat the purpose of not paying in eth (the amount of gas per contract remains still but not the price, so whats the difference)?
Also, you said nodes run the code, so am i to understand that all full nodes mine (unlike btc where you can run a full node without mining)?
I currently have ETH in my Nexo account. I want to send it to my CoinBase Wallet. On the Nexo withdrawal screen a warning message box is displayed saying they operate with smart contracts and suggested to double check that the receiving address can receive deposits from smart contracts. Can CoinBase Wallet receive the deposit?
Is PROFITABLE SMART CONTRACT COMPANY AVAILABLE FOR TRADING ?
Only thing, in what currency does one pay for Gas?
saludos desde bolivia
very complicated but thanks
I want to trade four houses for a hotel. I'm not so much worried about electricity, since I just bought the electric company, as much as whether I should pass "GO" or go directly to........whaaat?
No wei it goes that small
Would this be in the proof of stake?
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
I don't want to become a bank teller bro, just want to use the bank to move my money.
What is the purpose of having my code run as smart contracts on ethereum blockchain. Why the pressing need to go with block chain. In conventional methods how are this being done these days .please explain with some real time use case how it is different from having something in blockchain vs the current methods without blockchain
⚕️I invest a little amount on bitcoin mining and it generates 50000 USD from is mining⌨️.......
wow 99.9k subs on 99 bitcoin..synchronicity everywhere
What can you do if you don’t have enough gas and the contract gets halted? Can you just add more ETH to the wallet you sent the ETH from?
No, I don't think that will work. Most likely you will need to first fund the wallet then attempt the transaction again.
I would walk to the nearest ETH station. Make sure that you have your wallet though, because once I left mine at home and all I had was my Blockbuster video card..........weird right?
What does it run out gas? If I am trying to send my Ethereum to my wallet and run out gas will my transaction be rejected and I will lose all my Ethereum?
No. The gas is a fee drawn from your ETH balance. As long as you have a balance, you will be able to transact.
Nice explanation overall, but I find comparison with Bitcoin misleading. Bitcoin can run smart contracts from the beginning. Bitcoin script is generally being underestimated, maybe because it looks simple. I'm not against Ethereum, I'm only saying that most of the things you can do in Ethereum, you could do in Bitcoin too, if only people knew.
how many times do i need to re-watch it to understand...
1e18 times :)
How to use a Bitcoin ATM, Amanda
Hi Amanda,
Please follow our guide here: 99bitcoins.com/bitcoin/atm/
Where can I get a simple wallet that works? mist github seems to be corrupted sha doesn't match. thx
I would recommend MetaMask as a nice and simple Ethereum wallet which functions as a browser plugin. It's even better when combined with a hardware wallet, such as the Ledger Nano S, for improved private key security.
@@99Bitcoins I wish they had a regular type wallet like bitcoin core gui. I don't understand MetaMask but will try. Thx
Used trust wallet app
@@johngerry9178 What is trust wallet app?
You ask where can you get a simple wallet that works I told you to download a trust wallet app
"Hard wallets can only send and receive Ether & ERC20 tokens." Can they send and receive Bitcoin etc?
Hardware wallets are compatible with many types of coins. Bitcoin is supported by all hardware wallets that I know about, as Bitcoin is the standard in crypto. Hardware wallet official sites will list all the coins they're compatible with.
Thanks Nate, that clarified the query
I'm gonna pretend that I indeed understood it..
Hi,
To hold ethereum for a year is profitable?
Thank you for your videos.
If the blockchain technology is decentralized technology then why do we need exchanges to do our investments.
Exactly, there is no way to do peer to peer exchanges as far as I can tell, or is there a way?
Who’s watching this in 2021??
How do I acquire Ether?
You can buy Ether from a crypto exchange, that's the easiest and simplest way. It's also possible to earn ETH by doing work which pays in that form.
I can buy eth and invest it in forsage smart contract to multiple eth
@@99Bitcoins how much is ether as at now, how much can I invest
And how do I make profit from it
You would have to get a prescription I guess. Because one time I was watching M*A*S*H.... and they ran out of pentothal....so they had to use ether....and Loretta Switt.... she played "Hot Lips"...well anyway she poured it to fast through this rag she had over this soldiers nose and mouth and he started to like choke. But then Charles Emerson Winchester told her to slow it down.....I forget what his injuries were...but then Colonel Potter was all like WHO TURNED THOSE HEATERS ON?! And BJ yelled shut them off NOW! And Colonel Potter says: We're lucky we're not operating on the moon right now! Ya know because ether is like, get this, flammable. So yeah........they were all doctors....so....what was the question again?
Gem!!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
7:37 "Jigga Wei"!? WAIT A MINUTE!!! Have I called it "Giga" (with two hard 'G's as in "Good") wrong all my life????
How do you get to know the people before you do a transaction. Most people would be strangers.
That's why you don't go direct, you need to go through a platform
Ohhhhh. I see now. It's like.......what?