Ethereum Wallets Explained Simply (Smart Contracts, Gas, Transactions)

Start trading Ethereum here:

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:
MyEtherWallet (MEW)

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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About the Author: Tristan Tipton


  1. CAUTION!! Many scammers are using the comment section to promote their scams and sometimes even use the name “99Bitcoins” in their profile. Never send money to someone you don’t know and don’t accept offers to trade or exchange cryptocurrency from strangers.
    Stay safe 🙏🏻🙏🏻🙏🏻

  2. 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?

  3. If I understand this correctly we are buying ETH to become a new currency-one that isn't tied to the banks or the government which may seem like a good thing however it has to be tied to someone. Someone is behind this first thing that comes to mind is people on the black market….people richer than Elon. Who is just trying to keep their dirty money untraceable from the feds? Giving new world order vibes…

  4. I have a jaxx liberty account and i have money stuck in tether usdt and keep getting an tx-009 error insufficient ETH for gad for token transfer how can o cash out

  5. you explained ethereum trading in a nice way I even start to think to spend more tether on ethereum now

  6. This was really useful. Maybe a practical example of how to pay the gas fee and execute a transaction, would be nice.

  7. 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)?

  8. 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..💯

  9. I'm a big idiot and here are my questions.

    1. So, everybody says that gas is basically a transaction fee. I understand why Gas is a different unit than Ether in order to make transactions more stable. Gas for a transaction in Dollars is usually pretty high, from 20 to multiple hundred dollars, right? But that's not the actual price I pay if I just send ether from one wallet to another, or when I purchase something in an online store using ethereum, right? Because no one would pay for, say, a 100$ product using ether if the possible transaction fee might even exceed the price of the product itself.

    But then what is the difference between a literal transaction fee (like in normal banking) and Gas? And if I do not pay the full gas price for a transaction myself (because again, what idiot would buy a 100$ product with a 100$ transaction fee), where does the actual money for the gas come from that is allotted to the people verifying my transaction?

    2. So verifying a transaction is apparently pretty complex and what I've gathered from most videos, it is done by actual people who are in it for the gas. But does that mean that I may have to wait days for my transaction with which I buy product X from a shop to actually be completed? If so, how is this better than traditional banking or Paypal where I buy something and then boom, transaction done?

    I know most Crypto-Bros are in it for speculation, or some grand ideological concept, but I want to understand Ethereum from the viewpoint of what it espouses to be – a functioning currency. But if it is a functioning currency, there must be a mistake in my thinking, because I don't wanna buy a product for 100$ with a transaction fee of 100$ and then wait until some guy decides that my transaction is worth validating

  10. Ethereum has a very stupid whitepaper on their website. when I watch this video, I can finally understand something.

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