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Lowest Gwei price

Lowest Gwei price

Hi everyone, I am very new to Blockchain and Ethereum and I have a couple of questions and would appreciate it a lot if you guys explain it in a very easy language (plain english, no to very little technical things). One thing I am interested in is lowering a transaction costs (Gwei prices if I understood everything correctly). In my Trust Wallet I can choose the amount of Gwei price and Gas limit.

1) What is Gwei price and what is Gas limit? I just know that for a simple transaction like transferring money, the minimum Gas limit is 21,000. Also as you can see in the picture there are different options like ounce and etc. What to they mean and can I adjust them to get the lowest fee possible?

2) I have entered the Gwei price as 40 and my transaction got rejected. So what is the minimum Gwei price that I can enter, how do I know it (because if I understood correctly it is constantly changing and there is no fixed price). And also one more very important point for me, I do not neet the transaction to be completed immediately, I can wait for as long as you want, I just want to know how I can get the transaction completed by spending the minimum amount.

I would highly appreciate any response. Thanks a lot take care.


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