Thursday, November 26, 2020

How many Satoshis in a Bitcoin? Explained

The Takeaway:

In this article, we take a look at the smallest unit of bitcoin, satoshi, and its history. Satoshi is the smallest indivisible unit of bitcoin that someone can own.

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Bitcoin is the leading cryptocurrency with the market capitalization of over 170 billion USD. As the price of bitcoin continues to grow, it is tough for a working-class person to own one bitcoin, but it is not necessary to do so. You can also buy a fraction of a bitcoin. The smallest indivisible unit of a bitcoin is called a satoshi. If you want to learn easy hacks to take your bitcoin trading to the next level, then click here

 

Who is Satoshi? 

A satoshi is one hundred millionth of a bitcoin. Satoshi is the smallest fraction of a bitcoin that someone can own. It is named after the founder of bitcoin Satoshi Nakamoto, who, to this date, is an unknown figure. Satoshi Nakamoto published the whitepaper of bitcoin back in 2008. It is still not clear who Satoshi Nakamoto is a person or a group of people who created bitcoin. Even though several have claimed that they are the real satoshi, but non of them were able to produce enough evidence to back their claim. 

 

How many satoshis in a bitcoin? 

Satoshi is a structural part of the leading cryptocurrency bitcoin, which is one hundred millionth of bitcoin. One bitcoin compromises of 1000 millibits (mBTC), 1,000,000 microbe (mkBTC) or 100,000,000 Satoshi. Satoshi is also the finest amount that can be recorded in the blockchain. 1 Satoshi is equal to 0.00000001 BTC.

Note: Currently, you can buy around 12,000 Satoshi (SAT) in one US dollar. 

 

Who decided the value of satoshi? 

Satoshi Nakamoto decided the value of a bitcoin in satoshi to be 100 million in November 2008. But in November 2015, Ribuck proposed that the one-hundredth of a bitcoin be called a satoshi. Four months later, he insisted that the one hundred millionth unit be called a satoshi or an Austrian. The future protocol versions might introduce amounts smaller than a satoshi if deemed required by the community. 

Note: The name satoshi was widely adopted as an homage to the creator of bitcoin. 

 

Conclusion

Buying satoshi is similar to buying bitcoins on crypto exchanges. The first step to own satoshi is you need to set up your account on any crypto exchange and then place an order on the exchange for the minimum amount of bitcoins allowed. The main objective of smaller units of bitcoin is that if the price of bitcoin goes high, people can still invest in it by owning smaller units of the cryptocurrency

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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