Units
Units of Bitcoin most commonly are expressed in decimal exponents such as BTC (“bitcoins”), mBTC (“millibitcoins”) and μBTC (“bits”).
Contents
Description
Bitcoin has a metric system of denominations used as units of Bitcoin. The main goal of the bitcoin currency, abbreviated BTC, is to make it harmonious to worldwide currencies. Bitcoin tries to accomplish this function by being divisible down to the 8 decimal place. This is an adequate thing, given the actual high price of 1 Bitcoin theses days. The smallest denomination in a Bitcoin is called ‘Satoshi’, in homage to its creator. Below is a list of the named denominations and their value in BTC[1].
Decimal metric units
The BTC unit was chosen to represent a value of 108 so as to give sub-unit precision rather than large whole numbers. Mirroring the standard Le Système International d’Unités, this allows for divisions of 1/10th (deci-bitcoins, dBTC), 1/100th (centi-bitcoins, cBTC), 1/1 000th (milli-bitcoins, mBTC), and 1/1 000 000 (micro-bitcoins, μBTC).
Bits
The term “bit” is a popular new unit being used to represent smaller Bitcoin amounts. Due to the rising value of 1 bitcoin (currently 1 BTC = $450 USD), many prices must be displayed in fractional bitcoin amounts. For example, a bottle of beer might be priced at .0085 BTC. These fractional numeric values can be confusing and difficult for many people to read. The bit sub-unit (equal to 0.000001 BTC) is considered by many to be a more memorable and intuitive way of displaying Bitcoin amounts; the aforementioned beer would cost 8500 bits.
Originally proposed on Bitcoin the sub-reddit, and now being embraced by the payment processor Bitpay, the bit sub-unit offers the following advantages:
- More compatible with existing financial software that can only handle 2 decimal places. For example: using a figures like 49.99 bits instead of .00004999 bitcoins.
- Figures would remain easily readable in the event of an extreme rise in Bitcoin’s exchange rate: if 1 Bitcoin was worth $100,000, then a $4.99 beer would cost 49.90 bits.
- Bit is an easier to remember unit when compared to other longer unit names and acronyms: 100 bits instead of 100 microbitcoins/100 μBTC/1 millibitcoin/1 mBTC).
However, there are some disadvantages to the bits nomenclature:
- Can be confused with the binary unit “bit” in computing, or the old-fashioned US currency unit of “bit”, which is 12.5 cents.
- Unit prefix terms such as micro-, milli-, and centi- are more familiar to those who use the metric measurement system (i.e. everyone except Americans)[2].
Table of all units
This table is intended to include all well-defined units of bitcoin value, including less common and niche units.
| Unit | Abbreviation | Decimal (BTC) | Alternate names | Info |
|---|---|---|---|---|
| Algorithmic maximum | 20,999,999.9769 | Calculation | ||
| tam-bitcoin | 2,814,749.76710656 | 1,0000,0000 tonal | ||
| mega-bitcoin | MBTC | 1,000,000 | Rare in context | |
| kilo-bitcoin | kBTC | 1,000 | Rare in context | |
| hecto-bitcoin | hBTC | 100 | Rare[3] | |
| Initial block subsidy | 50 | Until block 210000 | ||
| bong-bitcoin | ᵇTBC | 42.94967296 | 1,0000 tonal | |
| Current block subsidy | 12.5 | block | As of block 420000 | |
| deca-bitcoin | daBTC | 10 | Rare | |
| mill-bitcoin | ᵐTBC | 2.68435456 | 1000 tonal | |
| bitcoin | BTC | 1 | coin | SI base unit |
| san-bitcoin | ˢTBC | 0.16777216 | 100 tonal | |
| deci-bitcoin | dBTC | 0.1 | Rare | |
| ton-bitcoin | ᵗTBC | 0.01048576 | 10 tonal | |
| centi-bitcoin | cBTC | 0.01 | bitcent | Formerly frequent Bitcents were frequent until the November 2013 bubble |
| milli-bitcoin | mBTC | 0.001 | millibit, millie | Occasional |
| bitcoin | TBC | 0.00065536 | Tonal base unit | |
| bitcoin-ton | TBCᵗ | 0.00004096 | 0.1 tonal | |
| bitcoin-san | TBCˢ | 0.00000256 | 0.01 tonal | |
| micro-bitcoin | μBTC | 0.000001 | bit | Frequent |
| bitcoin-mill | TBCᵐ | 0.00000016 | 0.001 tonal | |
| 0.0000001 | finney[4] | |||
| bitcoin-bong | TBCᵇ | 0.00000001 | 0.0001 tonal | |
| sat | 0.00000001 | Satoshi | Blockchain value | |
| msat | 0.00000000001 | millisatoshi[5] | Payment channel value |
External links
- Denominations – Bitcoin Glossary – Bitcoin.org
- Bitcoin.it – Units
- Breaking It Down: Bitcoin Units of Measurement – Blockchain Blog
- Can you Buy Less than One Bitcoin? – Buy Bitcoin Worldwide