Satoshi
Satoshi is a structural part of the Bitcoin cryptocurrency, which is one hundred millionth of bitcoin. Such small units facilitate transactions with BTC. The total structural component of 1 bitcoin (BTC) is equivalent to 1000 millibits (mBTC), 1,000,000 microbe (mkBTC) or 100,000,000 Satoshi. The exact data is unknown, but it is assumed that Nakamoto can have 1 million BTC, and it is equivalent to 100 000 000 000 Satoshis.
Although the satoshi is the finest amount that can be recorded in the blockchain[1].
On March 2018, 1 US cent is worth approximately 9419 satoshi.
Contents
How many Satoshis in a Bitcoin
What is a Satoshi? Satoshi meaning the smallest indivisible unit of the Bitcoin cryptocurrency. In fact, in the world of Satoshi cryptocurrency is the same as in the real world a penny or a cent. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.
The table below provides information on how many Satoshis in a Bitcoins, depending on their quantity:
| Satoshi | BTC |
|---|---|
| 1 | 0.00000001 |
| 10 | 0.0000001 |
| 100 | 0.000001 |
| 1 000 | 0.00001 |
| 10 000 | 0.0001 |
| 100 000 | 0.001 |
| 1 000 000 | 0.01 |
| 10 000 000 | 0.1 |
| 100 000 000 | 1 |
Thus, 1 Satoshi = 0.00000001 BTC.
When considering the decision on the limit of the digital currency issue (now it is 21 million), the question of its popularity was raised. After all, with such a small volume to gain popularity, at that time, it seemed quite problematic. As a result, it was decided to introduce a change coin, thereby crushing one bitcoin into a huge number of parts.
In the end, this coin was called “Satoshi”. There are many calculators for converting various currencies into other cryptocurrencies or fiat money – stock calculator
All amounts in the blockchain are denominated in satoshi before being converted for display. The source code also uses satoshi when specifying an amount of bitcoin. When displaying an extremely small fraction of a bitcoin, as in a faucet, the amount is displayed in satoshi for readability.
Satoshi Value
Below is the value of Satoshi in other currencies for August 2019:
1 dollar (USD) – 9,823 Satoshi (SAT)
1 euro (EUR) – 10,923 Satoshi (SAT)
1 yen (JPY) – 92 Satoshi (SAT)
Bitcoin units:
| Unit | Acronym | BTC |
|---|---|---|
| mega-bitcoin | MBTC | 1,000,000 |
| kilo-bitcoin | kBTC | 1,000 |
| hecto-bitcoin | hBTC | 100 |
| deca-bitcoin | daBTC | 10 |
| bitcoin | BTC | 1 |
| centi-bitcoin | cBTC | 0.01 |
| milli-bitcoin | mBTC | 0.001 |
| micro-bitcoin | μBTC | 0.000001 |
| satoshi | SAT | 0.00000001 |
| millisatoshi | mSAT | 0.00000000001 |
History
The value of a bitcoin in satoshi was decided by Satoshi Nakamoto to be 100 million no later than November 2008[2].
On November 15, 2010, Ribuck proposed that the one hundredth of a bitcoin (0.01 BTC) be called a Satoshi. Four months later he instead suggested that the one hundred millionth unit be called an austrian or a satoshi. The name satoshi caught on, and was widely adopted thereafter.
Traditionally, the plural form has been simply satoshi, but the term satoshis is also popular. If the plural form were to follow the rules of Japanese grammar, it may be pronounced as satoshi, or satoshisa.
Satoshi is sometimes abbreviated to acronyms SAT or S, although no symbol has been widely adopted.
How To Mine Satoshi
Satoshi is part of Bitcoin, and you can use the following methods to purchase it:
- Online exchanges and crypto exchanges. They use the familiar name – BTC (Bitcoin). To buy, you need to choose the right direction and make the purchase of cryptocurrency. This is the fastest and most reliable way to become the owner of valuable cryptocurrencies. You can sell them, exchange Satoshi for fiat currencies or other cryptocurrencies.
- Satoshi cranes are a free way to get cryptocurrency. Most services pay rewards at Satoshi, as their number is small. Depending on the crane, you can get 50-100-200 Satoshi per hour. This is not very much, but if you use several sites at the same time, you can earn several times more. The option is perfect for those who want to understand the question “what is Satoshi” and earn them without investments.
- Mining of Bitcoins using special devices – ASICS. Mining on graphics cards is impractical due to the growing complexity. In 2018, the price of ASICs fell, and you can buy, for example, Antminer S9 for $ 636 from the official manufacturer Bitmain. In terms of the feasibility of mining and buying a farm, the cost of electricity is one of the first places along with the cryptocurrency rate. Another option is to use the services of sites for the extraction of Satoshi.
Satoshi Wallets
Satoshis can be accepted on any bitcoin wallets. When using them, the user needs to see if there is a limit on the minimum amount. Such requirements can be when transferring Satoshi to some cryptocurrency exchanges or online services. Types of Satoshi wallets:
- Desktop (local): Electrum, Bitcoin Core, CoPay, Bitcoin Knots, Exodus, ArcBit, Armory, GreenAddress, Guarda, , Satowallet Exchange, Wasabi Wallet, Jaxx, MSigna, Bither, Agama, Pungo.
- Online services: Lumi, ArcBit, Bitforx, Bitwala, ChronoMint, CoinVault, Coinfy Wallet, Counterwallet, Guarda Wallet, PlasmaPay, Unboxcoin, , Blockchain, Coinapult, Coinbase, GreenAddress, Jubiter, Morph, OmniWallet, SpectroCoin, Xapo, Bitpanda, Bonpay, Luno, Zumminer.
- Crypto Exchanges. Almost all sites work and accept Satoshi (Bitcoin). Popular are HitBTC, LocalBitcoins, EXMO, Binance, Bitmex, and others. When transferring cryptocurrencies to them, see the minimum amount for replenishment.
- Mobile apps: AirGap, ArcBit, Bither, Bitlox, Bread, Carbon Wallet, Citowise, Coffee Wallet, Coinomi, CoolWallet, Edge, Enjin, Guarda, IndieSquare, Infinito, Jaxx, Kcash, Lumi, Lykke, Pungo, Quppy, Samourai, Blockchain, Green Address, Mycelium, Mobi.
- Нardware wallets: Ledger Wallet, KeepKey, Trezor, Bitfi, BitLox.
- Paper wallets: BitAddress Paper Wallet.
When choosing a wallet for storing Satoshi, it is recommended to give preference to one that provides the ability to save private keys or seed phrase.
External links
- Terminology – What is Satoshi? – Bitcoin Stack Exchange
- GitHub – Satoshi Unit
- What Is A Satoshi? – Mycryptopedia