What if I tell you that there are no bitcoins on the Bitcoin’s blockchain.
Yes, you heard it right !!
Strictly, speaking there are no coins or bitcoins on the Bitcoin’s chain, so much so that bitcoin is not even a word used in the protocol’s code itself.
There is ‘Satoshi’ everywhere…
Now, you must be thinking what the heck is a Satoshi?
Well, that’s what this post will explain to you. So let’s get in:
What is Satoshi?
Let me start with an example:
The chances are that you live in a country where fiat currencies like USD, EUR, GBP, RMB, INR, etc. is used.
And if you are a US citizen, then you know that 1 USD is equal to 100 cents and in other words, a cent is the 100th part of a USD.
Similarly, Bitcoin has smaller units which are known as Satoshis, and this can be a 100th or 1000th part of a BTC depending upon how do you calculate it as per the defined rules in the protocol.
So, Satoshi is merely the smallest unit of Bitcoin- the world’s first fully functional cryptocurrency.
‘Satoshi’ unit is kept after its founder Satoshi Nakamoto and 1 BTC comprises 100 million Satoshis. That’s why one BTC is divisible until the 1/10^8 part, and a unit of Satoshi is equal to 0.00000001 Bitcoin.
So, if you translate now the whole supply of 21 million Bitcoin to Satoshis, it would be 2.1 Quadrillion Satoshis that will ever exist on the blockchain.
Satoshi To Bitcoin (BTC) Calculator
|1 Satoshi =||0.00000001฿ (aka A Satoshi)|
|10 Satoshi =||0.00000010฿ (aka Finney )|
|100 Satoshi =||0.00000100฿ (aka 1 Bit / μBTC (you-bit) or Micro Bitcoin )|
|1000 Satoshi =||0.00001000฿|
|10000 Satoshi =||0.00010000฿|
|100000 Satoshi =||0.00100000฿ (aka Milli Bitcoin )|
|1000000 Satoshi =||0.01000000฿ (aka Bitcent or Centi Bitcoin )|
|10000000 Satoshi =||0.10000000฿ (aka Deci Bitcoin)|
|100000000 Satoshi =||1.00000000฿ (aka Bitcoin)|
But let’s remember these are not official Bitcoin units, but they are indeed the most used and popular units of Bitcoin.
Satoshi To USD Calculator
Satoshi to USD conversion keeps on changing depending upon the market sentiment, and there is no particular unit for measuring it.
However, one common thing that you can do is to measure BTC to USD by Googling the price, or you can use the CoinMarketCap’s index as a reference which is the average aggregation of BTC’s price.
Official Unit Of Bitcoin
As such, there is no official unit of Bitcoin, and there is still confusion over the symbol of Bitcoin.
Anyways following naming conventions have been used popularly and these are well accepted/understood by the users too:
|Unit||Value in satoshis||Value in bitcoins||Abbreviation|
Other conversion factors used are:
- 1 BTC = 1,000 mBTC (millibitcoin)
- 1 BTC = 1,000,000 μBTC (microbitcoin)
- 1 BTC = 100,000,000 Satoshis
- 1 mBTC = 100,000 Satoshis
- 1 μBTC = 100 Satoshis
Who converts Satoshi to USD?
- Many people who use Bitcoin faucets or Lightning Network want to check the value of their satoshis in USD, so this conversion will do it for people.
Why is USD used to calculate satoshis value?
- Most BTC is traded in USD, so that is also a popular way to calculate satoshis value.
So that’s all from us in this short article on Bitcoin unit and Satoshi.
Hope you liked it? Do share it with your friends and family, who would like to know more about Bitcoin !!
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.