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Satoshi

A “Satoshi” is the smallest unit of the Bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the pseudonymous creator of Bitcoin. One Bitcoin is equivalent to 100 million Satoshis, making a Satoshi the equivalent of 0.00000001 BTC.

Key Points:

  1. Origins:
    • The term “Satoshi” derives from Satoshi Nakamoto, the mysterious individual or group of individuals who published the Bitcoin whitepaper in 2008 and later released Bitcoin’s original software.
  2. Purpose:
    • As Bitcoin’s value grew over time, there was a need for smaller units to facilitate smaller transactions or represent smaller values. Just as a dollar can be broken down into cents, a Bitcoin can be broken down into Satoshis.
  3. Usage:
    • Satoshis are especially useful when discussing microtransactions or when referring to the fees for Bitcoin transactions, which can be fractions of a Bitcoin.
  4. Conversion:
    • To understand the value of a Satoshi:
      • 1 Bitcoin (BTC) = 100,000,000 Satoshis
      • 0.01 BTC = 1,000,000 Satoshis
      • 0.001 BTC = 100,000 Satoshis
  5. Symbol:
    • While Bitcoin is often represented with the symbol ₿, there isn’t a universally accepted symbol for Satoshi. However, the term “sats” is often used as shorthand.

Examples:

  • Microtransactions:
    • If someone wanted to send a very small payment, say equivalent to a few cents, they could send a few thousand Satoshis instead of sending a fraction of a Bitcoin.
  • Lightning Network:
    • The Bitcoin Lightning Network, a second-layer solution for faster and cheaper Bitcoin transactions, often prices transactions in Satoshis due to their smaller nature.
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin67,820 0.21 % 2.28 % 3.70 %
Litecoin85.68 0.67 % 1.20 % 4.19 %
XRP0.5299 0.40 % 0.01 % 2.57 %
Ethereum2,197.2 0.23 % 0.67 % 2.46 %
Dogecoin0.1548 0.37 % 0.09 % 7.69 %
Solana171.70 0.71 % 3.73 % 7.13 %
USDC1.000 0.10 % 0.02 % 0.08 %
Cardano0.2543 0.15 % 1.68 % 3.38 %
Tether0.9990 0.10 % 0.04 % 0.02 %
Binance Coin (Wormhole)222.47 0.38 % 4.71 % 3.08 %