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The satoshi is the smallest denomination of the cryptocurrency bitcoin. It is named after Satoshi Nakamoto, the Bitcoin creator(s). The satoshi to bitcoin ratio is 100 million satoshis to one bitcoin.
- A satoshi is the smallest denomination of bitcoin, equivalent to 100 millionth of a bitcoin.
- Bitcoins can be split into smaller units to facilitate smaller transactions.
- The satoshi was named after the bitcoin founder(s) known as Satoshi Nakamoto.
History of the Satoshi
The satoshi represents one hundred millionths of a bitcoin.1 Because bitcoin has increased in value exponentially, smaller denominations are needed for smaller transactions. Small denominations make bitcoin transactions easier to conduct while making them readable by people.
For example, if you bought a $100 item with one bitcoin, your charge might ring up as .0219757 BTC (if BTC equaled $21,975.70). However, it’s easier to understand 219,757 satoshi.
Where Did the Name Satoshi Come From?
The satoshi is named after Satoshi Nakamoto, the anonymous person (or persons) that published the white paper in 2008 that jumpstarted the development of Bitcoin and popularized crypto. The whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System” described a peer-to-peer network as a solution to the double-spending problem found in previous cryptocurrency concepts.
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