After the wave of hype in 2017, the vast majority of people in the world heard about Bitcoin at least once in their lives. As you know, the number of coins is limited, only 21 million pieces can be mined, but in that case how can they be distributed among billions of people? The developers solved this issue by dividing each coin into smaller parts, which were called “satoshi”. So, let’s talk more on this topic.
(please, click the topic to scroll down to it)
- What is satoshi? Satoshi table
- Who is Satoshi Nakamoto and what do we know about him?
- How can you get satoshi?
As already mentioned above, BTC coins are further divided into smaller indivisible parts, satoshi. Bitcoin’s satoshi can be compared cents, which almost all the world’s fiat currencies are made up of. There are exactly 100 million satoshi in one BTC, and they are not subject to additional division.
For a better understanding of the BTC/satoshi ratio, please look through this table.
|1 satoshi||0.00000001 ฿|
|10 satoshi||0.00000010 ฿|
|100 satoshi||0.00000100 ฿||1 bit/ μBTC (microbitcoin or you-bit)|
|1000 satoshi||0.00001000 ฿|
|10 000 satoshi||0.00010000 ฿|
|100 000 satoshi||0.00100000 ฿||1 mBTC (millibitcoin or em-bit)|
|1 000 000 satoshi||0.01000000 ฿||1 cBTC (centibitcoin)|
|10 000 000 satoshi||0.10000000 ฿|
|100 000 000 satoshi||1.00000000 ฿||1 BTC|
Due to such a division of the coin, Bitcoin can be easily used by all the inhabitants of the planet at the same time. (It is important to note that we are not currently considering the issue of scaling, it is only about the quantitative part of the question). This is quite convenient, since any user can make a transaction up to 1 satoshi. Given the current Bitcoin exchange rate of $6300, 1 satoshi is $0.000063 at the time of writing.
Satoshi Nakamoto is not the real name of a real person, it is only the pseudonym of the person (or group of people) who created Bitcoin. So far, there is no specific information about this person’s identity. There are only guesses and assumptions that he is about 40 years old and lives in Japan. But this version does not sound very plausible, because:
- Firstly, all documents that describe the technology, as well as Bitcoin software itself, are not translated into Japanese and do not have localization;
- Secondly, Nakamoto himself speaks English at the level of a native speaker.
There is another version, which seems more like the truth. According to it, Satoshi Nakamoto is a pseudonym for a whole team of developers, which includes dozens of talented programmers. The network of Bitcoin was launched in the January of 2009, and in the middle of 2010 the creator leaves his offspring for unknown reason. After this, a team of programmers headed by Gavin Andersen begins to work on the project.
There are 1 million coins under the control of the mysterious Satoshi Nakamoto. Even at the current, not quite pleasant rate, it is more than 6 billion dollars. At the peak, in the December of last year, his fortune was estimated at $20 billion.
Now you can only guess who Satoshi Nakamoto is, since all the numerous attempts of professional journalists to find out the identity of the creator of the first cryptocurrency have failed.
In our time, there are several ways to get hold of satoshi. Let’s briefly go over the main ones:
– Bitcoin faucets. These are services that pay a certain amount of satoshi for performing simple tasks (switching over advertisements, decoding and entering captchas, participating in surveys, etc.).
– Mining. Small parts of Bitcoin (satoshi) can be obtained using Bitcoins farms or cloud mining.
– Online games. Some projects pay their players for activity, etc.
– Purchasing. It is the easiest way to get satoshi. Considering that a coin can be divided into one hundred million pieces, anyone can afford to buy satoshi.
Whoever Satoshi Nakamoto is, he (or they) thought out the structure of Bitcoin pretty well and divided it into 100 million equal parts. This will allow you to make even the tiniest transactions that are simply not available in other currencies.
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