Bitcoin is the leading cryptocurrency, with over 170 billion USD market capitalization. As the price of bitcoin continues to grow, it is tough for a working-class person to own one bitcoin, but it is unnecessary. You can also buy a fraction of a bitcoin. The smallest indivisible unit of a bitcoin is called a satoshi.
Who is Satoshi?
A satoshi is one hundred millionth of a bitcoin. Satoshi is the smallest fraction of a bitcoin that someone can own. It is named after the founder of bitcoin, Satoshi Nakamoto, who, to this date, is an unknown figure. Satoshi Nakamoto published the whitepaper of bitcoin back in 2008. It is still unclear who Satoshi Nakamoto is, a person or group who created bitcoin. Even though several have claimed that they are the real satoshi, non of them were able to produce enough evidence to back their claim.
How many satoshis are in a bitcoin?
Satoshi is a structural part of the leading cryptocurrency bitcoin, one hundred millionths of bitcoin. One bitcoin compromises of 1000 millibits (mBTC), 1,000,000 microbe (mkBTC) or 100,000,000 Satoshi. Satoshi is also the finest amount that can be recorded in the blockchain. 1 Satoshi is equal to 0.00000001 BTC.
Note: Currently, you can buy around 12,000 Satoshi (SAT) in one US dollar.
Who decided the value of satoshi?
Satoshi Nakamoto decided the value of a bitcoin in satoshi to be 100 million in November 2008. But in November 2015, Ribuck proposed that the one-hundredth of a bitcoin be called a satoshi. Four months later, he insisted that the one hundred millionth unit be called a satoshi or an Austrian. The future protocol versions might introduce amounts smaller than a satoshi if deemed required by the community.
Note: The name satoshi was widely adopted as an homage to the creator of bitcoin.
Buying satoshi is similar to buying bitcoins on crypto exchanges. The first step to owning satoshi is to set up your account on any crypto exchange and then place an order on the exchange for the minimum amount of bitcoins allowed. The main objective of smaller units of bitcoin is that if the price of bitcoin goes high, people can still invest in it by owning smaller units of the cryptocurrency.