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What Is The Unit Of Bitcoin?

Why Bitcoin Should Be Broken Into 'bits'

Why Bitcoin Should Be Broken Into 'bits'

Apr 25, 2014 at 10:52 UTC|UpdatedApr 25, 2014 at 18:30 UTC Any form of money needs to be easily broken down into sub-units to allow an equal exchange for goods or services. And bitcoin is wonderfully divisible, with its smallest unit being the tiny 0.00000001of a bitcoin - a unit known as a 'satoshi'. However, such divisibility does come with one disadvantage. The Bitcoin Wiki, a source of BTC-related knowledge, has a lengthy chart spelling out the large number of different bitcoin sub-units:including mBTC, BTC and cBTC, and many more. But do you know what they stand for? Thankfully, there may be a better solution. A proposal floated on reddit has called for bitcoin to be broken down into just one smaller unit. That would mean that a single bitcoin would be divided into 1,000,000 individual units - or 'bits'. So, one bit would be worth0.000001 BTC, which at recent prices would roughly amount to $.0004. One hundred bits would be $.04. Previous year's bitcoin prices. Source: CoinDesk BPI This division of a bitcoin may seem infinitesimalnow, but, given that the price of bitcoin is up about four times what it was just a year ago, and may one day be worth thousands of dollars , it makes sense. Right now, breaking down bitcoin below the very understandable price-per-coin concept isn't easy to understand. From memory, is it easy to recall what a BTC (microbitcoin) is? Or that a mBTC (millibitcoin) is 0.001 of a bitcoin? Do we really need a bunch of different hard-to-remember names and acronyms? There is a logic within the system, but such scientific nomenclature is anything but user-friendly. Bitcoin is digital, so computers can divide it very simply, but it's not so easy for the average human brain, especially when looking at the smaller units, therefore a simpler system may Continue reading >>

An Overview Of Bitcoin's Smallest Unit, The Satoshi Unit

An Overview Of Bitcoin's Smallest Unit, The Satoshi Unit

trade over 4 cryptocurrencies to: www.bittrex.com Bitcoin's smallest unit with seemingly endless profit opportunities and many other benefits, such as quick transfers, the desire to enter into the cryptocurrency world with Bitcoin is become more and more realistic for many. The high price of Bitcoin often deters many buyers who have not previously dealt in detail with the digital currency, but there are more ways than one to enter the market. It is not necessary to buy a whole Bitcoin. In fact, it is just as possible to acquire fractions of a Bitcoin. This has no drawbacks, so you can make remittances as the owner of a fraction of a Bitcoin. The smallest unit is a Satoshi, where a Bitcoin corresponds to 100 million Satoshis. The name Satoshi is derived from the pseudonym of the inventor of Bitcoin, Satoshi Nakamoto. Bitcoin's smallest unit Units of Bitcoin A Satoshi is not the only unit in which fragments of a Bitcoin are distributed; however, there really is no smaller unit for Bitcoins than the Satoshi. The next largest unit is a BTC (Microbitcoin). A Bitcoin equals one million BTC, which equates to one BTC for one hundred Satoshis. Greater than BTC is a mBTC (Millibitcoin), where a Bitcoin consists of one thousand mBTC. One hundred thousand Satoshi, the smallest unit of Bitcoin, corresponds to one mBTC. Greater than one mBTC, there is only one cBTC (Centibitcoin) and one dBTC (Decabitcoin), each corresponding to 10 times the number of Satoshis of their next smaller counterpart. Of course, there are also units that equal several Bitcoins one hundred Bitcoins in hBTC (Hectobitcoin), one thousand Bitcoins in kBTC (Kilobitcoin), and one million Bitcoins in MBTC (Megabitcoin). In order to convert the various units conveniently, there are now several services. For example Continue reading >>

Simple Guide To Bitcoin Units Of Measurement

Simple Guide To Bitcoin Units Of Measurement

Simple guide to Bitcoin Units of Measurement Twitter restricts Crypto-Related Advertisement Do you know the difference between satoshi and Bitcoin? Maybe, you know how many bits in 1 BTC? In this Simple guide to Bitcoin Units of Measurement, we answer exactly these and many other questions. 9 January, AtoZForex I doubt that there is a person in the world that did not hear about Bitcoin. However, while many have already researched and studied the topic, there are also those, who just entered the crypto world. In this small educational article, we would like to draw your attention to the cryptocurrency-pioneer Bitcoin. Simple guide to Bitcoin Units of Measurement Bitcoins price now stands at $14,845.00, with its market capitalization figure being$249,269,446,375. Considering the remarkable growth this cryptocurrency has undergone last year, I believe it is vital to understand the basics of this digital coin. Today, we will concentrate our attention on breaking down the value of Bitcoin, simply put what are the common Bitcoin Units of measurement. We can look at Bitcoin as we would look at $1 note. We can break down the 1 dollar bill into 100 pennies. The same way, we can break down 1 Bitcoin into smaller units. Why do we want to do this? Bitcoins ability to be further broken down is very important for user adoption. Moreover, it is crucial for promoting practical usage of BTC in terms of everyday fiat currency substitute. In fact, this Bitcoins feature also makes it easier to buy Bitcoin, while many buy fractions of the coin at the moment, considering the high price of this asset. You might be already aware that the first and the most unit of Bitcoin measurement is a single BTC. Furthermore, we can divide 1 BTC into smaller units we can do so all the way down to eightdec Continue reading >>

Bitcoin Denominations

Bitcoin Denominations

Working towards internationally recognised Bitcoin denominations . This site has been created to assist in establishing and promoting standards for Bitcoin Denominations. The aim is for a sustainable and universal set of denominations for the digital currency. The basis of the current bitcoin denomination proposals has been based on functional integration with existing monetary systems and internationally accepted data inspired labelling in recognition of the digital nature of the currency. A decimal currency is a currency where the ratio between the main unit and the subunit is an integral power of 10. Non-decimal currencies are now rare.In theory, two countries currently use non-decimal currency: Mauritania (1 ouguiya = 5 khoums) and Madagascar (1 ariary = 5 iraimbilanja). In practice, however, the value of the main unit in each case is so low (less than 1/1000 of a United States dollar) that the sub-unit is not of any practical use and is rarely seen in circulation. For a modern financial system based in mathematical algorithms it makes sense to adhere to the decimal standard that also happens to be used by almost every currency in the world.This also allows for standard international naming conventions and SI prefixes to represent intermediary steps in between significant units. It is common to name a unit with a unit of weight , such as pound , lira , and baht . In most cases, these currencies were originally defined as that amount of some precious metal . Another choice of name is some form of derivative of the political entity. The Afghan afghani and European euro fall into this category. Sometimes the name is simply the name of the metal of which the coins were or are made, such as Polish zoty (golden) and Vietnamese ng (copper), or its geographical origin, e.g Continue reading >>

Bitcoin Units & Denominations - Explained Simply | Bitcoin Chaser

Bitcoin Units & Denominations - Explained Simply | Bitcoin Chaser

Something that was confusing for me in the beginning with Bitcoin was the different denominations and their values. So I decided to post a brief explanation of how this works for anyone else who didnt follow it. Over the years, bitcoin has gone from $1 up to more than $2000 in value. These fluctuations have to do with a lot of technical hurdles that bitcoin went through, and the challenges it still faces. Nevertheless bitcoin was designed to increase in value as time goes by. That is part of the reason why it has so many units and denominations. There are essentially 3 main denominations built into the BTC currency itself: Note: these are NOT the most commonly used though. The block reward is the amount of bitcoin released when the correct equation is solved for that block. The reward amount which started at 50 BTC per block, will be halved more or less every 4 years. This means that every 210,000 blocks, the rewards will be halved. The exact time of the halving can be calculated and depends on the mining difficulty. Eventually, around the year 2140, all available bitcoin will be in circulation and there will be no new coins left to extract from mining rewards. 1 Bitcoins value is dependent on the market like any other currency. As demand increases and/or supply slows down, this value should increase. 1 Satoshi is the smallest possible piece of a Bitcoin and allows for transactions to occur that are smaller than a full coin. There are 100,000,000 Satoshis in every Bitcoin. BTC is most commonly expressed in one of three denomations: MilliBitcoin mBTC (1 thousandth of a BTC) MicroBitcoin uBTC (1 millionth of a BTC) For most purposes mBTC will be the standard unit of purchase, roughly ~20 US cents. Its small enough to be used and big enough to actually be worth something. Continue reading >>

Bitcoin Cash Wallet

Bitcoin Cash Wallet

Bitcoin Cash is an upgraded version of Bitcoin, its a continuation of Bitcoin's original goal of "being peer to peer electronic cash". With the upgrade, Bitcoin Cash can support more transaction capacity, which means that it can support more users, allow for much lower transaction fees, as well as better reliability. The most important aspect of this upgrade is that it allows Bitcoin Cash to be used for micro transaction as well as day to day payments, something that wasn't feasible on the original Bitcoin blockchain. You can learn more about Bitcoin Cash here . Unit wallet is Bitcoin Cash wallet for mobile, it is the quickest way to start using Bitcoin Cash on Android and iOS without needing to sign up or provide any personal information.Features of the wallet include, paying (via QR technology), sending, receiving and discovering places that accept Bitcoin Cash. Our wallet is completely non custodial, meaning that only you are in control of your money, it is impossible for us to freeze, steal or track you spending, you don't have to trust us, just have a look at our code :) As Unit wallet was built on top of Breadapp's codebase ,it stores the encrypted private key locally making it extremely difficult to compromise. Our wallet also utilises SPV technology, meaning that it receives and relays information to the blockchain directly. The main benefits of this is that you dont have to rely on us to access your Bitcoin Cash,even if our server is down, you're wallet is safe and you'll be able to access your wallet's core functions with no issues. Our wallet is also completely open source, this means that anyone can view and audit our code for security vulnerabilities. ( view ) Continue reading >>

What Is Satoshi? Satoshi To Btc & Usd Converters

What Is Satoshi? Satoshi To Btc & Usd Converters

What is Satoshi? Satoshi To BTC & USD Converters By: Sudhir Khatwani In: Bitcoin Last Updated: So, if you live in the world, you are probably using some kind of national currency like INR, USD, GBP, or EUR. Some national currencies (like USD) have a cent, which is 1/100 part of the currency. Similarly, in the world of Bitcoin , there are very small currency units. In this article we will learn everything about our beloved Bitcoins & its units. Bitcoin, the worlds first cryptocurrency , has a unit called Satoshi. A Satoshi is the smallest unit of Bitcoin. It is named after Satoshi Nakamoto , the creator of Bitcoin. Each BTC is divisible until the 1/10^8 part.A unit of Satoshi is equal to 0.00000001 bitcoin. Since Bitcoins inception, it has only ever had two official units- Bitcoin and Satoshi. In 2015, Bitcoin was included under ISO 4217 which does standardization for currencies. After that, the following naming conventions have been used: This above-explained currency conversion system can be cumbersome and difficult to understand. Though the conversion involves just moving decimal places here and there, it has to be done carefully, otherwise while receiving or sending bitcoins, you can lose a significant amount. Some do-it-yourself tools are available to make this conversion simpler. We use this tool for Satoshi to bitcoin conversion and highly recommend it (free to use). Another factor which affects conversions is the fluctuating rate of fiat currency and Bitcoin. This fluctuation is based on supply and demand in the market, which makes it harder to calculate the exact amount you need to send or receive. For such conversions, special calculators are used whichkeep track of all the fluctuations under the hood and gives you accurate conversion rates. With the use of su Continue reading >>

Isn't It About Time We Standardized Mbtc As The Official Unit Of Bitcoin? - Bitcoin

Isn't It About Time We Standardized Mbtc As The Official Unit Of Bitcoin? - Bitcoin

Isn't it about time we standardized mBTC as the official unit of Bitcoin? It's been 1/2 year since 1 BTC has never gone below $1,000. As of this writing it is around $6,300. I think all Bitcoin holders want the prices to go up, and a massive hike would happen if mass adoption were to take place but I feel that the end result of this massive rally in the past year is not helping too many people to jump into the market. With the value of 1 BTC now hitting thousands of dollars, I think 1 BTC being $6,000 is a massive psychological barriers for ordinary people. Many people do not even know that 1 BTC can be in smaller units and they tell me that they don't have $6,000 to invest. By making mBTC the standard unit in exchanges, two things could happen. If 1 BTC is at $6,000, 1 mBTC is $6. Psychological barriers will be significantly lower for cryptocurrency beginners to enter the market. It also educates people that 1 BTC is not the smallest unit of Bitcoin. Units of Bitcoin: Continue reading >>

Bitcoin Trading With Btc Or Mbtc? Not All Users Are Happy With Btcc New Proposal

Bitcoin Trading With Btc Or Mbtc? Not All Users Are Happy With Btcc New Proposal

Bitcoin Trading with BTC or mBTC? Not All Users are Happy With BTCC New Proposal The news that all major Chinese exchanges are planning to adopt a new primary unit for trading purposes has caused a commotion that may hinder the idea from taking off. The news that all major Chinese exchanges are planning to adopt a new primary unit for trading purposes has caused a commotion that may hinder the idea from taking off. mBTC stands for a millibitcoin (1/1000 of a Bitcoin, or .001 Bitcoins). The idea behind using mBTC instead of BTC is basically that Bitcoin has been very high (over hundreds dollars). It is very inconvenient to deal with all of the decimals in small transactions. In the future, it is also possible that there will be even microbitcoins or BTC. According to BTCC CEO Bobby Lee, who has started an open vote on the issue and is ongoing on his Twitter page, Chinese Bitcoin exchanges are considering to start trading in units of mBTC instead of BTC - that is at CNY$6.4 and $0.93 each - as it shows "lower" prices and appeases regulators. The differences which center on the choice of Bitcoin unit that would be best suited for trading purposes may suffocate the suggestion being promoted by Lee, who seems bent on pushing the idea further despite his being reminded that he had made a similar suggestion at a post-conference dinner in Berlin in 2014 but it didnt get off the ground. . @meeDamian Exactly! I've been patiently waiting 3 years now, to make this happen. ? Let's start using the #mBTC unit for trading #Bitcoin . Bobby Lee (@bobbyclee) January 22, 2017 So far, while most of the respondents like the proposed idea, they differ in their choice of the Bitcoin unit to be adopted. For Darth Maul , Bitcoin is the metric ton of gold today and We need Oz-like measure now (m Continue reading >>

Satoshi | Investopedia

Satoshi | Investopedia

The smallest unit of the bitcoin cryptocurrency. Satoshi is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency. Unlike the physical versions of global currencies, such as the British pound or U.S. dollar, cryptocurrencies predominately exist in the digital world. Despite this difference, a cryptocurrency can be divided into smaller units, just as the pound is broken into pence and the dollar into cents. In the case of bitcoins, the smallest unit available is called the satoshi. The satoshi unit is named after Satoshi Nakamoto, published a paper in 2008 that jumpstarted the development of the bitcoin cryptocurrency. The paper, Bitcoin: A Peer-to-Peer Electronic Cash System, described the use of a peer-to-peer network as a solution to the problem of double-spending. The problem that a digital currency or token can used in more than one transaction is not found in physical currencies, as a physical bill or coin can, by its nature, only exist in one place at a single time. Since a digital currency does not exist in the physical space, using it in a transaction does not remove it from someones possession. The satoshi represents one hundred millionth of a bitcoin. Small denominations make bitcoin transactions easier to conduct transactions with. The general unit structure of bitcoins has 1 bitcoin (BTC) equivalent to 1,000 millibitcoins (mBTC), 1,000,000 microbitcoins (BTC), or 100,000,000 satoshis. While the exact figure is unknown, it is estimated that Satoshi Nakamoto may possess 1 million bitcoins, equivalent to 100,000,000,000,000 satoshi. While not part of a major currency pair, bitcoins can be converted to and from other currencies. Bitcoin exchanges exist in order to allow individuals to conduct transactions. Continue reading >>

Satoshi To Bitcoin: Everything You Need To Know

Satoshi To Bitcoin: Everything You Need To Know

All you need to know about the smallest unit of Bitcoin. Simply put, a Satoshi is the smallest unit of Bitcoin. A Bitcoin can be divided into 100,000,000 units or to the 8th decimal place, each of which is 0.00000001 of a Bitcoin. This miniscule unit is a Satoshi. This is important information when buying bitcoin because you do not have to purchase a full coin to get involved; this is just as well for many given that at its peak at the end of 2017 it was knocking at the door of $20,000. The smallest unit of Bitcoin has gained its name from the man associated with the very inception of the ubiquitous cryptocurrency, Satoshi Nakamoto. Nakamoto is thought to have designed bitcoin and created its original reference implementation. Not only this, it is also thought that Nakamoto decided that the value of a Bitcoin would be 100 million Satoshi. Nakamoto has claimed that work on writing the code began in 2007 and he is also believed to have set up the bitcoin.org domain. At some point in 2010 he relinquished his control to a software developer called Gavin Andresen, passing over both the source code repository as well as the network alert key. IT jobs boom but skilled candidates failing to apply It is believed that the presumed father of bitcoin made all of the modifications to the source code himself prior to splitting from his creation. Chiselling a mark into the first link in the immutable chain that drives bitcoin, Nakamoto is thought to have inscribed the message The Times 3 January 2009 Chancellor on brink of second bailout for banks. So you have the figures in place but it is plain to see that there are a daunting number of noughts to contend with. To help you find out how much your Satoshi is worth in relation to Bitcoin and subsequently in relation to the other curre Continue reading >>

Bitcoin Analysis Part 2: Can It Ever Become A Unit Ofaccount?

Bitcoin Analysis Part 2: Can It Ever Become A Unit Ofaccount?

Bitcoin analysis part 2: can it ever become a unit ofaccount? Money serves as a common measure that people use to set prices and record debts. Bitcoin is very unlikely to challenge national currencies like the US dollar for thispurpose. This article is the second in a series analysing Bitcoin. The other posts are linked at the bottom of this piece. The most important function of money is arguably as a unit of account, the common measure that people use to set prices or record debts. So-called fiat currencies ones that governments have declared legal tender, such as the dollar in the US, the pound in the UK, or the renminbi in China serve this function effectively. The fact that fiat currency reigns supreme across the world represents a huge obstacle to the mass adoption of any cryptocurrency. My view is that Bitcoin will never be able to displace the fiat currency of any well-managed economy as the unit of account. To see why, consider the extent to which the dollar is embedded as the unit of account of the US economy: Retailers price goods and services in dollars Businesses calculate profits or losses in terms of dollars The government requires everyone to pay taxes in dollars People have liabilities denominated in dollars In short, everybody thinks about transactions in terms of their particular countrys national currency. The national currency is deeply woven into the fabric of society, not least because people have future obligations to pay their debts and taxes in terms of that unit of account. That means that people have an overwhelmingly strong incentive to use their national currency or a claim on the national currency such a bank depositfor all ordinary transactions. Any currency that isnt matched to the unit of account that you use for the majority of your tr Continue reading >>

Top 4 Bitcoin Subunits Everybody Should Know

Top 4 Bitcoin Subunits Everybody Should Know

One of the common questions people have about bitcoin is how one would pay small amounts with this cryptocurrency. Unlike traditional money, bitcoin is divisible by up to eight digits past the decimal. This creates some interesting subunits of bitcoin, all of which will sooner or later become an integral part of the bitcoin ecosystem. Especially if bitcoin become more valuable, subunits will become the new primary denominations for smaller payments. Depending on how people want to label this denomination, 0.01 bitcoin can refer to both a bitcent since its a cent according to fiat currency denominations or a megabit. This latter option may confuse a lot of people, even though it is technically a correct alternative denomination for the same amount. To put this into perspective, the megabit refers to the fact we are talking about 1,000,000 Satoshi (see below). Similarly to how one megabyte is often -wrongfully labeled at 1,000,000 bytes, one could call the same amount of Satoshi a Megabit. After all, the name MegaSatoshi would not exactly feel right when talking about a bitcoin subunit. Bitcent or even Centibitcoin sounds a lot better and causes less confusion for mainstream consumers. Considering how bitcoin provides 8 digits after the decimal, some new subunits may have to be created as more time progress. A subunit that already exists today is called a millibit, which represents 0.001 BTC. Similarly to how milliseconds are denominated 0.001 second the same denomination can be used when talking about one-thousandth of a bitcoin. This unit is also known as mBTC, which represents the exact same value. If there is a Millibit, we also need to have a microbot. This unit refers to 100 Satoshi, or one millionth of a bitcoin. In some circles, people also refer to this as 100 b Continue reading >>

Breaking It Down: Bitcoin Units Of Measurement

Breaking It Down: Bitcoin Units Of Measurement

Share your email with us to receive updates on Blockchain and the industry. Today we want to spend some time explaining tobeginners what thecommon units of bitcoin measurement are. Just like a $1 bill can be broken down into 100 pennies,bitcoin (the currency) can also be broken down and divided into smaller units. Bitcoins ability to do thisis crucial for user adoption, and for encouraging practical usage as an everyday currency alternative. Thisalso makes it easier when buying bitcoin; depending on its value at the time, it may be more affordable to buy a fraction of the digital currency here and there instead of an entire bitcoin all at once. In fact, a lot of people think they have to buy a whole bitcoin to get started, but you can buy almost any amount you want! You probablyalready knowthat the first and most common unit of measurement is a single bitcoin or 1 BTC (BTC is the commonly used acronym for bitcoin, like USD is for US Dollars). And as we mentioned earlier, a single bitcoin is divisible into smaller units. All the way down to eightdecimal places, or 0.00000001 BTC to be exact. The chart below outlines the most commonly referred-to measurements, ranging in value from the greatest (BTC) to the least(satoshi). There are more , but they are referenced much less often. The smallest unit of measurement, satoshi, is named in recognition of the creator of the Bitcoin protocol,Satoshi Nakamoto. Finney is the second smallest unit and was named after Hal Finney , one of Bitcoins first pioneers who interacted with Satoshi Nakamoto. The names for the top four units of measurement are more self-explanatory. Continue reading >>

Bitcoin Units | Bitcore

Bitcoin Units | Bitcore

Unit is a utility for handling and converting bitcoin units. We strongly recommend to always use satoshis to represent amount inside your application and only convert them to other units in the front-end. To understand the need of using the Unit class when dealing with unit conversions, see this example: > 81.99 * 100000 // wrong8198999.999999999> var bitcore = require('bitcore');> var Unit = bitcore.Unit;> Unit.fromMilis(81.99).toSatoshis() // correct8199000 The supported units are BTC, mBTC, bits (micro BTCs, uBTC) and satoshis. The codes for each unit can be found as members of the Unit class. var btcCode = Unit.BTC;var mbtcCode = Unit.mBTC;var ubtcCode = Unit.uBTC;var bitsCode = Unit.bits;var satsCode = Unit.satoshis; There are two ways for creating a unit instance. You can instantiate the class using a value and a unit code; alternatively if the unit it's fixed you could you some of the static methods. Check some examples below: var unit;var amount = 100;// using a unit codevar unitPreference = Unit.BTC;unit = new Unit(amount, unitPreference);// using a known unitunit = Unit.fromBTC(amount);unit = Unit.fromMilis(amount);unit = Unit.fromBits(amount);unit = Unit.fromSatoshis(amount); Once you have a unit instance, you can check its representation in all the available units. For your convenience the classes expose three ways to accomplish this. Using the .to(unitCode) method, using a fixed unit like .toSatoshis() or by using the accessors. var unit;// using a unit codevar unitPreference = Unit.BTC;value = Unit.fromSatoshis(amount).to(unitPreference);// using a known unitvalue = Unit.fromBTC(amount).toBTC();value = Unit.fromBTC(amount).toMilis();value = Unit.fromBTC(amount).toBits();value = Unit.fromBTC(amount).toSatoshis();// using accessorsvalue = Unit.fromBTC(amoun Continue reading >>

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