We all want to have many Bitcoins in our Wallets. Dozens and dozens of them with the ability to invest, purchase goods and services, save, or perform operations on the stock market. But things are not always as we would like. And is that, when you first started in the world of crypto, it is normal that we don’t have many Bitcoins. In fact, due to the high value of this currency, it is normal that we do not have any Bitcoin at a very good time, but only fractions of this. This is not a new concept for us, as out of the cryptocurrencies, fiat money also has fractions, which we call pennies, or cents, and that allow us to perform operations that warrant less of a unit of money of our country. In the case of Bitcoin, the smallest unit that can be divided is known as a “Satoshi”. However, unlike most of the coins in the real world, which can be divided up into 100 smaller units, the Bitcoins can be subdivided into 100,000,000 Satoshis. The origin of the name of the smallest unit of Bitcoins are traced back to the creation of this criptomoneda, more specifically at the November 15, 2010, when in the forum BitcoinTalk, the user Ribuck proposed to “satoshi” as the name of the smallest unit that could split the Bitcoin at that time, which amounted to 0.01 BTC, in honor of the creator of the currency, the legendary Satoshi Nakamoto. “Anyway, What is the plan to subdivide Bitcoins? What will we do with the thousands like the metric system (millibits, microbits, nanobit) Or do we have names for subdivisions? A hundredth of a Bitcoin could be a Satoshi, a thousandth could be a Molyneau, and a thousandth of a thousandth could be an Austrian”, posted Ribuck on your time. Although at that time no attention was paid to the proposal of Ribuck (especially because it was not the subject of discussion for the thread), three months later, in February of 2011, Ribuck repeated his idea, obtaining answers from other users, which led to a discussion about how big should be the divisibility of Bitcoin. Finally, a user named Marcus_of_augustus suggested that the Bitcoin could be divided into 100 million satoshis, which was accepted by the community, and brought to the mode in which they operate the Bitcoins today, when a Bitcoin is made up of 100 million satoshis in the same way that a dollar comprising 100 cents. The following two tabs change content below. Student of International Studies, interested in issues of economy and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and the cryptocurrencies in particular.
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