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Saturday, February 15, 2014

Satoshi vs Bitcoin

I am aware that Satoshi Nakamoto is the author of the paper that originated Bitcoin and the creator of the original bitcoin client. However, I often hear the term Satoshi as if it was a monetary unit.
So, what is a Satoshi?

A Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC. In the future, however, the protocol may be updated to allow further subdivisions should they be needed.

Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

You could visit Blockchain website to create an online Bitcoin Wallet.

Further examples of units

1 BTC = 100,000,000 Satoshis
1 BTC = 1000 mBTC (millibitcoin)
1 mBTC = 100,000 Satoshis
1 ╬╝BTC (microbitcoin) = 100 Satoshis

1 Satoshi = 0.00000001 BTC
100 Satoshis = 0.000001 BTC
1,000 Satoshis = 0.00001 BTC
10,000 Satoshis = 0.0001 BTC

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