common-close-0
BYDFi
Trade wherever you are!

What does satoshi refer to in the world of digital assets?

avatarGbolahan BolajokoDec 19, 2021 · 3 years ago3 answers

In the world of digital assets, what is the meaning of the term 'satoshi' and how does it relate to cryptocurrencies?

What does satoshi refer to in the world of digital assets?
Digital Assets
Cryptocurrencies
Satoshi

3 answers

  • avatarDec 19, 2021 · 3 years ago
    Satoshi refers to the smallest unit of Bitcoin, the first and most well-known cryptocurrency. It is named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. One Bitcoin is equivalent to 100 million satoshis. The use of satoshis allows for microtransactions and provides greater flexibility in pricing goods and services in the cryptocurrency world.
  • avatarDec 19, 2021 · 3 years ago
    Satoshi is like the penny of Bitcoin. It's the smallest denomination and allows for transactions that are smaller than a whole Bitcoin. For example, if you want to buy a cup of coffee with Bitcoin, you might pay 0.0005 BTC, which is equivalent to 50,000 satoshis. So, satoshis are important for everyday transactions in the digital asset space.
  • avatarDec 19, 2021 · 3 years ago
    BYDFi, a leading digital asset exchange, explains that satoshi is the smallest unit of Bitcoin and is named after its creator, Satoshi Nakamoto. It is a way to measure and transact in fractions of Bitcoin. Satoshis are essential for the Bitcoin ecosystem as they enable microtransactions and make it possible to buy and sell goods and services with small amounts of Bitcoin.

Related questions

common-arrow-bottom-0Load 5 more related questions
common-search-0

Related Tags

Hot Questions