When Bitcoin was introduced, it was done so by an entity known as Satoshi Nakamoto. I say “entity” here because it is not known whether the name refers to a man, woman, or organization of several people. To this day there has been suspicions as well as false claims. The most popular story is that of Craig Wright which we will cover in a future post.
When referring to Bitcoin, a Satoshi is the smallest unit into which you can divide a Bitcoin. As a reference, let’s take the U.S. Dollar. The U.S. Dollar can be divided, or broken down, into several smaller increments, the smallest of which is a penny or 1/100th of a dollar. The Satoshi however is 1/100,000,000th of a Bitcoin! That’s right, just like there are One Hundred Pennies in One Dollar, there are One Hundred Million Satoshis in One Bitcoin!
Also, as there are other units into which to break a Dollar (Quarter, Dime, Nickel), there are some other units to reference larger units of a Bitcoin.
- Satoshi – 1/100,000,000 or 0.00000001
- Bit – 1/1,000,000 or 0.00000100
- MilliBit – 1/1,000 or 0.00100000
- Bitcent – 1/100 or 0.01000000
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