How is the smallest unit of bitcoin determined?

3 answers

• Dustin at FoxWiseMar 17, 2024 · 2 years ago
  The smallest unit of bitcoin is called a satoshi. It is named after the pseudonymous creator of bitcoin, Satoshi Nakamoto. One bitcoin is equivalent to 100 million satoshis. The decision to use satoshis as the smallest unit was made to accommodate the potential future value of bitcoin. As the price of bitcoin increases, it becomes more practical to have smaller units for everyday transactions. So, if you ever wondered how many satoshis are in a bitcoin, the answer is 100 million!
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• Alvaro VidalJun 09, 2022 · 3 years ago
  The smallest unit of bitcoin is determined by its protocol. Bitcoin's protocol specifies that one bitcoin can be divided into 100 million units, with each unit being called a satoshi. This level of divisibility allows for precise and granular transactions, even if the value of bitcoin increases significantly. The decision to use 100 million satoshis as the smallest unit was made to ensure that bitcoin remains practical for everyday use, regardless of its price.
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• Harsha BJan 15, 2023 · 3 years ago
  The smallest unit of bitcoin is known as a satoshi. It is named after Satoshi Nakamoto, the mysterious creator of bitcoin. One bitcoin is equivalent to 100 million satoshis. This level of divisibility allows for microtransactions and ensures that bitcoin can be used for everyday purchases, regardless of its price. So, if you ever wondered how many satoshis are in a bitcoin, the answer is 100 million! By the way, if you're interested in trading bitcoin, you should check out BYDFi, a popular cryptocurrency exchange that offers a seamless trading experience.
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