Satoshi is the smallest unit of Bitcoin (BTC). It is named after Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
*1 Satoshi = 0.00000001 BTC*
In other words, 1 Bitcoin is equal to 100,000,000 Satoshis.
Satoshi units are used to represent small fractions of a Bitcoin, making it easier to conduct microtransactions or represent smaller amounts of BTC.
*Conversions:*
- 1 BTC = 100,000,000 Satoshis
- 1 Satoshi = 0.00000001 BTC
- 100 Satoshis = 0.000001 BTC
*Why Satoshi is important:*
1. Microtransactions: Enables small transactions, such as buying digital goods or services.
2. Fractional ownership: Allows users to own and transfer tiny fractions of a Bitcoin.
3. Simplifies calculations: Easier to calculate and represent small amounts of BTC.
*Other cryptocurrencies also use similar units:*
- Ethereum: Wei (1 ETH = 1,000,000,000,000 Wei)
- Litecoin: Litoshi (1 LTC = 100,000,000 Litoshi)
*Satoshi Nakamoto:*
Satoshi Nakamoto is the pseudonym used by the individual or group of individuals who created Bitcoin. The true identity of Nakamoto remains unknown.