Satoshi

Satoshi

What is Satoshi?

It is the smallest unit of a Bitcoin and is one hundred millionth the value of a Bitcoin. The advent of cryptocurrency has led to an avalanche of change. Long gone are the days when third parties are required to authenticate a transaction. The use of cryptocurrency allows for the sending and receiving of cryptocurrency without the involvement of a third party organization. A decentralized approach was key to this model and this led to the creation of the blockchain or a public ledger to maintain and keep a record of these transactions. All this was made possible by Satoshi Nakamoto, the original creator of Bitcoin. He/she proposed the design of Bitcoin and worked on bringing it to life. Safe to say a “Satoshi” was aptly named after the creator.

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History

The identity or identities of Nakamoto is still unknown – even after all these years. It could be one person or the alias of many people. What we do know is that all communication to and from Nakamoto was conducted electronically and that whoever it is worked on the first version of the software in 2009 and their involvement was severed in 2011. On the 3rd of January, 2009, Nakamoto mined the first block of Bitcoin and brought the Bitcoin network to life!

Satoshi/BTC/USD

Satoshi Nakamoto decided that the value of a Bitcoin was to be divided into 100 million units in November 2009. On the 15th of November, 2010, a man named Ribuck proposed that the value of a Satoshi was to be fixed at one hundredth the value of a Bitcoin. Four months later, he went on to suggest that one hundred millionth of the value of a Bitcoin was to be called a “Satoshi”. The name caught on and has stood ever since.

There are several calculators available online that can convert the number of Bitcoins or Satoshi one owns into USD. Currently, one Bitcoin is worth 7,450 USD. The current value of one Satoshi is 0.00007 USD (as of the 30th of May, 2018). One USD is worth the price of 13,389 Satoshi.

Featured Image: Depositphotos/© adriantoday

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