Bitcoin is an innovative payment network and a new kind of money created by Satoshi Nakamoto. His legacy is preserved on SatoshiNakamoto.me
It's a specialized sub for hardcore Bitcoin enthusiasts who are avoiding to own/use fiat money. In our everyday life we are using the real money - Bitcoin. For a more general sub about Bitcoin, see /Bitcoin/ and /BitcoinBeginners/
Subreddit for information related to the Bitcoin inventor Craig Wright under the pseudonym Satoshi Nakamoto
have a theory.. I am curious to get others opinions of it.
long story...
I was having a debate with a fellow crypto enthusiast like myself we did not see eye to eye.
I feel like the general public is having a hard time accepting the value of a bitcoin due to the fact of its unobtainability for most. People don't want to give up 100s to 1000s of one thing to get a fraction of another like bitcoin. They have grown up thinking a fraction of something is very little and not valueable but for Bitcoin it is not the case.
We all know that a Bitcoin can be broken down into something as small as a Satoshi.
Why not use this as the base measure instead of a Bitcoin which is the largest?
I feel people would be a lot more willing to accept using a currency when your talking about it in a whole value like Satoshi and not a fractional value like a Bitcoin. I think this is possibly why mass adoption really hasn't occurred. Why not buy/sell/exchange in Satoshi. Or even possibly come up with a name for something in between a Bitcoin and a satoshi
I believe a lot more people would be amenable spending $1 for 18000 satoshi (18ksat) or 18uBTC than for 0.00018 BTC
The link below you can play around with converting
https://www.finder.com/satoshi-to-bitcoin-conversion-calculator
I believe it will be much more important to think like this when Bitcoin becomes $100,000 and more a coin. We need a more mass population acceptable unit of measure for bitcoin for an easier mass adoption
or maybe something like this could work
1 Satoshi = 1sat
10 Satoshi = 10sat
100 Satoshi = 100sat 1,000 Satoshi = 1ksat
10,000 Satoshi = 10ksat
100,000 Satoshi = 100ksat
1,000,000 Satoshi = 1Msat
10,000,000 Satoshi = 10Msat
100,000,000 Satoshi = 1BTC
or we could take out the fractions out of Bitcoin by doing it a similar way 0.00000001 bitcoin = 10 nBTC
0.00000010 bitcoin = 100 nBTC
0.00000100 bitcoin = 1 uBTC
0.00001000 bitcoin = 10 uBTC
0.00010000 bitcoin = 100 uBTC
0.00100000 bitcoin = 1 mBTC
0.01000000 bitcoin = 1 cBTC
0.10000000 bitcoin = 1 dBTC
1.00000000 bitcoin = 1 BTC
Long story short is we need a way to measure a unit of Bitcoin not as a fraction but as a whole number which the general public could much more easily accept.
Agree or disagree or how would be a good way to implement something ?
What are your thoughts, ideas or comments on this topic?
Edit 1BTC = # of Satoshi
Some people may know that Elon musk made his initial fortune off of PayPal in the late 90s and early 2000s. What people may not realize is that when he sold he was required to sign a non compete which prevents him from working for or starting another electronic payments company.
As many know, “Satoshi Nakamoto” is the fake name of the man who created bitcoin (no one knows who he is). Last people checked, Satoshi has roughly $8billion in bitcoin left.
Tesla’s stock price has risen 500% since the beginning of the year, with people scooping it up like crazy... they recently split the stock 5:1 to make it more affordable. People have assumed that the rise is due to retail investors pouring in, but there have been some super weird/interesting large blocks being bought up if you look at the price action. I’m talking much more than just retail investors. What if Elon has been using his BTC in order to buy up massive amounts of shares, which has bid up the share price and given him more control of the company (he actually doesn’t have voting control like Bezos).
Edit: Elon is using Tesla to make it traceable and bring the money back into circulation since he’s unable to spend $8billion in BTC.
submitted by What is Bitcoin? Bitcoin is the first digital currency.It uses the peer-to-peer protocol to make instant payments. It was created in 2009 by an anonymous developer (or a group of developers) whose pseudonym is Satoshi Nakamoto. What is a satoshi? Each bitcoin (1 BTC) can have a fractional part of up to 8 digits so 1 bitcoin can be divided into 100 000 000 units. Each of these bitcoin units (0.00000001 BTC) is called a satoshi. A satoshi is the smallest unit in a bitcoin. This unit is named after Satoshi Nakamoto – the alias of the bitcoin creator. Satoshi BTC (Bitcoin) 1 Satoshi: 0.00000001 BTC: 10 Satoshi: 0.00000010 BTC: 100 Satoshi: 0.00000100 BTC: 1,000 Satoshi: 0.00001000 BTC: 10,000 Satoshi: 0.00010000 BTC The true identity of the creator of Bitcoin is one of the biggest mysteries in the modern world. Over the years many theories have popped up about who Satoshi Nakamoto really is, including a time ... Satoshi is a structural part of the Bitcoin cryptocurrency, which is one hundred millionth of bitcoin.Such small units facilitate transactions with BTC. The total structural component of 1 bitcoin (BTC) is equivalent to 1000 millibits (mBTC), 1,000,000 microbe (mkBTC) or 100,000,000 Satoshi.
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