Bitcoin (BTC) may revolve around all-time highs, but a new storm is brewing around the smallest subunit, satoshi or sat.
As more and more new investors turn to BTC, interest further underscores the fact that many still believe that bitcoin cannot be broken into pieces and that it is “too expensive”.
Are you buying bitcoin? Very expensive
The question of how to resolve this misunderstanding and present the bet to a wider audience has often been controversial throughout the recent history of Bitcoin, now back in the spotlight.
Statistician Willie Wu publicly contacted CoinGecko’s listing page this week to clarify little Satoshi.
“Set a smaller device as the default BTC device on your site and see if it continues. Let’s start a trend. ”
Wu responded to an experiment by Magic Internet Money podcast host Brad Mills, who told a potential buyer that he couldn’t afford all of Bitcoin.
Long way to parity?
Satoshi is the smallest internal unit of Bitcoin and can be separated by up to eight decimal places. At current prices, this makes a satoshi worth about 0.02 cents. One dollar on Saturday equals 43.
The dedicated provider now shows how much BTC / USD they have to earn to equal one set of one penny. For that to happen, Bitcoin must challenge the United States’ M2 money supply ceiling, Wu said, Bitcoin must reach $ 1 million.
The amount of money in bitcoins is measured by the corresponding value in US dollars. Source: Woobull
Against this backdrop, the $ 23,000 bitcoin price remains modest. However, some of the coins actually only refer to the satoshi tie. In July, the Argentine peso joined the Lebanese pound and is now equal to the smallest unit of account.
He also pointed out that, in contrast to SATS, so-called “melissats” in the lightning network can be used if necessary. Lightning is still the most popular bitcoin scaling game, and progress in the bitcoin user experience will allow newbies to send small payments for any fees in the future.
This is accomplished by executing off-chain transactions and then synchronizing them, thus avoiding the need to charge mining fees and overload the bitcoin chain.