Everything you need to know about Satoshi

Angelena Iglesia

Everything you need to know about Satoshi

You’ve probably heard the term “Bitcoin” before and chances are you want to know more about it. When you first start looking up Bitcoin and crypto you will find some words that are completely new to you. For example, Satoshi is a term that is very important in the crypto world, but you probably don’t know much about it yet. We want to give you a hand with that! In this blog you will find everything about Satoshi.

What is Satoshi

So what is Satoshi? Well, it is the smallest unit of the cryptocurrency Bitcoin, and by that we mean really small. In fact, this unit is one hundred-millionth of a Bitcoin. The unit is named after Satoshi Nakamoto who is the creator of Bitcoin. There is some mystery tied to this name because no one knows who this person actually is. So it is one of the most famous names in the crypto world, without people knowing what he looks like! It may even be the case that Satoshi Nakamoto is a collective name for several people who want to remain anonymous, but we don’t know that. Back to the unit Satoshi. How much Satoshi you own depends on how much Bitcoin you have, because it is a unit of Bitcoin. It may all sound hard to understand, but it was simply just devised to make smaller transactions easier. If you’re buying something that’s a hundred euros, with Bitcoin you’re quickly in many decimal places behind the zero and that’s inconvenient to work with. Satoshi then offers a better view because you can see an actual number instead of countless decimals. So you can compare it to our currency where one euro can be divided into 100 cents.

The difference between Satoshi and normal currency

So what exactly is the difference of Satoshi compared to normal currency? The biggest difference is that crypto mainly exists on the internet and so that’s very different from the normal money that we know. It’s a digital currency and you can’t just hold the money in your hands. You can hold a 10 euro bill in one place at a time, but a digital currency can be used in more than one transaction. This is because a digital currency doesn’t really exist in everyday life and so it can’t just be taken out of your possession when you use it. It may all sound very difficult, but as you learn more about crypto it will all make more sense!

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