In recent years, due to the significant growth in the popularity of online shopping and the overall growth of people educating themselves about the Internet, it is not surprising that cryptocurrency has also increased. Now, only a few people have not heard of it since cryptocurrencies have already firmly captured the market forming a new kind of cryptocurrency exchange. With digital coins, people make purchases, trade on exchanges, and try to make some money from them.
There are many types of cryptocurrency, but mostly the main and popular unit remains Bitcoin because it is more convenient and reliable to use. The advantage of BTC is that it is almost anonymous and does not require intermediaries for electronic payment. No one can block your funds in case of anything. But many miners have never thought about a person who started the history of Bitcoin. We will cover this topic in the following article. Continue reading!
Table of contents
- The Mystery of Satoshi Nakamoto;
- What is Satoshi for the Bitcoin Currency?;
- Bitcoin Transactions to the Dollar;
The Mystery of Satoshi Nakamoto
The history of Bitcoin began with a person or Japanese group named Satoshi Nakamoto. Satoshi Nakamoto worked on the first Bitcoin protocol, source code, and was a creator and developer of the first version of the software that ran BTC in 2008. Already in 2009, the first block and the first 50 coins were generated. In the same year, the first transaction was made. Unfortunately, the true identity of Satoshi Nakamoto has not been revealed. There are many rumors and conspiracies about who is hiding behind this pseudonym, but none of them has been confirmed. The most popular variant of personification of Satoshi’s personality is a Japanese man named Nick Szabo – a professional in the field of cryptography who published a work on the Bit Gold cryptocurrency, which is the progenitor of BTC.
Also, in 2011, another version appeared. It is about the involvement of three people in this name, other developers-Neal King, Vladimir Oksman, and Charles Bry. The patent application and using the concept of “computationally impractical reversion” refer to the works of Nakamoto. However, all three people deny their relationship to the development of Bitcoins. Unfortunately, the future of Satoshi Nakamoto is unknown. His last work on the code ended at the end of 2010.
What is Satoshi for the Bitcoin Currency?
Right now, Bitcoins are much more prevalent in the world as opposed to physical currencies such as the British pound or the US dollars. Any monetary unit can be divided into several smaller units. For example, the US dollar can be divided into cents, one-hundredth of a dollar, and a penny is 1/240 of the British pound. The equivalent of the smallest unit of Bitcoin is satoshi. Satoshi is one hundred millionth of Bitcoin, named after the creator of the Bitcoin software protocol.
Satoshi is a hundred million shares of Bitcoin; such multiple forms make it much easier to conduct different crypto transactions and to view thin transactions. There is also an additional naming of smaller units of Bitcoin: 1 Bitcoin (BTC) is the equivalent of 1000 Millibitcoins (m BTC), one million Microbitcoins (µ BTC), or one hundred million Satoshis. Respectively, to earn 1 BTC, a user needs to get 100 million Satoshi.
A key feature of all digital currencies is their decentralization. In other words, the value of the virtual currency is affected only by the internal position of the market – everything depends on the volume of the cryptocurrency. Currently, there are about 20 million coins in the world, but most of them are owned by the Republic of China.
Bitcoin Transactions to the Dollar
A few years ago, the value of Bitcoins was minimal. Although it is only a set of decimal places, in 3 years, its price has increased millions of times, making it the fastest-growing currency in the world. The value of the most stable world currency – the US dollars has also grown. Finding the value of one Satoshi in terms of dollars is easy: you need to divide the actual value of a coin by one hundred million. According to some already done calculations, the cost of one converted satoshi is 0.000107 US dollars. There is a noticeable difference during a transaction or exchange of cryptocurrency for conventional fiat currencies. It is easier for users to use hundredths, thousandths, or even millionths of one unit when calculating equivalents.
Does anyone know who Nakamoto was?
People are still not sure about the true identity of Satoshi Nakamoto; someone claims that Satoshi was a brilliant Japanese programmer, someone says that Satoshi Nakamoto is a Japanese cryptographer named Nick Sabo, or even is a group of people. We will not know the truth soon, and there are fewer guesses because, in 2010, Satoshi finished working on his project.
How to get Satoshi?
The technology of obtaining Satoshi is not easy since Satoshi is one hundred-millionth of Bitcoin. However, the system remains the same as when mining Bitcoins. You can buy a part of BTC and mine Satoshi on a special device, work on the Internet with special agencies that pay the smallest unit of Bitcoins, or you can create an account on the exchange and try to trade. Other methods can be found on the page of the site dedicated to this. It all depends on your decision!
Has Satoshi sold any Bitcoin?
As soon as Satoshi created the first version of the BTC cryptocurrency protocol in 2008, it was completely secure. Satoshi Nakamoto understood that he would need to test this innovation of decimal places in action. Therefore, in early 2009, he created an electronic wallet that supports this system and launched the BTC network, and the first 50 Bitcoins were generated. A week later, Satoshi transferred 10 Bitcoins to Hal Finney. But there is no reliable information about the sale of Bitcoins on behalf of the Japanese creator.
What is the smallest fraction of a Bitcoin?
You need to accept the fact that cryptocurrencies are very similar to other fiat currencies. Bitcoin, like other currencies, can be divided into smaller ones. For example, if a cent is one-hundredth of a dollar, or a penny is a part of a pound, then the smallest unit of Bitcoin will be Satoshi, a hundred-millionth of it.