5 upvotes, 2 direct replies (showing 2)
View submission: Don't invest recklessly
What is interesting is that when a satoshi becomes worth $1000, it will automatically mean that other cryptos are required to fill in those smaller denomications and it will clamp bitcoin's value.
Comment by [deleted] at 01/12/2017 at 18:45 UTC*
16 upvotes, 1 direct replies
[deleted]
Comment by quickfluid at 30/11/2017 at 17:31 UTC
6 upvotes, 2 direct replies
A satoshi is just a name people decided to call 0.00000001 bitcoins. There's also millisatoshi as a name to describe 0.00000000001 bitcoin. So if a satoshi was worth 1000, an msat would be worth one USD.
Bitcoin is infinitely divisible. Its one of the really cool things about it. If one satoshi is worth 1000 and you need to transfer something equivalent to one cent, you just transfer 0.0000000000001 bitcoin - 1/100th of a millisatoshi. It doesn't have a common use name right now - I nominate 'jigglycunt' - and you're done. Need to transfer something a thousand times smaller than that? Just add three more zeroes after the decimal place - boom - mission accomplished.