Satoshi (unit)

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File:SatoshiUsage.png
The term "satoshi" in use on a message board

The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain.<ref name="se">What is a 'Satoshi'? - Bitcoin Stack Exchange</ref> It is a one hundred millionth of a single bitcoin (0.00000001 BTC).<ref name="se"/> The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.<ref name="ribuck"/>

All amounts in the block chain are denominated in satoshi before being converted for display.<ref name="why">BitcoinTalk thread {{#if:819656|819656|of unknown location}}.{{#if:Why 1BTC should equal 10^8 satoshi ?| {{#if:819656|Why 1BTC should equal 10^8 satoshi ?|Why 1BTC should equal 10^8 satoshi ?}}| No title available.}} {{#if:11 October 2014|11 October 2014.|n.d.}} {{#if:|Post {{{post}}}.|}}</ref> The source code also uses satoshi when specifying an amount of bitcoin.<ref name="nov08"/> When displaying an extremely fine fraction of a bitcoin, such as when calculating fee per byte or a faucet reward, the amount is displayed in satoshi for readability.<ref>{{

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Although the satoshi is the finest amount that can be recorded in the block chain,<ref name="why"/> payment channels may need to make very granular payments and so are sometimes denominated in millisatoshi, which are one hundred billionths of a single bitcoin.<ref>Receiving and receiving payments</ref>

In January 2018, 1 Euro cent is worth approximately 83 satoshi.

History[edit]

The value of a bitcoin in satoshi was decided by Satoshi Nakamoto to be 100 million no later than November 2008.<ref name="nov08">BitcoinTalk thread {{#if:382374|382374|of unknown location}}.{{#if:Bitcoin source from November 2008.| {{#if:382374|Bitcoin source from November 2008.|Bitcoin source from November 2008.}}| No title available.}} {{#if:23 December 2013|23 December 2013.|n.d.}} {{#if:|Post {{{post}}}.|}}</ref>

On November 15, 2010, ribuck proposed that the one hundredth of a bitcoin (0.01 BTC) be called a Satoshi.<ref>BitcoinTalk thread {{#if:369|369|of unknown location}}.{{#if:Official Bitcoin Unicode Character?| {{#if:369|Official Bitcoin Unicode Character?|Official Bitcoin Unicode Character?}}| No title available.}} {{#if:14 July 2010|14 July 2010.|n.d.}} {{#if:22160|Post 22160.|}}</ref> Four months later he instead suggested that the one hundred millionth unit be called an austrian or a satoshi.<ref>BitcoinTalk thread {{#if:3311|3311|of unknown location}}.{{#if:More divisibility required - move the decimal point| {{#if:3311|More divisibility required - move the decimal point|More divisibility required - move the decimal point}}| No title available.}} {{#if:10 February 2011|10 February 2011.|n.d.}} {{#if:46648|Post 46648.|}}</ref> The name satoshi caught on, and was widely adopted thereafter.<ref name="ribuck">BitcoinTalk thread {{#if:407442|407442|of unknown location}}.{{#if:How did “satoshi” become the name of the base unit?| {{#if:407442|How did “satoshi” become the name of the base unit?|How did “satoshi” become the name of the base unit?}}| No title available.}} {{#if:9 January 2014|9 January 2014.|n.d.}} {{#if:4415850|Post 4415850.|}}</ref>

In December 2017, BIP-176<ref>https://github.com/bitcoin/bips/blob/master/bip-0176.mediawiki</ref> also proposed "Bits" be used as a standard term for 100 (one hundred) satoshis or 1/1,000,000 (one one-millionth) of a bitcoin.

Usage[edit]

Plural[edit]

Traditionally, the plural form has been simply satoshi,<ref>Bitcoin Wiki revision by theymos</ref> but the term satoshis is also popular and equally correct. If the plural form were to follow the rules of Japanese grammar, it may be pronounced as satoshisa,<ref name="jj73">BitcoinTalk thread {{#if:289475|289475|of unknown location}}.{{#if:satoshii| {{#if:289475|satoshii|satoshii}}| No title available.}} {{#if:9 September 2013|9 September 2013.|n.d.}} {{#if:3112861|Post 3112861.|}}</ref> or simply satoshi.<ref name="jj73"/>

Symbol[edit]

Satoshi is often abbreviated to sat or s, although no currency symbol has been widely adopted. There are various proposed symbols:

Symbol Explanation
In Japanese names, this character can (rarely) be read "satoshi". It is an uncommon Chinese/Japanese character on its own, and an infrequent radical (kangxi #166). It can be seen as a radical in the common kanji 理 and 量, used in meaningful words like: 理想 (ideals), 理論 (theory), 理性 (reason), 理科 (science), and 量 (quantity). "Satoshi" is a rare reading; more commonly it is read as "ri" or "sato".
A Japanese katakana representing the syllable "shi". Note that this character is extremely common in Japanese, so it could cause confusion. Also, it can mean "death" in Japanese and Chinese.
As above, but circled to distinguish it from the katakana.
As above, but this is the hiragana instead of the katakana. This is even more common than シ in Japanese writing, however.
A Japanese katakana representing the syllable "sa". Maybe it looks more reminiscent of a currency symbol than others. Note that this character is extremely common in Japanese, so it could cause confusion.

References[edit]

<references/>