What is Satoshi?

10 Feb, 2020 Colin Baseman

 A glimpse into the history

First, you need to learn about Satoshi Nakamoto, after whom this currency was named. Who was it and what did he do to deserve it? Satoshi Nakamoto is a pseudonym of a person (or group of people) who are directly involved in the creation of bitcoin. 

It is worth noting that numerous attempts to reveal the identity behind this pseudonym have failed. The Creator of bitcoin used various means of anonymization on the Network.

Until now, there is no reliable data about who is the Creator of bitcoin and the software that was used to implement the coin. There is no shortage of books and studies on the topic of Satoshi Nakamoto's identity. By approximate estimations, Satoshi has a fortune of at least a million bitcoins.

Satoshi as a unit of measure

Satoshi is 0.00000001 BTC (one-millionth of a bitcoin). This unit of measurement is the smallest particle of BTC that is stored in the blockchain underlying the cryptocurrency.

In simple words, Satoshi correlates with bitcoin in the same as cent with the dollar. The unit of measurement is needed so that the coin can be conveniently divided into parts if necessary.

The use of Satoshi

To understand where it is technically possible to apply Satoshi, it is necessary to remember that it is an extremely small unit of measurement. Satoshi was widely used on the so-called bitcoin cranes. These are platforms for earnings, where users can earn small amounts of money by performing actions: viewing pages or advertising, authorization on the site, etc.

We will not recommend specific bitcoin cranes, but we want you to be aware that you are not likely to get rich overnight using them. You can expect receiving an appropriate amount for such tasks, just in cryptocurrency.

Also, Satoshi sometimes charges a Commission for actions with bitcoin on different trading platforms.

Sharing and using Satoshi

It is possible to buy or sell Satoshi, like bitcoin itself, through bitcoin exchangers. It's fast enough, but it's important to use secure exchangers that are trusted by the crypto community.

So, Satoshi is a convenient unit into which bitcoin is divided. It is used in cases where we are talking about very small volumes of the main cryptocurrency.