I am aware that Satoshi Nakamoto is the author of the paper that originated Bitcoin and the creator of the original bitcoin client. However, I often hear the term Satoshi as if it was a monetary unit.
What is a Satoshi?
A Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. In the future, however, the protocol may be updated to allow further subdivisions, should they be needed.
Further examples of units
1 mBTC = 0.001 BTC
1 mBTC = 100,000 Satoshis
1 uBTC = 0.000001 BTC
1 μBTC = 100 Satoshis
1 Satoshi = 0.00000001 BTC
100 Satoshis = 0.000001 BTC
1,000 Satoshis = 0.00001 BTC
10,000 Satoshis = 0.0001 BTC
1 BTC = 100,000,000 Satoshis
1 BTC = 100,000 μBTC
1 BTC = 1000 mBTC
A Satoshi is a one hundred millionth of a Bitcion.
Bitcoins are delimited to eight decimal places so even if (when?) Bitcoins are worth $1,000,000 each, you can still do penny transactions.
A Satoshi is 0.00000001 BTC and currently the smallest transaction unit.
If a Satoshi was equivalent to one penny, a microBTC would be equivalent to one dollar, and one BTC would be equivalent to 1,000,000 dollars.
With one BTC on the order of $1,000 USD, a Satoshi is equivalent to .001 penny
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