2

Ok, if I want to buy something that is $8 in American dollars and use a Bitcoin that is worth an odd value in American dollars...like $17 for instance. Then what happens? I end up with a deciminal point version of a Bitcoin? How does an individual keep track of Bitcoin money when it translates into too many decimal point locations? Doesnt Bitcoin have 8 or 10 decimal places? What happens if you buy something from a country where money is worth very little? Could you have a bitcoin account with a long decimal point fractional value?

4

One Bitcoin is actually 10 000 000 units in a transaction record, meaning that a Bitcoin is divisible down to eight decimal places. 1 unit is called a satoshi, named for the creator of Bitcoin.

Most world currencies don't go below two decimal places in daily usage, and only in financial systems do they go below four decimal places.

When someone says "There's only 21 million Bitcoin!", they are unaware that while there is 21,000,000 BTC ever in the whole system, there are actually 2,100,000,000,000,000 units in the whole system. That's 2.1 quadrillion units. In the unlikely event that, several decades or centuries down the line, there is a shortage causing significant flow problems, it is possible to further increase divisibility.

| improve this answer | |
1

Bitcoin can be split into smaller units which I believe are called "Satoshi's" but in practice things are not denominated in satoshi's but are instead just fractional amounts bitcoins.

You can have (and send) bitcoins in fractional values with no consequence.

| improve this answer | |
0

Yes, there is decimal values. For example, today: 1 BTC = $ 87.64

So

0.1 BTC = $ 8.76 //// 0.01 BTC = $ 0.87 //// 0.001 BTC = $ 0.08 //// And so on. The minimum value is called "Satoshi" and it is: 0.00000001

| improve this answer | |

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.