When developing Bitcoin, Satoshi had already come with the idea that no more than 21 million of them will ever be made. However, there was an unsolved issue: how to accomodate all bitcoins in case it was actually used as a worldwide currency? Comparing to the current (2008?) world's M1 supply, it was determined that 8 decimal places was enough to cover the ...
If there is a need for them, additional decimal places can be added with concensus of the network. This is why some refer to "infinite" divisibility, because we can select the level that we need as time goes on.
The current level selected in the code (by Satoshi) is 8 decimal places (1 satoshi = 0.00000001 BTC) hence the nickname for the smallest unit ...
It's not a mistake, it's literally a thousandth of a satoshi. A satoshi is the smallest unit for bitcoin, but lightning can transact with even smaller units while channels are open. The amount is rounded down to the nearest satoshi when the channel is closed and broadcast to the blockchain to adhere to bitcoins limit.
TL;DR: If transaction volume explodes, Bitcoin is adopted for micro-payments, and the value of bitcoins increases sufficiently, we will need greater divisibility.
First of all, since there are 100,000,000 satoshi to a bitcoin, obviously one satoshi would be worth $0.01 if one bitcoin were valued at $1 million.
Beside the questionable math in tysat's answer,...
No, you can transfer fractions of bitcoins easily. From the Myths section of the Wiki:
One Bitcoin is divisible down to eight decimal places. There are really 2,099,999,997,690,000 (just over 2 quadrillion) maximum possible atomic units in the bitcoin system.
The value of "1 BTC" represents 100,000,000 of these. In other words, each bitcoin is ...
A bitcoin is divisible to the eighth decimal. The smallest portion of Bitcoin has its own name: satoshi, whereas 1 BTC = 10^8 satoshis = 100,000,000 satoshis
To be completely correct, while in popular conversation the bitcoin is the predominant currency unit, in realitas the protocol uses satoshi. You can see this when looking at raw transactions or the ...
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
Millisatoshi's are the unit in which channel balances are accounted for. They are a necessary accounting unit, if the aim is to enable very small lightning payments amounts, which represents a protocol design choice. If I wish to send, let's say, 1 satoshi on lightning, the routing fee should necessarily be denominated in a sub-satoshi unit, or else fees ...
Yes, there are 21 million whole bitcoins, each divisible up to 10^-8.
Yes, transactions for fractions of bitcoins are quite common, just as transactions for fractions of dollars are common. I could send you 0.00000001 BTC if I were so inclined.
I can give you 1 dollar or 100 pennies, but the existence of pennies doesn't really influence the exchange rate of ...
XRP are internally represented as an integer number of millionths of a ripple. No term has yet been accepted for naming these units, but some people have (I think jokingly) referred to them as "Jeds".
Update: It looks like they will be officially referred to as drops as you suggested. A transaction costs 10 drops. There are a million drops in a ripple.
The Bitcoin protocol doesn't allow you to easily have denominations lower than a satoshi (10^-8 bitcoins). But once there is a need and widespread agreement, it can be modified to allow it.
Destroyed bitcoins however will not have any significance as a factor contributing to this need.
To the best of my knowledge this has not yet been codified and it is hard to imagine there being a need to smaller Bitcoin increments anytime soon.
At this point smaller increments would suffer transaction relay problems without the addition of a miners fee far in excess of the Bitcoin being sent.
This could be settled now by scheduling the change based on ...
The Bitcoin developers would have to hard fork the chain to allow it.
I also don't think Bitcoin can get that expensive. Your talking 1 BTC = $100,000,000. If that's the case, the Bitcoin market cap would be $1,670,673,700,000,000 (1.6 quadrillion dollars). There is no such figure of money similar to that in circulation.
The m prefix is a SI prefix denoting milli, or one-thousandth of a known value.
Thus, 1 BTC = 1000 mBTC, or 1 mBTC = 0.001 BTC.
You appear to have 0.83 mBTC, which is 0.00083 BTC, or about 6 USD at current rates.
As the Bitcoin Wiki explains on "Coin Destruction":
Bitcoin has 2.1 quadrillion raw units, making up 8 decimals of BTC precision, so the entire network could potentially operate on much less than the full quantity of Bitcoins. If deflation gets to the point where transactions of more than 10 BTC are unheard of, clients can just switch to another ...
You can purchase any amount of Bitcoin, from $10 USD worth, to $100 USD worth, to a full Bitcoin. It is divisible up to eight decimal places, and you can purchase/send/receive any amount or fraction of a full coin.
On the whole, there is no minimum investment for Bitcoin, as it is not a security such as an ETF or mutual fund purchased through a brokerage or management firm.
What minimum purchases exist on Bitcoin exchanges are merely requirements set by each individual exchange to reflect the minimum purchase/sale that they feel is necessary to cover their overhead ...
Satoshis are indivisible on the Bitcoin blockchain. Therefore, it doesn't make any sense to add a decimal point or digits after the decimal point to satoshi values.
The conversion is:
100,000,000 satoshi = 1 BTC
1 satoshi = 0.00000001 BTC
No, at least not for the original Bitcoin and all those altcoins that do not change this aspect. But you are almost correct: Each Bitcoin is divisible into 0.1 billion (which is 100 million or a 1 followed by 8 zeros) actual units, called Satoshi after the pseudonym of Bitcoin's creator. In fact, the protocol only uses these; displaying them as Bitcoin is ...
Yes! To send $200 at a Bitcoin price of $800/BTC, you'd send 0.25 BTC. Bitcoins are highly divisible, up to eight decimals behind the point. The smallest subunit of a bitcoin is currently still less than 1/1000 of a cent.
Many Bitcoin clients will also keep track of the current value of Bitcoin and allow you to enter the amount of a payment either as ...
The "8 decimals limit" is not that, but rather bitcoins are a human readable representation for 100,000,000 satoshi: The software natively computes in satoshi.
What happens under the hood is that the limit of satoshi that a miner may claim by creating a block halves. Obviously, only whole satoshi can be claimed, (as currently they are indivisible), so ...
I would say the RPC interface is intended mainly as an application interface, but it's also meant to be simple enough for a human to use. And the computer cares less than you think.
For human users, using decimal bitcoins (rather than integer satoshis) makes life significantly easier. For people writing software to interface with it, it makes their life ...
It cannot be done easily. It can be done, if the majority of Bitcoin nodes agree with a given replacement solution.
It probably won't need to be done unless the human population increases by orders of magnitude and/or all live American lifestyles AND switch to Bitcoin as the sole global currency. So, probably not a problem.
Consider this: total global ...