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 ...
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,...
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.
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 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 ...
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.
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 ...
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 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.
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.
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
Apparently the app shows the amount as Satoshi (the smallest unit) instead of BTC. For internal calculations that's ok because it avoids rounding errors, but for input and output you should scale by an appropriate factor (10^8 for BTC, or 10^5 for mBTC).
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 ...
Buying bitcoin is no different to buying carrots.
If you buy 10kg of carrots for $3 in one place and the next day buy another 10kg of carrots for $4 you have 20kg of carrots.
Can you buy some percent of bitcoin at different rates and merge them to form one bitcoin?
Yes you can totally take your carrots out of your two 10kg bags of carrots and put all your ...
There are several places where the 8 decimals property is listed as something that can change over time. This is true, but not in any meaningful way.
Of course Bitcoin can change. It's a piece of software that people run. If all those people agree to suddenly start using changed software, anything is possible.
Changing the number of decimals is not ...
The world GDP is $74 trillion footnote: a according to the World Bank in 2017. The max supply of Bitcoin with 108 base units is 2,100 trillion Satoshis.
If Bitcoin is to back the world's money, markets and real estate, not including debt nor derivatives, then the valuation of Bitcoin might be:
Global Stock Markets: $73 trillion
Global Broad Money: $90.4 ...
With the current version of the Bitcoin protocol, bitcoins are divisible into 100,000,000 units (0.00000001 bitcoin). This very small amount is called a Satoshi after the creator of Bitcoin.
A Bitcoin transaction may be any amount that is a multiple of 1 Satoshi.
Nothing makes Millisatoshi real.
They are indeed backed on trust. They are needed due to rounding issues. It is not an issue because otherwise during fee calculation people would also loose up to half a Satoshi due to rounding.
Actually due to fees and dust limits even small Satoshi amounts can not be claimed. I guess this should be seen as collateral of ...
Yes, and in bitcoinj there are actually two classes for formatting Coin values for humans: MonetaryFormat and BtcFormat. I strongly suggest using one of the two.
Here's an example:
Wallet wallet = <initialize wallet here>
String friendlyFormat = BtcFormat.getInstance().format(wallet.getBalance());
If one Satoshi would be 1 dolar, then the full market cap of Bitcoin would be all the coins available multiplied by it's price.
There is 16707388 bitcoins in circulation at 29th/november/2017.
A satoshi is smallest amount, the one 0.00000001 BTC.
So, if one bicoin is 10^8 satoshis and you suppose one satoshi will reach one dolar, then you really mean is ...