Hot answers tagged

18

Bitcoin amounts in the protocol and software are expressed as an integer number of "satoshis". 1 BTC is defined as 10^8 satoshis. So a block reward that is internally represented as 5*10^9 satoshis is displayed in the GUI as 50 BTC. Splitting bitcoins to even smaller fractions will require a change in the protocol and software, and may be done when their ...


16

My assumption is that the limitation is set by BlockChain.info itself, to protect the non-educated users for doing transactions which may take days to confirm. However raw Bitcoin protocol supports transaction with any amount and any fee. But because transactions are confirmed by miners they might not have economical incentive to care about dust-like ...


16

What you want is a MySQL Decimal field. Specifically you want a DECIMAL(16,8) That will give you 8 digits before the decimal and 8 after the decimal See http://dev.mysql.com/doc/refman/5.1/en/precision-math-decimal-changes.html for details.


12

In the future, these small amounts of Bitcoins may be worth more. Right now, they're not worth the cost to transfer them. Bitcoin payments are a shared, public resource.


10

Yes. There are currently about 10 million unique addresses in the block chain, so 0.1 BTC would be enough to send a satoshi to each address. The transaction data would be about 340 MB. The network's anti-spam protections would make this project either very expensive (due to transaction fees) or very time-consuming.


10

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 = 1,000,000 μBTC 1 BTC = 1000 mBTC


10

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,...


10

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.


9

There would be small expression errors. If you want to save as integers just multiply by 100000000 and save satoshis. As @ypercube states MySQL BIGINT is a wise type choice for storing satoshis, MySQL INT does not have a sufficient maximum value.


9

A psychological perspective Most currencies allow for 2 decimal places for common use because they are strongly regulated by their issuing government. Some provide 3dp, others, like the Yen provide none (integer only). It should be noted that stock exchanges offer shares priced down to 4dp but given the surrounding fees it is not economical to purchase a ...


7

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


7

Can two UTXOs ever be combined into one UTXO? Yes, absolutely. Each transaction can have any number of inputs and outputs; it can certainly have fewer outputs than inputs. Here for example is a transaction with four inputs and one output, leading to a net decrease of three UTXOs.


6

Well, what that is called is a hack. It is a hack to make the system work in a way that is wasn't meant to work. By definition, hacks aren't thought out very well and often aren't the optimum method -- if not outright flawed. But they do in many instances, fix the immediate need. In most every bet to BitLotto and SatoshiDICE there is an output address ...


6

Bitcoins and satoshis do not have unique identities. However, Bitcoin balances are stored in uniquely identifiable "transaction outputs" that can only be spent by the owner of the recipient address. Example: Alice sends Bob 1 BTC, Bob uses it to send another payment. When Alice sends Bob a payment of 1 BTC, she signs a transaction that deducts 1 ...


6

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.


5

That particular transaction is an attempt at something that has become known as "dust spam". The idea is that the sender sends a very small amount of bitcoin to many different addresses, hoping that people will notice and investigate further. It's possible to find out who sent this if you look hard enough, but most people won't bother. The effectiveness of ...


5

I'll list the mentions I've found in reverse chronological order. It first showed up on StackExchange on August 30, 2011. However, I often hear the term Satoshi as if it was a monetary unit. rebuilder discussed the divisibility of Bitcion on March 23, 2011. I'll use the term "Satoshi", as previously coined by others, to mean the current smallest ...


5

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 ...


5

The number of satoshi per bitcoin is 1e8 or 100,000,000, so if you have a fiat value per bitcoin such as $7000/BTC, the calculation is: $/satoshi = $7000/1e8 = $0.00007 per satoshi Of course, there is no fixed fiat to satoshi value because the fiat value of Bitcoin is determined by the market, i.e. exchange value.


4

A Satoshi is a one hundred millionth of a Bitcoin. Bitcoins are delimited to eight decimal places so even if Bitcoins are worth $1,000,000 each, you can still do penny transactions.


4

You can find a markdown version here.


4

This post is the closest to an acknowledgement that is was a pseudonym as can be found: "I am not Dorian Nakamoto." http://p2pfoundation.ning.com/xn/detail/2003008:Comment:52186 http://www.forbes.com/sites/kashmirhill/2014/03/06/bitcoin-creator-returns-to-internet-to-say-i-am-not-dorian-nakamoto/#613499a67f43 The above quote was made in response to the ...


4

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 or 1 satoshi = 0.00000001 BTC


4

It seems that no-one except Satoshi and the original author knows, as indeed the correspondence was not made on the mailing list and the rest of the message was not made public.


3

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 ...


3

Dogecoin has no maximum, because it mints 10k dogecoins per block, forever. But to answer the spirit of your question, there are 100 million indivisible parts to a dogecoin. You can see that here. static const int64_t COIN = 100000000; There are currently 97 billion dogecoins. This is a bit more than 2^63 satoshis. Is it larger than the maximum 64 bit ...


3

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 ...


3

I recently created a markdown version of the Bitcoin Whitepaper, which you can find at https://github.com/dhimmel/bitcoin-whitepaper/tree/master/content. Most of the markdown text is in this file. I based this version off the Whitepaper provided by the Satoshi Nakamoto Institute. Accordingly, the images are SVGs and the math is TeX-formatted. The source ...


3

99900000 in hex is 5F45A60. Padded out to be a 64-bit integer makes it 0000000005F45A60. But Bitcoin uses little endian for most things, so this will need to be converted to little endian by byteswapping. So the final value put into a transaction is 605AF40500000000.


3

Can an altcoin be worth less than 1 satoshi (0.00000001 BTC)? Yes Is this a reasonable position? No


Only top voted, non community-wiki answers of a minimum length are eligible