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[[File:SatoshiUsage.png|thumb|The term "satoshi" in use on a message board]]The '''satoshi''' is currently the smallest unit of the bitcoin currency recorded on the [[block chain]].<ref name="se">[http://bitcoin.stackexchange.com/questions/114/what-is-a-satoshi What is a 'Satoshi'? - Bitcoin Stack Exchange]</ref> It is a one hundred millionth of a single bitcoin (0.00000001 BTC).<ref name="se"/> The unit has been named in collective homage to the original creator of Bitcoin, [[Satoshi Nakamoto]].<ref name="ribuck"/>
[[File:SatoshiUsage.png|thumb|The term "satoshi" in use on a message board]]The '''satoshi''' is currently the smallest unit of the bitcoin currency recorded on the [[block chain]].<ref name="se">[http://bitcoin.stackexchange.com/questions/114/what-is-a-satoshi What is a 'Satoshi'? - Bitcoin Stack Exchange]</ref> It is a one hundred millionth of a single bitcoin (0.00000001 BTC).<ref name="se"/> The unit has been named in collective homage to the original creator of Bitcoin, [[Satoshi Nakamoto]].<ref name="ribuck"/>


All amounts in the block chain are denominated in satoshi before being converted for display.<ref>{{cite btct|title=Why 1BTC should equal 10^8 satoshi ?|date=11 October 2014|id=819656}}</ref> The source code also uses satoshi when specifying an amount of bitcoin.<ref name="nov08"/> When displaying an extremely fine fraction of a bitcoin, as in a contemporary faucet, the amount is displayed in satoshi for readability.<ref>{{cite web|title=Do These "Free Bitcoin" Sites Work?|work=[[CryptoCoinsNews]]|author=Barnes, Samuel|date=9 April 2014|accessdate=19 August 2015|url=https://www.cryptocoinsnews.com/do-free-bitcoin-sites-work/}}</ref>
All amounts in the blockchain are denominated in satoshi before being converted for display.<ref name="why">{{cite btct|title=Why 1BTC should equal 10^8 satoshi ?|date=11 October 2014|id=819656}}</ref> The source code also uses satoshi when specifying an amount of bitcoin.<ref name="nov08"/> When displaying an extremely fine fraction of a bitcoin, such as when calculating [[satoshi per byte|fee per byte]] or a [[Bitcoin faucet|faucet]] reward, the amount is displayed in satoshi for readability.<ref>{{cite web|title=How do I calculate my transaction fee?|work=[[21]] Support|author=Binns, Will|date=|accessdate=23 October 2017|url=https://support.21.co/bitcoin/transactions-and-fees/how-do-i-calculate-my-transaction-fee}}</ref><ref>{{cite web|title=Do These "Free Bitcoin" Sites Work?|work=[[CryptoCoinsNews]]|author=Barnes, Samuel|date=9 April 2014|accessdate=19 August 2015|url=https://www.cryptocoinsnews.com/do-free-bitcoin-sites-work/}}</ref>


As of July 2017, 1 US cent is worth approximately 430 satoshi.
Although the satoshi is the finest amount that can be recorded in the blockchain,<ref name="why"/> [[payment channels]] may need to make very granular payments and so are sometimes denominated in ''millisatoshi'', which are one hundred billionths of a single bitcoin.<ref>[https://github.com/ElementsProject/lightning/blob/master/README.md#receiving-and-receiving-payments Receiving and receiving payments]</ref>
 
In March 2024, 1 Euro cent is worth approximately 16 satoshi.


==History==
==History==
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On November 15, 2010, ribuck proposed that the one hundredth of a bitcoin (0.01 BTC) be called a ''Satoshi''.<ref>{{cite btct|id=369|post=22160|date=14 July 2010|title=Official Bitcoin Unicode Character?}}</ref> Four months later he instead suggested that the one hundred millionth unit be called an ''austrian'' or a ''satoshi''.<ref>{{cite btct|id=3311|post=46648|date=10 February 2011|title=More divisibility required - move the decimal point}}</ref> The name ''satoshi'' caught on, and was widely adopted thereafter.<ref name="ribuck">{{cite btct|id=407442|post=4415850|date=9 January 2014|title=How did “satoshi” become the name of the base unit?}}</ref>
On November 15, 2010, ribuck proposed that the one hundredth of a bitcoin (0.01 BTC) be called a ''Satoshi''.<ref>{{cite btct|id=369|post=22160|date=14 July 2010|title=Official Bitcoin Unicode Character?}}</ref> Four months later he instead suggested that the one hundred millionth unit be called an ''austrian'' or a ''satoshi''.<ref>{{cite btct|id=3311|post=46648|date=10 February 2011|title=More divisibility required - move the decimal point}}</ref> The name ''satoshi'' caught on, and was widely adopted thereafter.<ref name="ribuck">{{cite btct|id=407442|post=4415850|date=9 January 2014|title=How did “satoshi” become the name of the base unit?}}</ref>
In December 2017, BIP-176<ref>https://github.com/bitcoin/bips/blob/master/bip-0176.mediawiki</ref> also proposed "Bits" be used as a standard term for 100 (one hundred) satoshis or 1/1,000,000 (one one-millionth) of a bitcoin.


==Usage==
==Usage==
===Plural===
===Plural===
Traditionally, the plural form has been simply ''satoshi'',<ref>[https://en.bitcoin.it/w/index.php?title=Help:FAQ&diff=53369&oldid=53362 Bitcoin Wiki revision by theymos]</ref> but the term ''satoshis'' is also popular. If the plural form were to follow the rules of Japanese grammar, it may be pronounced as ''satoshi'',<ref name="jj73">{{cite btct|id=289475|post=3112861|date=9 September 2013|title=satoshii}}</ref> or ''satoshisa''.<ref name="jj73"/>
Traditionally, the plural form has been simply ''satoshi'',<ref>[https://en.bitcoin.it/w/index.php?title=Help:FAQ&diff=53369&oldid=53362 Bitcoin Wiki revision by theymos]</ref> but the term ''satoshis'' is also popular and equally correct. If the plural form were to follow the rules of Japanese grammar, it may be pronounced as ''satoshisa'',<ref name="jj73">{{cite btct|id=289475|post=3112861|date=9 September 2013|title=satoshii}}</ref> or simply ''satoshi''.<ref name="jj73"/>


===Symbol===
===Symbol===
Satoshi is sometimes abbreviated to ''sat'' or ''s'', although no symbol has been widely adopted.
Satoshi is often abbreviated to ''sat'' or ''s'', although no currency symbol has been widely adopted. There are various proposed symbols:


The Japanese character シ ("'''shi'''") has been proposed as a potential currency symbol for the satoshi.<ref>{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015}}</ref> The Katakana symbol サ ("'''sa'''") has also been proposed, as it looks more reminiscent of a currency symbol.<ref>{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015|post=https://www.reddit.com/r/Bitcoin/comments/3egrjk/satoshi_symbol/ctezrh5}}</ref><ref>{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015|post=https://www.reddit.com/r/Bitcoin/comments/3egrjk/satoshi_symbol/ctf1j9b}}</ref> The circled shi (㋛) has been suggested to disambiguate the symbol from the character,<ref>{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015|post=https://www.reddit.com/r/Bitcoin/comments/3egrjk/satoshi_symbol/cteue94}}</ref><ref name="ryepdx">{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015|post=https://www.reddit.com/r/Bitcoin/comments/3egrjk/satoshi_symbol/cteue94}}</ref><ref name="grixm"/> as it is synonymous with death.<ref name="grixm">{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015|post=https://www.reddit.com/r/Bitcoin/comments/3egrjk/satoshi_symbol/ctfj7yo}}</ref><ref name="mokahless">{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015|post=https://www.reddit.com/r/Bitcoin/comments/3egrjk/satoshi_symbol/ctf6pvd}}</ref> Additionally, the Hiragana shi (し) is a suggestion.<ref name="mokahless"/><ref>{{cite reddit|r=Bitcoin|id=3egrjk|title=Satoshi symbol|date=24 July 2015|post=https://www.reddit.com/r/Bitcoin/comments/3egrjk/satoshi_symbol/ctf7e09}}</ref>
{|  class="wikitable"
|-
! Symbol
! Explanation
|-
| [[File:Satoshi-symbol-small.png|frameless|left]]
| Reminiscent of the Japanese aesthetic, the closest character being 丰 meaning: "Bountiful - abundant, lush, bountiful, plenty, luxurious growth of grass" which suggests a vast amount of Satoshi are still left to mine. This symbol has been adopted by multiple Bitcoin services including satoshilabs.com (Trezor), SatoshiCap.net, pricedinbitcoin21.com, Thunderhub.io, bitcoinicons.com, thebitcoinmachines.com, and many more.
|-
| <span style="font-size:x-large">里</span>
| In Japanese names, this character can (rarely) be read "satoshi". It is an uncommon Chinese/Japanese character on its own, and an infrequent radical (kangxi #166). It can be seen as a radical in the common kanji 理 and 量, used in meaningful words like 理想 (ideals), 理論 (theory), 理性 (reason), 理科 (science), and 量 (quantity). "Satoshi" is a rare reading; more commonly it is read as "ri" or "sato".
|-
| <span style="font-size:x-large">シ</span>
| A Japanese katakana representing the syllable "shi". Note that this character is extremely common in Japanese, so it could cause confusion. Also, it can mean "death" in Japanese and Chinese.
|-
| <span style="font-size:x-large">㋛</span>
| As above, but circled to distinguish it from the katakana.
|-
| <span style="font-size:x-large">し</span>
| As above, but this is the hiragana instead of the katakana. This is even more common than シ in Japanese writing, however.
|-
| <span style="font-size:x-large">サ</span>
| A Japanese katakana represents the syllable "sa". Maybe it looks more reminiscent of a currency symbol than others. Note that this character is extremely common in Japanese, so it could cause confusion.
|}


==References==
==References==

Latest revision as of 15:37, 21 March 2024

The term "satoshi" in use on a message board

The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain.[1] It is a one hundred millionth of a single bitcoin (0.00000001 BTC).[1] The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.[2]

All amounts in the blockchain are denominated in satoshi before being converted for display.[3] The source code also uses satoshi when specifying an amount of bitcoin.[4] When displaying an extremely fine fraction of a bitcoin, such as when calculating fee per byte or a faucet reward, the amount is displayed in satoshi for readability.[5][6]

Although the satoshi is the finest amount that can be recorded in the blockchain,[3] payment channels may need to make very granular payments and so are sometimes denominated in millisatoshi, which are one hundred billionths of a single bitcoin.[7]

In March 2024, 1 Euro cent is worth approximately 16 satoshi.

History

The value of a bitcoin in satoshi was decided by Satoshi Nakamoto to be 100 million no later than November 2008.[4]

On November 15, 2010, ribuck proposed that the one hundredth of a bitcoin (0.01 BTC) be called a Satoshi.[8] Four months later he instead suggested that the one hundred millionth unit be called an austrian or a satoshi.[9] The name satoshi caught on, and was widely adopted thereafter.[2]

In December 2017, BIP-176[10] also proposed "Bits" be used as a standard term for 100 (one hundred) satoshis or 1/1,000,000 (one one-millionth) of a bitcoin.

Usage

Plural

Traditionally, the plural form has been simply satoshi,[11] but the term satoshis is also popular and equally correct. If the plural form were to follow the rules of Japanese grammar, it may be pronounced as satoshisa,[12] or simply satoshi.[12]

Symbol

Satoshi is often abbreviated to sat or s, although no currency symbol has been widely adopted. There are various proposed symbols:

Symbol Explanation
Reminiscent of the Japanese aesthetic, the closest character being 丰 meaning: "Bountiful - abundant, lush, bountiful, plenty, luxurious growth of grass" which suggests a vast amount of Satoshi are still left to mine. This symbol has been adopted by multiple Bitcoin services including satoshilabs.com (Trezor), SatoshiCap.net, pricedinbitcoin21.com, Thunderhub.io, bitcoinicons.com, thebitcoinmachines.com, and many more.
里 In Japanese names, this character can (rarely) be read "satoshi". It is an uncommon Chinese/Japanese character on its own, and an infrequent radical (kangxi #166). It can be seen as a radical in the common kanji 理 and 量, used in meaningful words like 理想 (ideals), 理論 (theory), 理性 (reason), 理科 (science), and 量 (quantity). "Satoshi" is a rare reading; more commonly it is read as "ri" or "sato".
シ A Japanese katakana representing the syllable "shi". Note that this character is extremely common in Japanese, so it could cause confusion. Also, it can mean "death" in Japanese and Chinese.
㋛ As above, but circled to distinguish it from the katakana.
し As above, but this is the hiragana instead of the katakana. This is even more common than シ in Japanese writing, however.
サ A Japanese katakana represents the syllable "sa". Maybe it looks more reminiscent of a currency symbol than others. Note that this character is extremely common in Japanese, so it could cause confusion.

References

  1. ↑ 1.0 1.1 What is a 'Satoshi'? - Bitcoin Stack Exchange
  2. ↑ 2.0 2.1 BitcoinTalk thread 407442. How did “satoshi” become the name of the base unit? 9 January 2014. Post 4415850.
  3. ↑ 3.0 3.1 BitcoinTalk thread 819656. Why 1BTC should equal 10^8 satoshi ? 11 October 2014.
  4. ↑ 4.0 4.1 BitcoinTalk thread 382374. Bitcoin source from November 2008. 23 December 2013.
  5. ↑ Binns, Will. "How do I calculate my transaction fee?". 21 Support. https://support.21.co/bitcoin/transactions-and-fees/how-do-i-calculate-my-transaction-fee. Retrieved 23 October 2017.
  6. ↑ Barnes, Samuel (9 April 2014). "Do These "Free Bitcoin" Sites Work?". CryptoCoinsNews. https://www.cryptocoinsnews.com/do-free-bitcoin-sites-work/. Retrieved 19 August 2015.
  7. ↑ Receiving and receiving payments
  8. ↑ BitcoinTalk thread 369. Official Bitcoin Unicode Character? 14 July 2010. Post 22160.
  9. ↑ BitcoinTalk thread 3311. More divisibility required - move the decimal point 10 February 2011. Post 46648.
  10. ↑ https://github.com/bitcoin/bips/blob/master/bip-0176.mediawiki
  11. ↑ Bitcoin Wiki revision by theymos
  12. ↑ 12.0 12.1 BitcoinTalk thread 289475. satoshii 9 September 2013. Post 3112861.
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