Difference between revisions of "Satoshi (unit)"

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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>
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All amounts in the block chain 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.
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Although the satoshi is the finest amount that can be recorded in the block chain,<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>
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In January 2018, 1 Euro cent is worth approximately 83 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>
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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"/>
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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.
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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 () 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>
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{|  class="wikitable"
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|-
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! Symbol
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! Explanation
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|-
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| [[File:Satoshi-symbol-small.png|frameless|left]]
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| Reminiscent of the Japanese aesthetic, the closest character being 丰 meaning: "Bountiful - abundant, lush, bountiful, plenty, luxurious growth of grass" which suggests vasts 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.
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|-
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| <span style="font-size:x-large">里</span>
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| 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".
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|-
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| <span style="font-size:x-large"></span>
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| 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.
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|-
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| <span style="font-size:x-large">㋛</span>
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| As above, but circled to distinguish it from the katakana.
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|-
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| <span style="font-size:x-large"></span>
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| As above, but this is the hiragana instead of the katakana. This is even more common than シ in Japanese writing, however.
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|-
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| <span style="font-size:x-large"></span>
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| A Japanese katakana representing 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.
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|}
  
 
==References==
 
==References==

Latest revision as of 15:59, 16 August 2021

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 block chain 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 block chain,[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 January 2018, 1 Euro cent is worth approximately 83 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
Satoshi-symbol-small.png
Reminiscent of the Japanese aesthetic, the closest character being 丰 meaning: "Bountiful - abundant, lush, bountiful, plenty, luxurious growth of grass" which suggests vasts 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.
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".
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.
As above, but circled to distinguish it from the katakana.
As above, but this is the hiragana instead of the katakana. This is even more common than シ in Japanese writing, however.
A Japanese katakana representing 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