Satoshi

The original cryptocurrency, released in 2009 by Satoshi Nakamokhổng lồ, trades for $10,000 apiece. For mom và pop investors, that number seems far too rich, in part because many retail buyers don’t realize they can buy a fraction of a bitcoin.

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But the larger problem is that bitcoin’s price is practically prohibitive sầu because people don’t want to lớn khuyến mãi with decimals. Right now, if you want to buy a $10 pastrami sandwich for lunch, that would cost 0.001 bitcoins. The moment bitcoin deviates from $10,000 the deli special may cost 0.00094339 BTC. (Not exactly a round number.) And it doesn’t help the few retailers willing lớn accept bitcoin that the price fluctuates constantly.

While bitcoin’s volatility is a deterrent to lớn its usage, there’s no reason the currency’s denomination should also stvà in the way. Addressing the aversion to lớn decimals is solvable, & if the mental obstacle is removed, it could encourage people to use bitcoin in their day to lớn day lives.

Rather than trade in fractions of bitcoin, people could use a different unit, like the Satoshi. Named for bitcoin’s creator, the Satoshi is the smallest unit of bitcoin, equivalent khổng lồ 0.00000001 BTC. (There are eight decimal places.) At current prices, that makes one Satoshi equal khổng lồ one-hundredth of a penny.

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Of course, that still seems a little impractical. A $10 pastrami sandwich would cost 100,000 Satoshis. For a currency, that’s not igiảm giá, but it’s probably easier lớn intuit than 0.001 BTC. Like the US dollar, bitcoin has other denominations, too.

Even if the Satoshi become bitcoin’s effective sầu unit, it faces another hurdle: there’s no symbol for Satoshis.

It took years for bitcoin to receive recognition, but its symbol—a “B” intersected by two vertical lines—finally made it inkhổng lồ Unicode, a computing industry standard of characters, in June 2017, thanks lớn the years-long effort of Ken Shirriff, a software engineer who seems khổng lồ savor feats of incredible patience. (More recently, Shirriff mined bitcoin using an Apollo Guidance computer, a device so ancient it was used during NASA’s moon landing.)

However, Shirriff appeared hesitant when he heard of a new movement to establish a symbol for Satoshis.

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“While it’s fun to invent a new character for the satoshi, it would be mostly unusable & cause problems,” he tweeted Monday (July 29). “I strongly recommend using a symbol that’s already in Unicode.”

Despite Shirriff’s reservations, the effort lớn crowdsource a Satoshi symbol has caught fire, with dozens of crypkhổng lồ enthusiasts suggesting designs. Some are more feasible than others, but there’s no shortage of creativity.