TL; DR Breakdown
- BTC fan proposes a symbol for the Satoshi
- One Bitcoin is equal to 100 million Sats
- Sats will ease BTC’s circulation as a currency
Bitcoin has gone from an unknown new technology to a full-blown revolutionary digital asset in just a decade. It’s now the top cryptocurrency in the market. A lot of people and institutions have already adopted it as a credible means of exchange as well as a store of value. BTC is touted as the next global currency and asset to replace the US Dollar and Gold.
Like any other currency, BTC is now faced with the issue of establishing denominations acceptable by all. For some years, there have been talks on how to go about this. Bitcoin already has its symbol, and any kind of denomination springing from it would need to have its unique symbol too. People have been fielding their ideas about this.
Bitcoin and Sats
There are only 21 million Bitcoins that will ever be mined or will ever exist. People can buy fractions of a Bitcoin, and this is where the need for another low-level denomination arises. One BTC is said to have 100 million Satoshis (Sats). However, the BTC community has been somehow reluctant to adopt Sats as a form of lower denomination of BTC. This need is now coming alive as the number of unmined Bitcoins continues to decrease as we draw closer to the ultimate number of 21 million coins.
A Satoshi needs to have a symbol that must be accepted by the entire community. Various entities have tried to come up with the symbol, but the latest attempt by one fan seems to have drawn a lot of attention. In a Twitter post, the Bitcoiner presented his proposal in a rather interesting thread. The community is still reacting to Jack’s proposal.
Sats to solve a problem
One certain thing is that the Satoshi will soon have its own recognized symbol. This will end the troubles associated with BTC amounts being presented in decimals. Many people are still stuck with using USD values when referring to BTC amounts because of the lack of a proper symbol to represent the Satoshi. It will also be a great gesture for the legacy of Bitcoin creator Satoshi Nakamoto.