Bitcoin Forum

Bitcoin was trading for more than 19,000 usd during a few days ago. Satoshi is the smallest unit of bitcoin and one bitcoin is equal to 100,000,000 satoshi. You may not believe it but there are some currencies worth less than 1 Satoshi. There are many reasons to see these currency units here, such as inflation rate.
Who know, maybe after a few years we will see famous and more powerful currencies on this list.

BTC 1 Satoshi BTC =  

|	Country	|	Currency	|	Value for 1 Satoshi	|
|	https://i.imgur.com/IM3Z3Xw.png Venezuela	|	VES	|	92.9	|
|	https://i.imgur.com/VXtU3Hz.jpg Iran	|	IRR	|	49.9	|
|	https://i.imgur.com/JTvAhZg.jpg Vietnam	|	VND	|	4.45	|
|	https://i.imgur.com/TJGFQlO.jpg Indonesia	|	IDR	|	2.80	|
|	https://i.imgur.com/HgJax94.jpg Uzbekistan	|	UZS	|	1.98	|
|	https://i.imgur.com/pilZyFC.jpg Sierra Leone	|	SLL	|	1.90	|
|	https://i.imgur.com/oQvowC6.jpg Guinea	|	GNF	|	1.85	|
|	https://i.imgur.com/UaJ2C9g.jpg Laos	|	LAK	|	1.75	|

It may come as little surprise that the list of currencies is worth even less than the satoshi. What would happen if inflation actually occurred in the countries on the list? Maybe the value will be even smaller? Especially after this pandemic, I think it is very possible for some countries to experience inflation.

I'm surprised the Zimbabwe dollar is not included on the list because I read is not doing well and has been been hit by high inflation. Just a suggestion that you may need to do a search on that if you have not already before posting the list.

Hey palle11,
I already checked Zimbabwean dollar, The inflation rate in Zimbabwe is high but not enough to be included into the list.
According to my researches:
1 Satoshi  = 0.0588 ZWL

Interesting, but what sources you used to check the rates?
I think most of us know about Venezuela national currency and how bad it is, but the even more interesting would be to see cost of living in those places and what can you really (not) buy for 92.9 VES.
Let's use for example numbeo.com website to check this out (btw. someone should add Bitcoin to Numbeo or make similar website with BTC and Satoshi)

For example one 0.33 water bottle is: 813,492.55 VES (~4764 sats) and one loaf of white bread (500g) is 1,722,932.91 VES (~10130 sats)

Hey dkbit98,
Thank you for your attention.
Since there are many countries to search I couldn't use one single source to check the rate, generally I used google and did some research myself.
I have found some information about Venezuela. For example, one Kg of chicken in Venezuela worth's more than one million and inflation rate is rising everyday. I guess It's totally impossible for the people to use this currency. Maybe they use USD to but stuff or they use barter trades. In Iran, they use another unofficial currency named Toman. One Toman is equal to 10 IRR to make the trades easier.

On that point i think Indonesia have a 20000 IDR note or something similar as well..
.
A site like xe or Wikipedia will list the notes available, that could be more helpful (if you want to fact check sources to see if there's anything better, gbp has £100,£50,£20,£1 and £5 notes (50 and 100 are rarely used/accepted though)).

I wasn't aware that there would still be a currency that would be worth less than Satoshi.
I wonder how much would it cost to live there and if they could survive with only crypto?

I think bitcoindata.science website that Bitmover made is offering option to convert Satoshi to VES in real time, but I can't find others like IRR and VND for example. Maybe he can add more fiat options in future.
Bitcoin Unit Converter:🔁Convert satoshi, mBTC,Finney, bit to 43 fiat currencies (https://bitcointalk.org/index.php?topic=5289916)
website: https://bitcoindata.science/bitcoin-units-converter.html

For cost of living subject, I wrote an email to owners of numbeo.com website and asked them to add Bitcoin to the list of currencies :)

interestingly enough one of the main reasons why these exchange rates look like this is because of the large amount of fiat each of these countries have been printing. in other words when the circulating supply of their fiat currency increases the value of the said currency drops hence the high value of 1 satoshi!

more interesting is that all countries are facing this same problem specially with the recent pandemic. for example the amount of money US has been injecting into circulation over the past few months is just crazy and they are on the same path too if with a slower pace.

As a citizen of one of the countries you mentioned, I admit that Bitcoin is a better currency than Fiat currency in my country.  The main reason why this happens is because fiat currencies are very vulnerable to inflation.  In fact, the hyperinflation that hit my country several times has become a historic momentum for the country's economy which is very badly damaged and is reflected in the fiat currency exchange rate in my country.  Currently, I myself really recognize Bitcoin as a currency that is free from the effects of inflation in the country, and I am very happy to make Bitcoin an investment instead of saving my country's currency as a saving.

1 satoshi will buy more of the fiat currencies if inflation hits them. And the currencies buying power will reduce.
This is basically why it's not a good idea to encourage too much consumptions/hoarding of goods and services that are not produced or available in sufficient quantities.
 I think I would make sure the most basic or the most needed goods/services are produced in sufficient quantities to preserve a currency while the currency supply is kept low

It is worth noting the disadvantage of fiat money is that it makes no sense to buy it at a low price, as is usually done with stocks, since anything can happen to fiat money. For example, a country can completely abandon the currency, or change it to a new one, which will lead to a complete depreciation of the previous currency. While bitcoin always has and will have its value, as it is in demand.

So does this mean I could live like a king in Venezuela being a bounty hunter/sig campaigner?  No, probably not--I'm not an economist, but I'm assuming currencies like the VES (which I'm not sure exactly what it is) are hyperinflated, so I'd need a lot of satoshis to make a living there on a shoestring salary.

I'd be interested to know which country that is, but of course I respect people's need for privacy.  Either way, I always find it interesting when people from economically-depressed countries weigh in here about bitcoin vs. their local fiat currency.

And that's what I asked above as kind of a hypothetical question.  I'm not sure you'd be able to "survive only with crypto" in any of those countries, though I would imagine the cost of living would be a hell of a lot less than a country like the US.

I surprise. fortunately there is no country currency whose value = satoshis, at least they are 1 or 2X more expensive. It is logical, because 1 bitcoin is equal to 19,000 $, $ is the dollar with the most expensive price, especially when compared to other countries' currencies. so if bitcoin is currently used as a world currency, many countries will disagree

It is nice to hear a perspective coming from one of those countries mentioned by the OP. And recognize the importance of bitcoin in your current situation. On the other hand, I had been in those 3 countries mentioned, and you will really feel that you are rich if you are holding their fiat money. But the actual value is really small. It is like you are holding play money when you have their paper money.  ;)

If you mean using only crypto in buying your day-to-day stuff I guess you won't even survive a few months. But if you mean using crypto proceeds alone ang not earning a penny outside of it, you probably could.


Hypothetical this question may be, but in real life you actually could, I mean not just in Venezuela but even in a developing country like mine where the economy is not really of the worst kind. Just to illustrate it for clarity's sake, your payment per post in Chipmixer is higher than the daily minimum wage here. That's payment per post in a signature campaign versus wage per day.

Rather than looking at the absolute exchange rate for these fiat currencies, we should be rather analyzing the change in purchasing power. For Bitcoin, the purchasing power has gone up by more than 100% ever since the start of this year. On the other hand, for many of the fiat currencies listed by the OP, the purchasing power has gone down quite steeply.

Some countries have currency that has somehow over inflated value but not necessarily means they are very poor. They might have low currency exchange rate but paying thousands or hundred thousands in their currency is the norm and each paper might have such high number. It's not like everyone bringing thousands of paper money just to buy egg and honestly this kind of comparison rather pointless but still not a bad thing to point out that some countries have currency with lesser value than satoshi which is a very tiny fraction of bitcoin  which kinda silly.

Hyperinflation are happening in some countries so having a satoshi can't still make you a good living because the expenses is quiet expensive as well. Well, JPY is quiet cheap as well but the economy of Japan is very strong so I don't see any big deals for having a less than Satoshi value of fiat money, because the result will still depend on the economic situation of one country.

I think the point of this discussion is to show a basic difference between bitcoin and a government owned currency. While the government owned currency is prone to inflation risk, the cyrptocurrency like bitcoin is inflation adjusted. Bitcoin works in the basis of scarcity model where the supply of bitcoin is constantly diminishing which is not the case with the traditional fiat currencies! That's what OP mentioned - "Who know, maybe after a few years we will see famous and more powerful currencies on this list."!

The basic of scarcity model is that the purchasing power of a currency following this model is set to increase while the traditional currencies that follows debt based model is set to decrease. OP Didn't mention how poor these currencies are, rather it's just a matter of purchasing power of a currency, really!

Interesting.
I think every country can still have its own token and stablecoin, and prioritize on them.... then allow their citizens to use Bitcoin if they choose to.
This model would work well on Multi-Blockchain Network that allows Nation/private Blockchains to detach from the whole Network if they need to.
The whole Network can have main native coin (Bitcoin)

That is an interesting list of countries worth less than Satoshi, I just notice that even those countries included in the list, some of them are not ta poor countries, so it only means that it just gets different because of the low exchanges happen in their country.
I have read before in an article that millisatoshi has a smaller value than a satoshi, I just forget the value of it and if this is a legit one, is there anybody knows about it?

Thanks for mentioning my project. :)

I noticed that some currencies were missing. I added those ones:
IRR
VND
ZWL
GNF
LAK
UZS
SLL

Tell me if you miss any other. Thanks.

I am very open about my perspective regarding the economic development of my country. I am very aware of how fiat money is very vulnerable to inflation because it is regulated by a centralized institution. Bitcoin is an attractive investment for me because it has proven not to be affected by the problem of inflation, Bitcoin is also like digital gold which is more liquid in my opinion to be maintained as a personal portfolio.

It's surprising and interesting to know that Satoshi has a huge edge in other currencies. I guess those countries need to adopt cryptocurrency as a currency though we all know that it's hard for crypto to replace a national currency. I hope that more people would be enlightened about the importance and value of crypto as a currency.

Outstanding price of bitcoin. I never thought that one day, bitcoin could be more valuable than other currencies

Actually, bitcoin can worth even more if you use Currency Market Capitalization as a measure. Bitcoin market cap is now $336,287,424,932 and it is at rank 37 according to Fiat marketcap (https://fiatmarketcap.com/Country)

https://i.imgur.com/NbSdrSu.png

So it is apparent that bitcoin is stronger than a hundred of countries. Moreover, it is decentralized. No one can control its value and there is no sight that bitcoin will stop gaining more and more attention from investors. Soon, bitcoin will become the strongest currency on this planet

I doubt that it would really matter that much how much we care about fiat currencies that are this worst, I mean they are all aware of the situation so there is no real doubt that they do not want it neither, they do not want to worth less than 1 satoshi at all, but this doesn't really mean that they are all horrible neither just because it is a lot of numbers.

Japan for example spends millions for regular stuff, like it is a few million to get just one apple just to give an example, this doesn't mean they have a bad currency, they just did it that way and use to the situation that way and that's it. Hence I doubt that it would really matter that much for anyone, the bad ones know they are bad without comparing it to satoshis, and good ones do not really care.

It turns out that most countries that have worthless currencies than 1 satoshi come from the Asian continent,
According to some information, most of these countries did a lot of printing money which resulted in hyperinflation.
So we don't need to be surprised if the country's currencies on the opening post list are worthless than 1 satoshi.
Indeed, the country must have a cost of living that is not expensive, maybe relying on income from cryptocurrency
can cover daily needs.

All those fiat currencies that you have mentioned has some very bad inflation history. I am sure the list is actually larger. This once again proves that how fragile the current fiat system is. Imaging how badly those inflation rates are hurting the economy of the country. Look at Venezuela. They had to replace their currency from VEF to VES to counter the hyperinflation. But trust me taking all those measures are worthless. Give few more decades and you will see those currencies collapsing too. I wouldn't be surprised if those countries starts to choose cryptocurrencies as their official currency.

Even though the value of each fiats is that low, I don't think that also means that you could live there in luxury just by having some mBTCs. They just have this worst inflation rate. I am not happy about this information, I am sad and kind of disappointed to what happened with their currencies. They don't need to adopt crypto currencies, their fiat's value are low and you still want to add their problem with fees.

Just one satoshi or 0.00000001 BTC is worth over 3.3 Iranian Rial, 1.8 Vietnamese Dong, and 1.1 Indonesian Rupiah.

If they adopted crypto currency, especially bitcoin, it would be totally positive, I believe. This way the inflation would stop eating their money's value and they could keep a strong currency on their hands for a long time without worring about depreciation. On long term their purchasing power would even keep increasing compared to those dealing only with fiat.
However, even 1 satoshi being more valuable than these hyper inflated currencies, it doesn't mean this 1 satoshi will buy many things on these countries, because you will need hundreds of thousands of those local currencies to buy some products and pay for some services.

Very interesting! Thanks for this information. I wonder if there can come a time when 1 Satoshi can equal 1 euro  ;D it's funny tbh, because after all it's like having some of these currencies in your pocket and then realize you have to have tonnes of these to purchase a candy  ;D Bitcoin as it grows bigger, will make even one Satoshi so high that people might regret not holding one Satoshi :P

that's the mainline of a fiat currency, whether it is worth something or not.
For example, there is no 2.80 in IDR which is 1 satoshi, the minimum is 100 IDR but it's worth nothing if you ask people there, since inflation has rendered it unusable except for bank notes, at least 1000 IDR (almost worth nothing) and depends on the continent it requires at least 10,000 IDR ($0.71) or 20,000 IDR ($1.43) to buy a bottle of water or a loaf of bread.