The satoshi: now the second-lowest currency denomination

[dree12]

Recently, the satoshi exceeded 0.01 Uzbekistani som in value.^[1]

Why is this important? 0.01 Uzbekistani som is a Uzbekistani tiyin, which is the least valuable currency denomination used in the world.^[2]

The satoshi was originally designed to be small enough that even if Bitcoin blew up, people could transact well. At today's prices, the satoshi is finally a reasonable smallest denomination, reaching the levels of one government smallest denomination.

Luckily, this is not a problem. More decimal places can easily be added in the future. In fact, there is room for 3 more decimal places yet!^[3]

The next target is the Burmese pya. We are around halfway there at current rates.

References

• ^[1]: XE.com.
• ^[2]: BBC.
• ^[3]: Bitcoin.it wiki.

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[safeminer]

  hehe great news, lets wait for the 1 satoshi / 0.01 usd 

[Alty]

Fun fact of the day! 

It's going to be interesting to watch how one Satoshi climbs the ranks of currency denominations as Btc price climbs.

[alexeft]

Recently, the satoshi exceeded 0.01 Uzbekistani som in value.^[1]

Why is this important? 0.01 Uzbekistani som is a Uzbekistani tiyin, which is the least valuable currency denomination used in the world.^[2]

The satoshi was originally designed to be small enough that even if Bitcoin blew up, people could transact well. At today's prices, the satoshi is finally a reasonable smallest denomination, reaching the levels of one government smallest denomination.

Luckily, this is not a problem. More decimal places can easily be added in the future. In fact, there is room for 3 more decimal places yet!^[3]

The next target is the Burmese pya. We are around halfway there at current rates.

References

• ^[1]: XE.com.
• ^[2]: BBC.
• ^[3]: Bitcoin.it wiki.

Great! Nice to know! Thanks! 

[NUFCrichard]

Come on bitcoin, put that Burmese pya in its place!

[Casino Gambling Guy]

Math was never my strength so would someone kindly let me know in US dollars what bitcoin would have to be selling at for one satoshi to be worth one US cent.

[Casino Gambling Guy]

Math was never my strength so would someone kindly let me know in US dollars what bitcoin would have to be selling at for one satoshi to be worth one US cent.

One million dollars

Ha ha, thanks. I'm picturing you imitating Mike Myers from Austin Powers while saying that 

[lucaspm98]

Great news! One day it will be worth more than the lowest denomination of every currency!

[marcotheminer]

Woooo thats awesome. It wont reach 0.01 usd i think

[ruletheworld]

Remarkable.
Why isn't the media all over this 

[torusJKL]

That's an interesting fact.
Thanks for sharing.

[Pente]

Woooo thats awesome. It wont reach 0.01 usd i think

The more I think about it though, the more I am convinced that it has to hit that value within two decades or die. I feel an economic war coming soon.

[Rannasha]

Math was never my strength so would someone kindly let me know in US dollars what bitcoin would have to be selling at for one satoshi to be worth one US cent.

One million dollars

<sirens>  This is the Math Police!

$0.01/1E8 = $100,000,000 USD
One hundred million not one million dollars.

No.

Hundred million (10^8) satoshis per bitcoin, so $0.01 = 1 satoshi would imply that 1 BTC = 100,000,000 times $0.01, so $1M.

[DeathAndTaxes]

Math was never my strength so would someone kindly let me know in US dollars what bitcoin would have to be selling at for one satoshi to be worth one US cent.

One million dollars

<sirens>  This is the Math Police!

$0.01/1E8 = $100,000,000 USD
One hundred million not one million dollars.

No.

Hundred million (10^8) satoshis per bitcoin, so $0.01 = 1 satoshi would imply that 1 BTC = 100,000,000 times $0.01, so $1M.

DOH.  Your right.  I am going to bed. 

[rampalija]

Fun fact of the day! 

It's going to be interesting to watch how one Satoshi climbs the ranks of currency denominations as Btc price climbs.

it could be interest if satoshi reaches that price

[exstasie]

wow.  That's pretty cool if you think about it!
There's also a cool website that shows the overall value of BTC in terms of value vs. other currencies, and when I last looked it was ranked #96 in the world! That was yesterday, so who knows now how much is grown since then!

Edit: Looks like its at #89 now.

http://coinometrics.com/bitcoin/bmix

[markjamrobin]

wow.  That's pretty cool if you think about it!
There's also a cool website that shows the overall value of BTC in terms of value vs. other currencies, and when I last looked it was ranked #96 in the world! That was yesterday, so who knows now how much is grown since then!

Can you link us? I would love to look, given the recent group, I'm sure it has jumped some.

[exstasie]

wow.  That's pretty cool if you think about it!
There's also a cool website that shows the overall value of BTC in terms of value vs. other currencies, and when I last looked it was ranked #96 in the world! That was yesterday, so who knows now how much is grown since then!

Can you link us? I would love to look, given the recent group, I'm sure it has jumped some.

I did!!  I added the link to my post.  Here it is again: http://coinometrics.com/bitcoin/bmix