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Author Topic: Currencies worth less than Satoshi  (Read 244 times)
Leviathan.007
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December 09, 2020, 11:01:59 AM
Merited by bitmover (2), pooya87 (1), avikz (1), dkbit98 (1)
 #1

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
|
| Venezuela|
VES
|
92.9
|
| Iran|
IRR
|
49.9
|
| Vietnam|
VND
|
4.45
|
| Indonesia|
IDR
|
2.80
|
| Uzbekistan|
UZS
|
1.98
|
| Sierra Leone|
SLL
|
1.90
|
| Guinea|
GNF
|
1.85
|
| Laos|
LAK
|
1.75
|

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December 09, 2020, 11:20:09 AM
 #2

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.

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December 09, 2020, 11:23:58 AM
 #3

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.

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Leviathan.007
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December 09, 2020, 11:38:36 AM
 #4

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

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December 09, 2020, 11:42:29 AM
 #5

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.

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)

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December 09, 2020, 11:52:23 AM
Last edit: December 09, 2020, 12:02:42 PM by Leviathan.007
 #6

~Snip~

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.

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December 09, 2020, 11:59:59 AM
 #7

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)


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)).

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December 09, 2020, 12:02:23 PM
 #8

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?

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December 09, 2020, 12:04:59 PM
Merited by bitmover (3)
 #9

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
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 Smiley

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December 09, 2020, 01:38:02 PM
 #10

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.

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December 09, 2020, 02:03:35 PM
 #11

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.


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December 09, 2020, 02:42:20 PM
 #12

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.


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



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December 09, 2020, 10:01:26 PM
 #13

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.

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December 09, 2020, 10:43:27 PM
 #14

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.

As a citizen of one of the countries you mentioned, I admit that Bitcoin is a better currency than Fiat currency in my country. 
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.

I wonder how much would it cost to live there and if they could survive with only crypto?
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.

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December 09, 2020, 11:24:47 PM
 #15

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

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December 09, 2020, 11:51:23 PM
 #16

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.

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.  Wink

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December 10, 2020, 03:07:45 AM
 #17

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?

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.

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.

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.





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December 10, 2020, 05:08:07 AM
 #18

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.



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December 10, 2020, 05:16:33 AM
 #19

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.

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December 10, 2020, 05:32:15 AM
 #20

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.

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