Skip to content

Latest commit

 

History

History
20 lines (12 loc) · 1.26 KB

QUESTION 7-Do i need to buy a whole bitcoin.md

File metadata and controls

20 lines (12 loc) · 1.26 KB

Do i need to buy a whole bitcoin?

The bitcoin asset is divisible.

It can have up to eight decimal places!

If we think about euro, we see that 1 euro is divisible up to two decimal places (even if in finance they use more), in this way: 1.00 euro.

In everyday life we also use cents and we know that 100 cents make a whole euro.

For bitcoins things work in a similar way but with eight decimal places.

1 bitcoin can be represented as follows: 1.00000000. It can be deduced that the smallest part of bitcoin is this: 0.00000001 bitcoin. divisible This basic unit, as mentioned above, is named after the Bitcoin creator and is referred to as satoshi.

It takes exactly 100 million satoshis to form a whole bitcoin.

It follows that we could accept and/or buy all the satoshis we want, without needing to buy a whole bitcoin, knowing that more than 20999949.9769 x 10 ^ 8 will not be put into circulation. For those who are not accustomed to thinking in terms of power, this is around 21 million multiplied by another 100 million units that can actually be spent.

An apparently disproportionate quantity but undoubtedly more suited to a global monetary system, with > 7 billion potential users.