What is Bitcoin And Satoshi ?

Bitcoin could be a digital plus fictional by Satoshi Nakamoto. it is a code based mostly payment system revealed in 2008 associated free as an open supply in 2009. Payments area unit recorded in an exceedingly public ledger and transactions area unit verified by network nodes. The unit of account that's utilized by the ledger is named Bitcoin.

Bitcoin is usually named because the 1st cryptocurrency. Bitcoin is named because the 1st localized digital currency because it works while not a central repository. it's the most important total value of its kind.

Users provide their computing power to verify and record payments into a public ledger during which Bitcoins area unit created as an award for the payment process work. They decision this mining, and miners area unit paid with dealings fees and fresh created bitcoins.

Most significantly, Bitcoins are often changed for product, services, and currencies - which implies Bitcoins are often changed for money and withdrawn.The smaller elements of a Bitcoin is often referred to as as Satoshi.

Satoshi

From the name of the founder, Satoshi Nakamoto, Satoshi has been used to identify parts of a Bitcoin. See below the Satoshi Equivalent of a Bitcoin:

1 Satoshi = 0.00000001 Bitcoin

10 Satoshi = 0.0000001 Bitcoin

100 Satoshi = 0.000001 Bitcoin

1,000 Satoshi = 0.00001 Bitcoin

10,000 Satoshi = 0.0001 Bitcoin

100,000 Satoshi = 0.001 Bitcoin

10,0000,000 Satoshi = 1 Bitcoin

mBTC and uBTC

1 mBTC = 0.001 BTC (milli BTC)

1 uBTC = 0.001 mBTC (micro BTC or millionth of BTC).

Also called a ‘bit’, so 1 bit = 100 satoshi = 1/1,000,000th of a Bitcoin

1 satoshi = 0.01 uBTC (smallest unit of divisibility, hundred milltionth of a Bitcoin).

To check the latest conversion price of USD/BTC, check out the open Bitstamp market.

Currency Conversion

1 Bitcoin = $ 448.70 US Dollar = P 21,220.59 Philippine Pesos (as of Dec 17, 2015)

This guide hopes to extend to you the knowledge on Bitcoins and show you ways on how to earn and exchange them into currencies or cash that you can use as you wish.