RATE Group | As Bitcoin Price Soars, Some Say It’s Time for Satoshis to Get a Symbol
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As Bitcoin Price Soars, Some Say It’s Time for Satoshis to Get a Symbol

01 Aug As Bitcoin Price Soars, Some Say It’s Time for Satoshis to Get a Symbol

Posted at 12:39h in Bitcoin News by

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While there are many upsides to Bitcoin’s bullish price momentum, its impact on the coin’s denomination as a currency unit may not be one of them.

As a Quartz article published on August 1 notes, with Bitcoin (BTC) currently circling $9,950, retail buyers are faced with the prospect of forking out a figure such as 0.0009950 BTC for their deli sandwich. 

Satoshi: an easier unit to deal with?

With Bitcoin trading at such a high price, the cryptocurrency’s potential use for everyday retail payments faces not only the often-discussed quandary of volatility but also the fact that everyday sums increasingly equate to a dizzying number of decimals.

Some in the community are therefore arguing for the broader adoption — and even the formalization of a symbol for the Satoshi; the name given to the smallest, indivisible unit of the cryptocurrency, or one hundred millionth of one Bitcoin.

As Quartz notes, that $10 deli sandwich would still cost something around 95,000 Satoshis — not…

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