Difference between revisions of "Satoshis"
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==Satoshis and the Miner Subsidy Schedule== | ==Satoshis and the Miner Subsidy Schedule== | ||
| − | The total number of satoshis in existence is limited to 2. | + | The total number of satoshis in existence is limited to 2.1 x 10<sup>15</sup> (21 million BSV) and are issued at a mathematically predictable rate using a [[Miner subsidy|miner subsidy]] formula. The miner subsidy, which [[Genesis block|began]] at 50 newly minted bitcoins per block, is scheduled to divide in 2 every 210,000 blocks, approximately every 4 years. At the time of the 6th halvening (approximately 2032) the miner subsidy will fall below 1 BSV to 78125000 Satoshis (0.78125 BSV). |
By the time of the 31st halvening (approximately the year 2136) the miner subsidy will be reduced to 1 Satoshi and in the year 2140 (block no. 6,720,000) the subsidy will vanish, meaning that mining will be sustained through [[Transaction fees|transaction fees]] alone. | By the time of the 31st halvening (approximately the year 2136) the miner subsidy will be reduced to 1 Satoshi and in the year 2140 (block no. 6,720,000) the subsidy will vanish, meaning that mining will be sustained through [[Transaction fees|transaction fees]] alone. | ||
Revision as of 12:57, 17 February 2020
A Satoshi is the smallest division of a bitcoin and the base unit of exchange on the Bitcoin SV network. There are 100,000,000 satoshis in 1 bitcoin. The unit is named after Satoshi Nakamoto, the pseudonymous author of the 2008 Bitcoin whitepaper.
Satoshis are represented as integers where 1 satoshi is the smallest unit of the Bitcoin cryptocurrency.
A single Bitcoin is a human construct, as any value of Bitcoin less than 100,000,000 satoshis are actually treated integers in the code, not decimals.
How many Satoshis in a Bitcoin
What is a Satoshi? Satoshi meaning the smallest indivisible unit of the Bitcoin cryptocurrency. In fact, the analogue of Satoshi cryptocurrency is a penny or a cent. It is a one hundred millionth of a single bitcoin (0.00000001 BSV). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.
The table below provides information on how many Satoshis in a Bitcoins, depending on their quantity:
| Satoshi | BSV |
|---|---|
| 1 | 0.00000001 |
| 10 | 0.0000001 |
| 100 | 0.000001 |
| 1 000 | 0.00001 |
| 10 000 | 0.0001 |
| 100 000 | 0.001 |
| 1 000 000 | 0.01 |
| 10 000 000 | 0.1 |
| 100 000 000 | 1 |
Thus, 1 Satoshi = 0.00000001 BSV.
When considering the decision on the limit of the digital currency issue (now it is 21 million), the question of its popularity was raised. After all, with such a small volume to gain popularity, at that time, it seemed quite problematic. As a result, it was decided to introduce a change coin, thereby crushing one bitcoin into a huge number of parts.
In the end, this coin was called "Satoshi". There are many calculators for converting various currencies into other cryptocurrencies or fiat money stock calculator
All amounts in the blockchain are denominated in satoshi before being converted for display. The source code also uses satoshi when specifying an amount of bitcoin. When displaying an extremely small fraction of a bitcoin, as in a faucet, the amount is displayed in satoshi for readability.
Satoshis and the Miner Subsidy Schedule
The total number of satoshis in existence is limited to 2.1 x 1015 (21 million BSV) and are issued at a mathematically predictable rate using a miner subsidy formula. The miner subsidy, which began at 50 newly minted bitcoins per block, is scheduled to divide in 2 every 210,000 blocks, approximately every 4 years. At the time of the 6th halvening (approximately 2032) the miner subsidy will fall below 1 BSV to 78125000 Satoshis (0.78125 BSV).
By the time of the 31st halvening (approximately the year 2136) the miner subsidy will be reduced to 1 Satoshi and in the year 2140 (block no. 6,720,000) the subsidy will vanish, meaning that mining will be sustained through transaction fees alone.
See Also
Attribution
This content is based on content sourced from https://en.bitcoin.it/wiki/Satoshi_(unit) under Creative Commons Attribution 3.0. Although it may have been extensively revised and updated we acknowledge the original authors.