The satoshi is currently the
smallest unit of the bitcoin currency recorded on the block chain. It is a one
hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named
in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.
All amounts in the block chain 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
fine fraction of a bitcoin, as in a contemporary faucet, the amount is
displayed in satoshi for readability.
As of July 2017, 1 US cent is worth
approximately 430 satoshi.
The value of a bitcoin
in satoshi was decided by Satoshi Nakamoto to be 100 million no later than
November 2008.
On November 15, 2010,
ribuck proposed that the one hundredth of a bitcoin (0.01 BTC) be called a
Satoshi. Four months later he instead suggested that the one hundred millionth units
be called an austrian or a satoshi. The name satoshi caught on, and was widely
adopted thereafter.
SOURCE: Bitcoin Wiki
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