When Bitcoin was launched, having a currency with eight digits after the point was considered an extravaganza. Like, who's gonna use that, right?
The tiniest unit of a Bitcoin is called a "Satoshi" and, 8 years after the launch, is becoming more popular than the Bitcoin. At $2400 for a full, round Bitcoin, a Satoshi is worth $0.000024, but 1000 satoshi (or 1k satoshi) is worth 2.4 cents. A lot of cryptocurrencies are now denominated in thousands of Satoshis, because it makes more sense at very small values.
Popular Bitcoin Denominations
| Unit | Value in BTC | @ $2400 per BTC |
|---|---|---|
| BTC | 1 | $2400 |
| mBTC (milli) | 0.001 | $2.4 |
| uBTC (bits) | 0.000001 | $0.0024 |
| Satoshi | 0.00000001 | $0.000024 |
for a full list (which is much bigger than you'd think), you can go here.
But What About Steem?
As far as I know, there is no official denomination scale for STEEM. It may not make sense now, when a STEEM trades for $1, but who knows? In two-three years, it may also trade in the thousands...
Here's how such a denomination scale could look like:
| Unit | Value in USD | @ $1 per STEEM |
|---|---|---|
| STEEM | 1 | $1 |
| mSTEEM (milliSTEEM) | 0.001 | $0.001 |
| uSTEEM (STEEMbit) | 0.000001 | $0.000001 |
| STEEMtoshi | 0.00000001 | $0.00000001 |
Thoughts? Suggestions? Did I overlook some passage in the White Paper where this is already described?
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
As the Satoshi was named after the creator of Bitcoin, I think the smallest piece of Steem should be named after one of the founders. How about the Scotti?
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Daneds!
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Or Nedans
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The Lar - @dantheman should get the nod for his technical contribution - his technical writing ability alone should give him the nod :)
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Ha ha, I wonder what @ned thinks about that? It's funny and, to be honest, also correct.
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I think the Scotti or Dani is a great idea. Look forward to when we need to use them.
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Very interesting times. Working, watching and learning.
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We don't know what the dollar price will be in the future. I would agree. But, it is also true that a lot of the crypto coins have risen in value against the US dollar. Or, that the dollar has lost value and the crypto's are just simply adjusting accordingly. Whatever.
I really don't like the fractional aspect of crypto's being used as such. But, I understand that is the choice we have. I will say that I don't use crypto's for purchases, so I have no knowledge of what devices are available to do the simple math for us. Maybe someone can help.
Thank you for pointing out what will likely be the Steemit future.
Francis
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Hi @dragosroua I am ready for Steemtoshi :)
Quick question, do you really think Steem will trade in the thousands someday?
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I think that a few cryptos will trade in the thousands in the future, just like a few dot coms (Amazon, eBay) survived the dot com bubble and got stronger. Steem certainly has a big potential but nobody can predict the future.
Or, to put it differently, the best way to predict the future is to build it.
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And we will go for it go steem-toshi! Or whatever we called it someday ?@dragosroua
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I like that "the best way to predict the future is to build it". This is what I love about Steemit. Unlike other cryptos, Steem has an actual community built around the crypto-currency. I'm holding onto my Steem for the long-term because I honestly believe in its potential. Great analogy as well!
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A little bit of nitpicking: micro is not uBTC/uSTEEM, it's µBTC/µSTEEM.
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Yeap, exactly, didn't know how to input that, but you're correct :)
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It probably depends on your keyboard layout, but with my Finnish keyboard µ comes by pressing
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Goof to know, I'm on a US layout.
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Hard to imagine it right now.
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Yep.. I am hard too.
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Hahaha I wonder which is!
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