Today, the Bitfinex cryptocurrency exchange launches SAT (satoshi) mode.
In fact, the Bitfinex launched two new modes, BIT mode and SAT mode.
A satoshi is the smallest unit into which the bitcoin of the chain that can be divided and corresponds to one hundred millionth of a bitcoin. Therefore, 1 BTC = 100,000,000 SAT.
By enabling SAT mode in Bitfinex, it will be possible to use satoshi as a unit of measure (SAT) instead of bitcoin (BTC), making it easier for those using small amounts of money, as a BTC now equates to around US$40,000 .
In addition to SAT mode, the exchange also enabled BIT (microbitcoin) mode, with a BIT being equivalent to one millionth of a bitcoin, or 100 satoshi. Therefore, 1 BTC = 1,000,000 BIT.
Enabling BIT mode will use one millionth bitcoin as the unit of measure instead of BTC, which is currently about $0.04.
How SAT and BIT modes work in Bitfinex.
To enable SAT or BIT mode, users need to go to their account settings, in the interface section, where they will find the layout options: BTC, meaning bitcoin, SAT (1 / 100M BTC), meaning satoshi, and BIT ( 1/1M BTC), which means microbitcoin.
Bitfinex CTO Paolo Ardoino said:
“The launch of SAT mode in satoshi is appropriate for an exchange that is a pioneer in the cryptocurrency industry and that never forgets the ethos from which Bitcoin was originally invented. This will make bitcoin microtransactions easier, allowing users who might be intruding on their first bitcoin purchases to become even more familiar with this amazing technology. ”
The name “satoshi” given to the smallest fraction of BTC was obviously chosen to honor Bitcoin creator Satoshi Nakamoto.
The fact is that the value of a single BTC is now so high that very few people trade at least 1 bitcoin. Most people really only trade fractions of a bitcoin and, for example, the term 0.000001 BTC for a microbitcoin is much less convenient than 1 BIT, just as 0.00000001 is much more inconvenient than 1 SAT.
There’s also millibitcoin (mBTC), equal to one thousandth of a bitcoin, but it’s only used by rare platforms or wallets like Electrum, not Bitfinex.
So if today 1 bitcoin (BTC) is worth about $40,000, 1 millibitcoin (mBTC) is worth about $40, while 1 microbitcoin (BIT) is worth $0.04 or four cents. 1 satoshi (SAT) is worth about $0.0004.
Microbitcoin (BIT) is certainly the most convenient unit to use right now.