Bitcoin unit with up to 8 zeros lined up (Part 2)

Serialized Column：From Zero: Cryptocurrency Trading：Episode 2

This time, about the unit of Bitcoin.

Bitcoin is expressed with eight decimal places

Satoshi
The smallest unit is 0.00000001 BTC, and this is called 1 Satoshi.

It comes from the name of Nakamoto Satoshi, who is regarded as the author of the Bitcoin technical paper.

100,000,000 Satoshis = 1 BTC. Also, 0.001 BTC is called 1 MBIT (millibitcoin), and 0.000001 BTC is called 1 μBIT (microbitcoin).

If 1 BTC = 50,000 yen, then… 0.1 BTC = 5,000 yen, 0.01 BTC = 500 yen, 0.001 BTC = 50 yen, 0.0001 BTC = 5 yen, 0.00001 BTC = 0.5 yen, 0.000001 BTC = 0.05 yen, 0.0000001 BTC = 0.005 yen, 0.00000001 BTC = 0.0005 yen = 1 Satoshi.

dust (crud)
In addition, payments of 546 Satoshis or less are called dust and are usually not approved, but if in the future 1 BTC becomes 10,000,000 yen, 546 Satoshis would be worth 54.6 yen and treated as dust.

There is also a possibility that units below 1 Satoshi may be usable due to future changes. When assessing value, you may convert to yen in your head, but initially it might be a bit troublesome to grasp.

But this kind of crypto unit is standard, so let's get used to it.

Future value of Bitcoin

A report by the American asset management company Needham & Company stated that “the current value of Bitcoin is trading about 58% below its actual value.”

As of the time this article is written, 1 BTC is 46,626 yen, which means its actual value is about 73,669 yen.

Within 1–2 years, or in the near future, many experts think 1 BTC could be worth 100,000 to 200,000 yen, and some believe it could exceed 1,000,000 yen in 5 to 10 years.

I also support the future hypothesis of 1 BTC = 1,000,000 yen. However, when that will happen is still unclear. It would be ideal if it could occur while I’m still alive in this world!