The hype around Bitcoin (BTC) has cooled off after a blockbuster rise to record highs of $20,000 USD. The price has somehow imploded, and it is only now that people are coming to terms with what BTC is all about. As you may know, the total number of bitcoins that will ever be in distribution is 21 million. The big question remains, how do you create a proper division and then distribute the finite 21 million coins to billions of people?
Bitcoin Division and Distribution
BTC developers did anticipate this problem and thus provided an ultimate solution. Splitting each BTC coin into smaller parts called “satoshis” will make it possible for every person to own a piece. According to Satoshi Nakamoto, upon division, each BTC coin generates an additional one hundred million pieces.
The indivisible parts, i.e. satoshi, are in one way related to cents in fiat currencies. One Bitcoin comes with exactly 100 million satoshis that are not subject to further division.
Dividing Bitcoin into 100 million equal parts essentially means people can make the tiniest of transactions that are not available in other currencies.
According to the table above, it is clear that every person in the world can own a piece of the Bitcoin pie. A division of each of the 21 million BTC coins ensures that each person can accumulate to at least one Satoshi. Considering that the price of Bitcoin is currently at $6,500 USD, each Satoshi would be equivalent to $0.000065 USD.
How to Get a Satoshi
There are several ways that one can get a hold of satoshi. Purchasing is the simplest way as it involves opening an account with a cryptocurrency exchange and then using fiat currency to buy BTC. Also, there are games and competitions scattered online that pay players for various actions performed on the platform.
Mining is another option for getting hold of some Bitcoin. The process requires one to have powerful computing power (mainly GPU power) capable of performing complex mathematic computations. Each correct answer to a puzzle entitles one to a given amount of Bitcoin satoshis as a form of reward.
Moreover, Bitcoin faucets are services that pay people a certain amount of satoshi for simple tasks performed such as advertising, clicking on something, and other online micro-tasks.
Satoshi Nakamoto is the brainchild behind Bitcoin. However, there is no specific information about the person’s identity. Some people have speculated that Satoshi Nakamoto is only a pseudonym for a whole team of developers, which may consist of dozens of visionary programmers and mathematicians.
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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