At the moment a satoshi is worth 0.00023 cents on the dollar: there is still a long way to go to reach 0.01$.
Bitcoin (BTC) is currently very close to its all-time highs but, as more and more novice investors are getting interested in the cryptocurrency, even its smallest subunit, the satoshi or „sat“, could make a comeback. Many, in fact, still think that Bitcoin cannot be divided and that it is „too expensive.“
Buying Bitcoin? Too expensive for many
Over the past few years, there have been frequent discussions in the community about how to clear up the misconception that Bitcoin Circuit Review is too expensive and how to introduce satoshi to a wider audience. This week, statistician Willy Woo publicly appealed to the CoinGecko portal to make the small satoshi more visible. Woo wrote:
„Put a smaller unit of BTC as the default on your site and see if it catches on. Let’s start a trend.“
Woo was responding to reports from Magic Internet Money podcast host Brad Mills, who was told by a potential buyer that he couldn’t afford an entire Bitcoin.
Is the road to parity still long?
Satoshi are the smallest original subunit of Bitcoin, divisible to eight decimal places. At current prices, this makes a single satoshi worth about 0.00023 cents.
A specific tool shows how much the BTC/USD pair would have to earn in order for one satoshi to be worth one cent. For this to happen, according to Woo, Bitcoin would have to approach the U.S. money supply (M2) market cap: this implies that BTC would have to reach $1 million.
In this context, a Bitcoin price of $23,000 still seems modest. Nevertheless, some currencies have already lost so much value that they reach parity with 1 satoshi: in July, the Argentine peso joined the Lebanese lira in this „club.“
Woo, moreover, noted that in addition to satoshi, in case of need, so-called „millisats“ could be used, which exist on Lightning Network. LN is so far the most promising solution for improving Bitcoin’s scalability: in the future, advances in its user experience will allow new Bitcoiners to send small payments for almost no cost.
This is achieved by executing transactions off-chain and only synchronizing them later, thus avoiding mining fees and congesting Bitcoin’s blockchain.