Bitfinex launches BIT Mode on Satoshi
Bitfinex, a digital token trading platform, has made BIT Mode on Satoshi available to the exchange’s user base, enabling customers to divide their holdings into the smallest units of a bitcoin.
SAT and BIT Mode is now available (1BIT = 100 Satoshis = microbitcoin). A satoshi is the smallest unit of a bitcoin, equivalent to 100 millionth of a bitcoin. Splitting bitcoins into smaller units is a means of facilitating smaller transactions.
“The launch of SAT Mode on Satoshi is fitting for an exchange that is a pioneer in the space that never forgets the ethos from which bitcoin was originally invented,” says Paolo Ardoino, CTO at Bitfinex. “This will facilitate micro-transactions in bitcoin, enabling users who may be dabbling with their first bitcoin purchases to further familiarise themselves with this amazing technology.”
To enable SAT or BIT Mode, users should take the following steps: go into account settings, interface, layout before obtaining access to BITCOIN View Mode. The following options will now be available: BTC, SAT (1/100M BTC), BIT (1/1M BTC).
A satoshi is named after Satoshi Nakamoto, the creator of bitcoin. The satoshi to bitcoin ratio is 100 million satoshis to one bitcoin. Given that the value of bitcoin has increased to almost USD40,000, it is satoshis that a bitcoin holder should track in order to break a bitcoin down into units used for everyday purchases such as buying a cup of coffee.