When Bitcoin was launched, having a currency with eight digits after the point was considered an extravaganza. Like, who's gonna use that, right?
The tiniest unit of a Bitcoin is called a "Satoshi" and, 8 years after the launch, is becoming more popular than the Bitcoin. At $2400 for a full, round Bitcoin, a Satoshi is worth $0.000024, but 1000 satoshi (or 1k satoshi) is worth 2.4 cents. A lot of cryptocurrencies are now denominated in thousands of Satoshis, because it makes more sense at very small values.
Popular Bitcoin Denominations
| Unit | Value in BTC | @ $2400 per BTC |
|---|---|---|
| BTC | 1 | $2400 |
| mBTC (milli) | 0.001 | $2.4 |
| uBTC (bits) | 0.000001 | $0.0024 |
| Satoshi | 0.00000001 | $0.000024 |
for a full list (which is much bigger than you'd think), you can go here.
But What About Steem?
As far as I know, there is no official denomination scale for STEEM. It may not make sense now, when a STEEM trades for $1, but who knows? In two-three years, it may also trade in the thousands...
Here's how such a denomination scale could look like:
| Unit | Value in USD | @ $1 per STEEM |
|---|---|---|
| STEEM | 1 | $1 |
| mSTEEM (milliSTEEM) | 0.001 | $0.001 |
| uSTEEM (STEEMbit) | 0.000001 | $0.000001 |
| STEEMtoshi | 0.00000001 | $0.00000001 |
Thoughts? Suggestions? Did I overlook some passage in the White Paper where this is already described?
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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