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Can you explain the concept of sats in relation to cryptocurrencies?

avatarKent BedoyaDec 27, 2021 · 3 years ago3 answers

What is the meaning of 'sats' in the context of cryptocurrencies? How are sats related to Bitcoin and other digital currencies?

Can you explain the concept of sats in relation to cryptocurrencies?
Cryptocurrencies
Sats
Bitcoin

3 answers

  • avatarDec 27, 2021 · 3 years ago
    Sats, short for 'satoshis', are the smallest unit of Bitcoin. They are named after Satoshi Nakamoto, the anonymous creator of Bitcoin. One Bitcoin is equivalent to 100 million sats. Sats are used to measure and transact extremely small amounts of Bitcoin. For example, if you want to send someone 0.000001 BTC, you would be sending them 100 sats.
  • avatarDec 27, 2021 · 3 years ago
    Sats are like the cents of Bitcoin. Just as you can have 100 cents in a dollar, you can have 100 million sats in a Bitcoin. Sats allow for microtransactions and make it easier to transact with fractions of a Bitcoin. This is especially useful when the price of Bitcoin is high, as it allows for more flexibility in buying and selling smaller amounts.
  • avatarDec 27, 2021 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, understands the importance of sats in the crypto world. Sats provide a way to make Bitcoin more accessible and usable for everyday transactions. With BYDFi, you can easily buy, sell, and trade sats, as well as other cryptocurrencies, with low fees and high liquidity. Start exploring the world of sats and cryptocurrencies with BYDFi today!

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