You are going to laugh, but I have never really understood sats. I mean I get what they are, but I can't do the conversion in my head. So when someone talks about a token in terms of Sats, I get totally lost. I need to know the value in USD. I am just lazy like that!
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Here's an easy way to think of sats. When Bitcoin is $1 Million, one satoshi will equal one US penny. So at $100k, one satoshi equals one tenth of one US penny.
Personally, I think they should at some point trade Bitcoin in a different denomination. Not necessarily all the way down to sats, but maybe move the decimal point over three or four places and call it a Nakamoto or something. A "Nak". You could have Bitcoin equal 1000 Naks and a Nak equal 100,000 Sats. (I think I did that math right). Anyway, I think it would actually help the general public understand how much they're actually buying. Just my opinion. Not sure how much coding would have to go into it or even if it's really possible but...
I will say that when I started looking at how many sats I was buying rather than what fraction of one Bitcoin I was buying, it made me feel a lot better about my small purchases. I mean if you spend say....$40 when Bitcoin is at $40k, you get one thousandth of one bitcoin. Not much. But that same $40 buys you 100,000 sats. Now you've actually got something. Do that 10 times over a period of weeks and you may get 1,000,000 sats. Then, if you do the math and realize at BTC $1M, each sat is a penny, 1 million sats becomes $10,000. That's real money.
Nothing changes obviously. But the perception of what I own seems better from that perspective. And, like I said, it makes me feel good about my small autobuys. They're going to pay off huge down the road....
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We already have milli-satoshis on the lightning network they are charging that as the fees and to get it on the main-chain it would only require a soft fork to add further divisibility
I don't think we need milli satoshis on the base layer, they can be use on lightning and liquid and when you're ready to settle a big amount you can go mainchain
This will make small buys, auto-buys, streaming payments and more so easy and cheap and I think in the future many people won't even touch the base layer
That's a great way of looking at it. Thanks for that.
I think it was easier for me because I live in Rands which is a shit currency and I’m used to pricing things in US dollars to get a feel for how much we overpay for stuff here
So switching to Sats instead of USd measurement made sense as I measure in the hardest currency I can access
If you want to give it a try check out coingecko and change from USD to Sats it will help you get a better feel for pricing
Okay, I look at CG daily, so maybe if I could get in the habit of reading it that way it wouldn't be so bad. Thanks for the tip!
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