Yes, you heard that right. You don’t need to buy (a) bitcoin, instead, you can buy Satoshis. At the time of writing this article, the price of bitcoin was at $58,706.27 which is equivalent to INR 43,50,962.37. This is a huge amount for most people. By looking at that price most of the people will back off, thinking that it’s expensive and unaffordable — they are right. After all, why put that much money into so-called digital money and risk losing it. Some people think they are now too late to the party, they should have bought it 10 years ago. Well if you think the same, you are mistaken and I will tell you why.
Bitcoin by design can have only 21 million coins and more than 18 million coins are already in circulation. Today there are more than 7.8 billion people on this planet and every single person cannot own a bitcoin. To mine all the 21 million bitcoins it will go till 2140 and by then the world population is estimated to be more than 10 billion. Also, how many people own bitcoin today is still not known. Surprisingly, there are already 200 million bitcoin wallets. Looking at those numbers and statistics, you might be thinking ‘the train has already left’, you are too late and you should have bought one years ago when the price was only 10,000 INR, 20,000 INR or so.
But here is the catch. Bitcoin is divisible to eight decimal places — it represents a value of 10 to the power of 8, which means you can buy and own as little as 0.00000001 bitcoin. The smallest unit of bitcoin with a value of 0.00000001 BTC is called Satoshi (SATS).
Why should you buy Satoshi?
Here is why you should buy Satoshi. These are the actual words from Satoshi Nakamoto on February 6th, 2010.
“Eventually, at most only 21 million coins for 6.8 billion people in the world if it gets huge. But don’t worry, there are another 6 decimal places that aren’t shown, for a total of 8 decimal places internally. It shows 1.00 but internally it’s 1.00000000. If there’s massive deflation in the future, the software could show more decimal places.
If it gets tiresome working with small numbers, we could change where the display shows the decimal point. The same amount of money, just different conventions for where the “,”’s and “.”’s go. e.g. moving the decimal place 3 places would mean if you had 1.00000 before, now it shows it as 1,000.00.”
A Satoshi (SATS), named after Satoshi Nakamoto, its mysterious creator, represents the smallest unit of Bitcoin. One bitcoin is 100000000 Satoshi, for example 0.001 BTC = 100,000 sat and 0.00000100 BTC = 100 sat. When you buy 0.0001 BTC you could say you bought 10,000 Satoshi. As of today, your 1783 Satoshi are worth around USD 1.000. Who knows, maybe in 20 or 50 years 1 Satoshi will be equal to $1 since bitcoin is unpredictable.
On May 22nd, 2010, a programmer named Laszlo Hanyecz paid 10,000 bitcoin for just two papa john’s pizzas which were worth around $25. If he had saved that 10,000 bitcoin today it would be worth more than $551,250,768.82. So maybe if you save that INR 1000 from your KFC and invest that money in Satoshi, you will thank yourself after 20 years. Well if you are still alive!
The rise of bitcoin is still going strong. Many investment experts predict that bitcoin will reach more than $100,000 in the current market circle, which is achievable considering the 2017 bull run. With about 75–80% growth from the current price, BTC will easily reach $100,000. More interestingly, now even the large corporations see the future of bitcoin and want to have bitcoin in their balance sheet, companies like MicroStrategy, Tesla, Square have already bought bitcoin with their reserve cash.
It’s only a matter of time more and more corporations, banks, and even the government will start accumulating bitcoin that may take the price to even a million per coin. For the last 10 years, bitcoin stands the test of time and has potentially become the best store of value to hedge against economic inflation.
Concluding, the best time to buy bitcoin was 10 years ago, the second-best time to buy is now, and buying Satoshi today is like buying bitcoin in 2010. Remember again, bitcoin is limited, it is one of the scarce digital assets in the world and once supply is exhausted, it is exhausted forever. For sure in the next ten years, most of us won’t be dealing in bitcoin, a bitcoin would be to deal with large national or international projects. So owning a part of it (Satoshi) will be smart for you. Ready to skip that KFC or a bottle of beer for some Satoshi? Well, make the right choice.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).