MilliBitcoin

November 21, 2023 - Around 2 mins mins to read

What Is MilliBitcoin?

MilliBitcoin is a smaller version of Bitcoin (BTC) that is equivalent to one-thousandth of a BTC. In simpler terms, 1 BTC is equal to 1,000 MilliBitcoin. This means that 1 MilliBitcoin is approximately worth 58.45 USD. Unlike physical materials like gold, Bitcoin is backed by a code, allowing it to be divided into smaller units. This feature enables Bitcoin holders to price goods based on their perceived value. With only 21 million Bitcoins available for mining, Bitcoin is considered a deflationary token, meaning its value will increase as it becomes scarcer. However, due to its volatility against the US dollar and limited acceptance as a unit of account, there are various terms that correspond to sub-units of Bitcoin.

The smallest unit of Bitcoin is called a satoshi, named after Satoshi Nakamoto, the creator of Bitcoin. Satoshi Nakamoto released the BTC whitepaper in October 2008, and the first block was generated in January of the following year. 1 Bitcoin is equal to 1,000 MilliBitcoin, which is further equal to 100,000,000 satoshi. On the other hand, there are larger units of Bitcoin:

1daBTC (deca Bitcoin) is equal to 10 BTC
1hBTC (hecto Bitcoin) is equal to 100 BTC
1kBTC (kilo Bitcoin) is equal to 1,000 BTC
1MBTC (mega Bitcoin) is equal to 100,000 BTC

Bitcoin was designed to be both a term for a new type of peer-to-peer monetary system and the system’s core currency. BTC has become the leading cryptocurrency and the first monetary system based on blockchain technology. Similar to how fiat currency like the US Dollar can be divided into whole units and cents, Bitcoin can be divided into microbitcoins (mBTC), millibitcoins (MilliBitcoin), and satoshi.

Bitcoin is often referred to as digital gold due to its qualities as a currency:

BTC is portable
It cannot be confiscated as it is a decentralized token
It is widely accepted in various establishments
It can be faster than traditional money for international transfers

Since its inception in 2009, the price of BTC has experienced significant growth. Although there have been fluctuations, the overall trend has been upward. BTC’s price has risen from less than $0.01 to its current value. Therefore, if you plan to hold MilliBitcoin, microbitcoins (mBTC), or satoshi for a long time, investing in BTC can be a good option. Bitcoin is being adopted by countries as a means of transaction and value storage, leading to increased adoption rates in recent times.