Bitcoin’s Smallest Unit of Account, the Satoshi, Is Now Worth Than 7 Nationalised Currencies
In the world of crypto trading, at least till now, a Satoshi barely has any value. We don’t make many transactions accounting in Satoshi.
However, even that small denomination is worth more than 7 national currencies, which are as follows:
- Iranian Rial
- Vietnamese Dong
- Indonesian Rupiah
- Guinean Franc
- Sierra Leonean Leone
- Lao Kip
The satoshi is currently the smallest unit of the bitcoin currency recorded on the blockchain. It is one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.
There are several factors that influence the crash in Iran’s currency. Perhaps one of the most influential is the strict sanctions imposed by the United States on Iran. Since the sanctions were put in place, Iran’s currency has been declining severely. To counter this, the authorities of the country are even attempting to have liberal policies on Bitcoin and even launch their own crypto.
There is a saying that everyone is a millionaire in Vietnam. The main reason for that is that the denomination o the currency is extremely less. If anyone has been to Vietnam they would know the insane amount of cash one has to carry. Currently. A Satoshi equals 2.75 dongs.
The same stories follow for the previously mentioned currencies, namely, Indonesian Rupiah (1.7 Satoshi), Guinean Franc (1.08 Satoshi), Sierra Leonean Leone (1.08 Satoshi), Lao Kip (1.02 Satoshi), and Uzbekistan Som (1.02 Satoshi).
There are others that are extremely close too. The Venezuelan Bolivar is currently worth 1.29 Satoshi but will soon be there at SAtoshi’s level if the country’s plight continues.