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Home Cryptocurrency news Bitcoin

Bitcoin Becomes “Money,” One Satoshi Now More Valuable Than Some National Currencies

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Bitcoin Becomes “Money,” One Satoshi Now More Valuable Than Some National Currencies
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Bitcoin has been dubbed a lot of things by many different people. It’s digital gold; a store of value; a cryptocurrency; it’s rat poison; it’s freedom from inflation; it’s borderless. But at its core, the one thing it aims to become the most, is money.

Many argue that Bitcoin has many years to go before it can be considered “money” in the traditional sense, however, the first ever cryptocurrency has taken a major leap from being “magic internet money” toward becoming “just money.”

One Satoshi Is Now Worth More Than These National Currencies

Satoshi Nakamoto, Bitcoin’s mysterious and pseudonymous creator, designed Bitcoin to be deflationary, giving it a core advantage over fiat currencies, and coded the cryptocurrency to be divisible by up to eight decimal spaces, or 0.00000001 BTC.

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The lowest possible denomination of Bitcoin is worth a mere $0.000080 – a far ways off from even being valued at a penny, the lowest physical coin offered in the United States as fiat currency.

Related Reading | Bitcoin Sets New All-Time High In Addresses Holding at Least 0.1 BTC 

However, according to Bitcoin analyst Rhythmtrader, the lowest denomination of “magic internet money” – the satoshi, named after the cryptocurrency’s creator – is now worth more than the Iranian Rial, Vietnamese Dong, and Indonesian Rupiah – all national fiat currencies of third-world countries.

https://twitter.com/rhythmtrader/status/1137687056551989249?s=12

Just one satoshi or 0.00000001 BTC is worth over 3.3 Iranian Rial, 1.8 Vietnamese Dong, and 1.1 Indonesian Rupiah. For one satoshi to ever reach the equivalent value of one United States Dollar, each BTC would be valued at $100 million each.

Bitcoin is Even More Valuable To Countries Where One Satoshi Compares to Fiat

It’s interesting that third-world countries with struggling economies that have national fiat currencies valued on parity with one satoshi, are also the countries that would benefit the most and find the most value in using Bitcoin over their native currencies.

It’s in these countries where trust in fiat currency is low, inflation is high, and each country’s respective government regularly oversteps their boundaries when it comes to their citizen’s money.

Bitcoin and other cryptocurrencies were designed to be decentralized and void of any central controlling party. This puts the power and control over an individual’s money back into the hands of the individual.

Related Reading | Crypto Assets Compared to Dot Com Domains Shows Unrivaled Growth Performance 

This is a huge shift in thinking, as paper, fiat currency has long dominated the globe, replacing gold as the main transfer of wealth and value. Such an evolution doesn’t happen overnight, and until now, nothing else had the potential to replace fiat currency.

If Bitcoin does indeed become the global currency and is used widely as the main form of “money,” fiat currencies that are currently the “face” of money will fall out of favor, and eventually become a distant memory as the entire world goes digital.

Featured image from Shutterstock
Tags: and Indonesian RupiahbitcoincryptofiatIranian RialUS DollarVietnamese Dong
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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