Luno has partnered with the World Wide Fund for Nature (WWF) in support of climate smart farming in South Africa – and we’d like you to get involved! Help us raise one bitcoin for the WWF by sharing a video of yourself on social media explaining why you are investing in Bitcoin for your future. For every video shared – tagging @LunoGlobal and using the hashtag #investingtogether – Luno will donate 500,000 satoshis (about $230 at time of writing) to the WWF.
Curious about the relationship between Bitcoin and satoshis? Aside from paying homage to the cryptocurrency’s mysterious creator(s), satoshis serve a practical and definitive purpose – here’s the lowdown.
Wait, what are satoshis?
Similar to other traditional currencies, bitcoin can be divided into smaller denominations. So, in the same way that pounds can be broken down into pence and dollars into cents, bitcoin can be broken up into 100 million satoshis. In other words, if one bitcoin is worth $55,000, one satoshi is worth $0.00055.
This is why you may hear some people say that they’re “stacking sats”. All this means is that you’re buying satoshis – essentially just buying more bitcoin.
The origin of Satoshi
The word satoshi comes from Bitcoin’s pseudonymous creator(s), known as Satoshi Nakamoto. Since Bitcoin’s inception in 2009, there have been endless theories about who exactly Satoshi Nakamoto is, or whether Nakamoto is a group of people or one person. We still don’t know who Satoshi is, and we may never know.
Whether it matters or not is the subject of much debate – what do you think?