The total number of
Bitcoins in existence will never exceed 21 million.
Bitcoins are created
each time a user discovers a new block. The rate of block creation is constant
over time: about 6 per hour.
The number of Bitcoins
generated per block is set to decrease with a 50% reduction every 4 years.
This was chosen because
it approximates the rate at which commodities like gold are mined.
Users that search for
bitcoins are therefore called miners.
One Bitcoin is
divisible down to eight decimal places. There are really 2,099,999,997,690,000
maximum possible units (satoshi's) in the bitcoin design.
The value of 1 BTC
represents 100,000,000 of these.
As the value of the unit of 1 BTC grows
too large to be useful for day to day transactions, people can start dealing in
smaller units, such as milli-bitcoins (mBTC) or micro-bitcoins (μBTC).
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Abbreviation
|
Pronunciation
|
Decimal (BTC)
|
|
MBTC
|
Mega-BitCoin
|
1,000,000
|
|
kBTC
|
Kilo BitCoin
|
1000
|
|
hBTC
|
Hecto-BitCoin
|
100
|
|
daBTC
|
Deca-BitCoin
|
10
|
|
BTC
|
BitCoin
|
1
|
|
dBTC
|
Deci-BitCoin
|
0.1
|
|
cBTC
|
Centi-BitCoin
|
0.01
|
|
mBTC
|
Milli-BitCoin
|
0.001
|
|
μBTC
|
Micro-BitCoin
|
0.000001
|
|
Satoshi
|
Satoshi
|
0.00000001
|
Current exchange rates:
|
1 BTC=USD
|
1BTC =EUR
|
1BTC =GBP
|
|
|
|
|
When 1 bit coin has a value of $1,000,000.00
then mBTC will be worth $1000 and a
UBTC will be worth $1.00
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