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May 31, 2020 |
Dan Mitchell | 0 Comments|968 Views
Get Into Cryptocurrency Trading Today
Converting Satoshi to USD is one of the more frequently executed fiats to cryptocurrency conversions, and it's the reason why USD-BTC is likely the most common pair you will find on services which enable such transactions.
There are a lot of ways you can exchange your Satoshi for United States Dollars, and a lot of factors to consider with regards to when and how. Read on to find out which may be best for you, and exactly how much is 1 Satoshi.
Satoshi is a measure of value and is the lowest possible denomination of currency available about the Bitcoin (BTC) ecosystem. One Satoshi represents a hundredth of one-millionth of a single Bitcoin or 0.00000001 BTC.
The unit got named after the pseudonym associated with Satoshi Nakamoto, the enigmatic creator (or creators) of the Bitcoin network and its whitepaper ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.
Like almost all cryptocurrencies Bitcoin fundamentally derives its value from token supply and investor demand. Supply and demand can get influenced by a variety of factors, including speculative interest and trends, as well as network developments. Satoshi to USD: What Influences Value
When it comes to network developments, we recently saw an event occur which had a direct impact on the supply and demand of Bitcoin: the 2020 halving. A halving is when the number of tokens mined per-block (and thus, miner block rewards) are reduced by 50% to combat token and transaction fee inflation.
Bitcoin dropped in value before the halving (coinciding with system downtime at significant exchanges like Coinbase and Kraken) before the halving, which went against the expectations of many. It has recovered since, but not entirely.
Another influencing factor on satoshi-to-USD is the value of USD. The US Dollar (and most fiat currencies in general) has suffered recently as a result of the economic effects resulting from the global COVID-19 pandemic. Doubt in fiat increases interest in alternative investments, such as cryptocurrency.
There are a variety of methods by which a holder of cryptocurrency (including Bitcoin) may convert their tokens -> either to another digital asset or to a fiat currency.
Exchanges enable both the instant conversion of cryptocurrencies for other cryptocurrencies, but also the exchange of cryptocurrencies for fiat. The most common trading pair available for fiat to cryptocurrency (and vice versa) is BTC/USD.
Other options for trade are long trade positions: which is the holding of cryptocurrency with the intention of selling at a later date, with the expectation of an increase in value at a later stage. This can be facilitated with a number of exchange-provided tools such as stop loss. Brokers can provide access to more advanced services such as futures trading.
There are a few different types of exchange where you can exchange your Satoshi for USD, such as.
If you are familiar with one or more cryptocurrency exchanges, then it is most likely that you have witnessed (or used) a centralized cryptocurrency exchange as they comprise the majority of cryptocurrency exchanges on the market.
They offer custodial services which are great for beginners, however, this (usually) comes at the expense of increased service fees and an increased risk of losing funds to hackers, as such exchanges are popular targets.
Examples include Coinbase and Binance.
OTC exchanges offer a non-custodial solution as purchasers and sellers of crypto/fiat. This means that whilst the exchange may provide an escrow service (like LocalBitcoins) to help minimize risk.
Such services are automated and no funds would be directly held by the exchange at any time, all liability is on the user and it is recommended only for experienced traders.
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