Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Bitfinex => Topic started by: RSRS on August 09, 2021, 10:36:08 AM
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Today the crypto exchange Bitfinex launched the so-called “SAT mode”.
Actually, it has launched two new modes, the BIT mode and the SAT mode.
One satoshi is the smallest unit that on-chain bitcoin can be divided into, and it corresponds to one hundred millionth of a bitcoin. So 1 BTC = 100,000,000 SAT.
By activating SAT mode on Bitfinex it will be possible to use satoshi as the unit of measure (SAT) instead of bitcoin (BTC), thus making it easier for those who use small amounts of money, as one BTC is now equivalent to about $40,000.
In addition to SAT mode, the exchange has also activated BIT (microbitcoin) mode, with one BIT being equivalent to one-millionth of a bitcoin, or 100 satoshi. So 1 BTC = 1,000,000 BIT.
Activating BIT mode will use one-millionth of a bitcoin as the unit of measure, instead of BTC, which is currently about $0.04.
How SAT and BIT modes work on Bitfinex
To enable SAT or BIT mode users need to go to their account settings, in the interface section, where they will find the layout options: BTC, meaning bitcoin, SAT (1/100M BTC), meaning satoshi, and BIT (1/1M BTC), meaning microbitcoin.
More Information (https://cryptonews.net/en/news/market/1316589/)