Bitcoin denominations a guide to Understanding Bitcoin as Money

Understanding Bitcoin as Money is one of the biggest barriers to people actually adopting the digital currency. How does Bitcoin break down into £ & pence as a comparison to what we are traditionally used to in our trouser pockets?

Bitcoin denominations – Bitcoin in real terms is no different to the £ Pound the $ dollar and the € euro in its mark as a denominator of currency.

Many people have difficulty in relating the Bitcoin to physical currency as they cannot see it and touch it so here we have put together a guide to try and help you understand the Bitcoin currency.

In the same way that the £ Pound $ dollar and € euro is segmented into pence and cents the Bitcoin is also broken into various smaller and indeed larger denominations. It has been suggested unofficially the sub-bitcoin unit is known as MilliBit or the “Mille” (the equivalent to pence of a pound) one thousand milliBits (or 1000 “millie”) refers to 1 bitcoin or 1 BTC. Even so the Bitcoin can be diluted even further than 1 “Millie” the smallest value being known as “satoshi” after the illusive inventor of Bitcoin.

We have stuck to decimals in our guide below to make it easier to relate.

For a full explanation of the Bitcoin SI units please visit the Wiki guide here  and view the discussions on the “Millie” here.