We should be quoting prices in satoshis, according to Mike Novogratz.
So, the billionaire Mike wants exchanges to start using the smallest unit in a Bitcoin called satoshis. He is asking who will be the first exchange to start utilizing the name of the smallest unit in the Bitcoin ecosystem. One satoshi is equal to 0.00000001 BTC. Yes, that is seven zeros, followed by one. Altcoins are set in satoshis in many exchanges, and it is just that they use all the zeros after the dot instead of satoshis.
In many exchanges, the pairs offered for trading are Bitcoin, fiat currencies, their stable coin alternatives, and other altcoins, and they all use a fraction of the asset that is paired for trading. It is just a regular thing in all exchanges, but you may think, what's the reason for this article? Well, let me explain. It would be best if you learned to read others to understand the true motives behind their words.
Novogratz asks top exchange executives to list satoshis.
He is a Bitcoin bull, he is always saying that Bitcoin will go up in price, and he is also invested in the asset. He wants exchanges to adopt and list the smallest unit satoshis. With the price of Bitcoin above $50,000.00, one satoshi is valued at around $0.0005 to $0.0006, and you may think his reason is not selfish and that it is to help people figure out prices, but it is not. He notices that people are no longer willing to buy Bitcoin above $50,000.00 because it is too expensive.
In other words, Mike Novogratz wants people to think Bitcoin is not already expensive, and so he is trying to make new people believe that one satoshi is cheap and that they should invest. Please don't take me wrong. Using satoshis is a good thing the problem here is the reason for trying to adopt the unit. He is trying to make exchanges adopt it because he doesn't want people to see Bitcoin as expensive as it is, and it is costly, and he would rather fool newcomers instead of explaining to them that they can always buy fractions.
It only means that he is worried because regular users are not willing to buy his bags, and he wants new money to be fooled into thinking they are buying a whole unit cheaply. He doesn't wish to educate people that you can purchase a fraction of Bitcoin. Instead, he wants to fool newcomers, and the reason is he wants fools money.
Unfortunately, the Bitcoin Core project is full of people who would instead deceive than educate people; Bitcoin Core supporters have deceived people by saying Bitcoin Cash is the fork and trying to steal the Bitcoin name. They are the ones that are trying to do that. Bitcoin BCH is a peer-to-peer currency, just like the white paper says, yet Bitcoin Cash is the fork. Bitcoin Core BTC decided to go store of value, which means they should be called themselves the separation and create their white paper where it says Bitcoin Core is a store of a value system with high fees. And now Mike joins their ranks by trying to deceive people that one satoshi is a whole unit of Bitcoin so that new people don't feel that Bitcoin is already expensive.
New people won't get to use Bitcoin because the transaction fees will be too expensive today and in the future. But I guess high transaction fees are not something only Bitcoin suffers; Ethereum has the same problem. If Bitcoin were to work, you wouldn't need many altcoins, and that is why there is only one Bitcoin that works, and it is Bitcoin Cash.
Find the source and judge on your own if it is not only self-interest and nothing more, and he also wants new people to figure out that Bitcoin BTC is too expensive.
On Saturday, Novogratz tweeted:
It is time to switch to Satoshis. Too many people telling me at $58,000 BTC too expensive. Which exchange will be first to quote in SATS?
I'm with crypto for long time but didn't know that, 1 satoshi is 0.00000001 BTC. Is that specific for all time?