HOW MANY BITS ARE IN A BITCOIN?

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Bits in BTC

There are 1 million bits in 1 bitcoin.

1 bit = 1 microbitcoin = 1 μBTC = 0.000001 bitcoin (BTC)

The term “bit” is a popular new unit being used to represent smaller Bitcoin amounts. Due to the rising value of 1 bitcoin (currently 1 BTC = $954 USD), many prices must be displayed in fractional bitcoin amounts. For example, a bottle of coke might be priced at .0055 BTC. These fractional numeric values can be confusing and difficult for many people to read. The bit sub-unit (equal to 0.000001 BTC) is considered by many to be a more memorable and intuitive way of displaying Bitcoin amounts; the aforementioned bottle of coke would cost 5500 bits.

SEE How to Calculate Bitcoin Exchange rate in Nigeria

How to Convert Bitcoins to Bits

1 bit is equal to 0.000001 bitcoin. So converting a bitcoin amount to bits can be done by dividing the bitcoin amount by .000001. For instance:

42.66 bitcoins ÷ .000001 = 42,660,000 bits

To go from bits back to bitcoins, multiply the bits amount by .000001:

42,660,000 bits × .000001 = 42.66 bitcoins

How to Convert a National Currency Price to a Bits Price

To convert national currency to the bits unit, you first need to know the exchange rate. In this example, we’ll use the current BTC/USD exchange rate of 1 bitcoin being worth $450 USD. Multiply $450 by .000001 to determine how 1 bit is worth:

$450 × .000001 = $.00045

So 1 bit is worth $.00045. What if we wanted to convert a price like $9.99 to bits? Just divide the price by the current bits exchange rate:

$9.99 / $.00045 = 22,200 bits

A Short List of the Major Bitcoin Units

Abbreviation Common Name Formal Name Units in BTC
BTC bitcoin bitcoin 1 BTC
mBTC millibitcoin 0.001 BTC
µBTC bit microbitcoin 0.000001 BTC
satoshi satoshi 0.00000001 BTC
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