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 |
