Cryptocurrencies started with Bitcoin. The first cryptocurrency transaction was made to buy a couple of pizzas. It was the first commercial transaction of many to come. Thus, the question “What is a Satoshi?” arose. To put it simply, Bitcoin was born in early 2009 with Satoshi Nakamoto’s idea of creating a decentralized payment system. Tired of the fees that banks kept for transfers, he devised a system in which two people could participate without the interference of third parties. The first question was: What is a Satoshi? To put it in a nutshell, a Satoshi is the minimum expression with which Bitcoin can be expressed. It is something like saying “pennies”. Since 2009, Bitcoin and cryptocurrencies in general have evolved. It is a very interesting world with many benefits for the people who use them.
The good and bad of cryptocurrencies
One of the biggest problems that cryptocurrencies have in being accepted en masse is that people are reluctant to learn about their use. Although it is very easy, some people think it is not. Many ask “What is a Satoshi?” but don’t go on to do much more research. Cryptocurrencies allow anyone to transfer any amount of money, anywhere in the world, in a matter of seconds or minutes and with really low fees. Zero banks, zero middlemen, zero risks of being scammed. So, what is a Satoshi? Well, it is the technology that allows you to receive secure payments. When a payment is made in Bitcoins, this payment cannot be reversed. No more payment scams. Although this is good for the merchant, as a buyer, you should also be careful where you put your Bitcoins.
What is a Satoshi? The ugliness of cryptocurrencies
Imagine you have your cryptocurrencies in your wallet and all of a sudden, they disappear. Although it can happen, 100% of the time it is because you were not careful in protecting your wallet. What is a Satoshi? It is a secure and unbreakable technology. However, for it to be so, you must learn to take care of your wallet. For example, every wallet has 12 or more unique security words. Some people keep them on their computer or on a piece of paper in plain view of others. Don’t ask “What is a Satoshi?”, ask how you can protect your account. Also learn how to save the security words. Don’t connect your wallet to unknown sources. Cryptocurrency wallets are safe as far as you want them to be.