Do you know how kobo is the smallest unit of Naira and cent for the dollar? That’s what a satoshi is for Bitcoin. The name sounds funny, but it is the building block of a single Bitcoin. So, how do you convert one Satoshi to Naira?
What should you do with this information anyway? When you want to sell your Bitcoin on an off-ramp like Prestmit, knowing this conversion math makes it easier to understand the exchange rates and whatnot. It also keeps you updated on changes in the value of either currency.
And for these reasons, in this article, you’ll learn how to convert one Satoshi to Naira on Prestmit.
What is a Satoshi?
While Satoshi is the name of the genius(es) that built the very first cryptocurrency, Bitcoin, it’s also the name of the smallest unit of Bitcoin.
When you write one bitcoin in figures, the digits after the decimal are satoshis. For example, 5.0000765 Bitcoin. The .0000765 are satoshis.
One bitcoin has 100 million satoshis. So, if the price of Bitcoin changes, the price of Satoshi changes as well. As of the time of this article, Bitcoin is pegged at $26,000. So, 1 Satoshi is 100 millionth of this price. Simply put, divide 26k by 100 million. The result is $0.00026. That’s the price of one Satoshi.
In cryptocurrency, Satoshis are the bargaining chip, the unit of measurement for micro and macro transactions. It’s easier to know the value of your crypto when you calculate in Satoshis. It’s also easier to pay for goods and services to companies/merchants accepting Bitcoin. Just imagine trying to figure out what you owe in dollars or Naira from one Bitcoin when the money you’re to pay has a much lesser value than the value of one Bitcoin. Without Satoshis, how would you know the value you should pay in dollars or any other currency?
Clearly, this small unit of measurement and exchange is pretty important.
Converting 1 Satoshi to Naira on Prestmit
Prestmit is a digital-assets trading platform where you can sell your cryptocurrency and get paid in Naira or Cedis. We use irresistible rates based on the market at any given time. Satoshi-Dollar conversion is the pillar against which conversion to Naira rests.
In other words, we use the exchange rate of Satoshi to the dollar rate and then the dollar to Naira to determine the rates you receive.
Step-by-step Guide On How To Convert 1 Satoshi to Naira
You can easily know the value of 1 Satoshi to Naira on Prestmit, but first, you must have an account. Let’s run through the steps of the conversion.
- Log in to your Prestmit account via the app or website. Sign up If you don’t have an account. You can download the app from Play Store or Apple Store.
- Open the Prestmit app and tap the menu button.
3. Select Rate Calculator and switch to Crypto.
4. Choose Bitcoin as the Cryptocurrency.
5. Enter the value of 1 Satoshi in dollars based on the current Bitcoin price on the market. Currently, Bitcoin is pegged at $26k. Since one Satoshi is the 100 millionth of one Bitcoin, divide 26k by 100 million. The result is $0.00026 and is the price of 1 Satoshi in dollars.
6. Enter $0.00026 in the Amount (in USD) section, and you’ll see the price in Naira just underneath. For the values we used and according to a conversion rate of $1 to N715, the price of 1 Satoshi in Naira is N0.1859.
7. f you’re selling your Bitcoin on Prestmit, that’s what you would get in Naira for 1 Satoshi.
Factors Affecting The Conversion Rate of 1 Satoshi to Naira
So many variables play a role in the ultimate conversion rate of Satoshi to Naira. Let’s take a look at them.
1. Bitcoin Price
As one of the most volatile cryptocurrencies, the price of Bitcoin fluctuates more than the blood sugar level of a person with diabetes! Other factors cause this to happen as well. But the price of bitcoin in dollars will affect the price of a Satoshi.
2. Dollar-Naira Exchange Rate
Foreign exchange also plays a role in the ultimate price of a Satoshi in Naira. After the value of Bitcoin in dollars changes, economic factors like demand and supply roll the dice and affect the price of dollars in Naira. So basically, The Satoshi-Naira conversion rate is in a cyclic relationship.
3. Maintenance Costs
Prestmit incurs maintenance costs in addition to the dynamic exchange rate. The cost of running an off-ramp business weighs on the final rates you receive. But maintenance costs are less dynamic than other factors as Prestmit endeavours to offer you the most affordable rates.
Why Should You Use Prestmit For Satoshi-Naira Conversion?
When you run the conversion math of 1 Satoshi to Naira on Prestmit, you stand at an advantage because you see the price at favourable rates you may not find on other platforms.
The following are the benefits of using Prestmit for your conversion and trade.
- Competitive rates and low fees.
- Lightning-quick transactions on the platform.
- Top security during transactions.
Risks And Considerations
Finance is a high-risk ecosystem. Crypto finance is even riskier. You must understand that transferring crypto from wallet to wallet is risky if you’re unsure of the platform. Even on the most secure platform, your responsibility is to tighten security as much as possible with specific best practices. They’re things you already know like
- Activate two-factor authentication on your Prestmit account, especially for withdrawals.
- Double-check the amount you enter during conversion to be sure it is what you intend to convert.
- Protect your Bitcoin wallet and ensure your address is correct before sending crypto to it.
- Password-protect your device.
- Use biometric login on your Prestmit app. You can use Face ID or fingerprint.
Final Thoughts
Satoshi is the tiniest unit of Bitcoin. Think of it as the building blocks of one Bitcoin. One hundred million Satoshis make one Bitcoin. You should understand the value of Satoshi in dollars and know how to convert it to Naira to give you an in-depth understanding of your Bitcoin assets.
Using Prestmit makes it much easier because the rate calculator is easily accessible and gives you figures based on the current rates per time. Try it if you have never used Prestmit to buy or sell your Bitcoin. The process is seamless, the app is easy to use, and the rates are irresistible.
In conclusion, keep your ears peeled for the latest Bitcoin news, especially the ever-changing price. You’ll know the best times to transact and when to HODL. Prestmit can keep you informed. Sign up today to receive updates regularly on happenings in the crypto-verse.
