One of the most daunting aspects of getting into and using Bitcoin is understanding what it is worth in their local currency and how much to send in each transaction. The price of Bitcoin is now so high that very few people deal in whole Bitcoins, and therefore the numbers can become challenging. Thankfully, like fiat currency, a Bitcoin can be broken down into usable denominations.
Online casinos have one of the highest volumes of transactions in cryptocurrency, and it is essential for the average player to understand how the currency is denominated in order for them to play responsibly. Deciding on a denomination will help players to better understand their gaming budget how much fiat value their winnings and losses are worth.
A Satoshi is the smallest denomination of Bitcoin, valued at roughly $0.0000356819 or 0.00000001 BTC. It is difficult to make a meaningful transaction using Satoshi, however they are often popular at micro-stakes Bitcoin dice sites or earning free Bitcoin in a faucet.
On the complete other end of the scale is Algorithmic Max, the maximum Bitcoin denomination which has a value of 20 999 999.9769 BTC equivalent to an unimaginable amount of US Dollars. This is obviously also completely unrealistic regarding transacting on online casinos or anywhere else for that matter.
There are three main denominations that are tenable for the average player to use:
|mBTC||1 thousandth of a Bitcoin (0.001 BTC)|
|uBTC||1 millionth of a Bitcoin (0.000001 BTC)|
MilliBitcoin (mBTC) has become the most popular denomination used by Bitcoin casinos as it seems to be more easily relatable to players. It is easier for people getting into cryptocurrency and online gambling to play with a denomination that closely resembles the value of their own fiat currency. Conveniently, with Bitcoin now valued in the thousands of dollars, it is much easier to calculate the USD price of any amount of Bitcoin. For example, Bitcoin priced at $7500 would make 1mBTC $7.5.
Like at a brick and mortar casino you can play slots and table games at lower denominations of the relevant currency. Online players can deposit and withdraw in small amounts that work for them, allowing online casinos to be more easily accessible.
This also allows players to be online for longer and able to adjust their bets accordingly.
mBTC denominations also allow for generous credits to be obtained by the player for longer and more fulfilling play.
There are a host of other Bitcoin denominations, although for the everyday user or online gambler only 2 will be used on a daily basis, BTC and mBTC. It is informative, however, to have a broad view of all the denominations available to gain a user-friendly overview of Bitcoin denominations:
|mega-bitcoin (MBTC)||1,000 000 Bitcoin|
|kilo-bitcoin (KBTC)||1,000 Bitcoin|
|Original reward Block||50 Bitcoin|
|Current Reward Block||25 Bitcoin|
|deca-bitcoin (daBTC)||10 Bitcoin|
|bitcoin (BTC)||1 Bitcoin|
|deci-bitcoin (dBTC)||1/10 of a Bitcoin|
|centi-bitcoin (cBTC)||1/100 of a Bitcoin|
|milli-bitcoin (mBTC)||1/1000 of a Bitcoin|
|micro-bitcoin (μBTC)||1/1 000 000 of a Bitcoin|
|satoshi||1/ 100 000 000 of a Bitcoin|
These tables provide a great overview of the various Bitcoin denominations, however it is possible to use a Bitcoin Unit Converter to easily work out your conversion rate from any denomination of Bitcoin. You will find the likes of BITSUSD, UnitConverters and a host of other converter sites, very user-friendly in helping you to navigate your way from one denomination to the next, or from crypto to fiat currency.
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