- August 6, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Hong-Kong based Bitfinex has launched a new “SAT Mode” feature on its exchange platform.
Hong-Kong based Bitfinex has launched a new “SAT Mode” feature on its exchange platform.
The announcement coincides with an expansion of features that enable Bitfinex users to denominate Bitcoin in its smallest unit of account, satoshis. The exchange also introduced “BIT Mode,” enabling clients to value deposits in bits, units of 100 satoshis.
“The launch of SAT Mode on Satoshi is fitting for an exchange that is a pioneer in the space that never forgets the ethos from which bitcoin was originally invented,” Paolo Ardoino, CTO at Bitfinex said in a statement.
Most Bitcoiners who are familiar with the Lightning Network know there are 100 million satoshis in a Bitcoin.
As the price of bitcoin rises, it becomes increasingly expensive for average users to purchase whole bitcoins. There is a growing need for platforms such as Bitfinex to enable more Lightning Network features, and smaller units of account. SAT Mode and BIT Mode will both be used to facilitate smaller transactions.
Bitfinex wrote, “Given that the value of bitcoin has increased to almost US$40,000 at the time of publication, it is satoshis that a bitcoin holder should track in order to break a bitcoin down into units used for everyday purchases such as buying a cup of coffee.”
Paolo Ardoino concluded, “This will facilitate microtransactions in bitcoin, enabling users who may be dabbling with their first bitcoin purchases to further familiarize themselves with this amazing technology.”
There has been a marked shift among bitcoiners to promote sats as the standard unit of account, alongside a growing liquidity pool on the Lightning Network in an effort to scale bitcoin itself. It is becoming common for bitcoiners to run lightning nodes with multiple channels, apart from their standard bitcoin nodes. The most concentrated recent effort by bitcoiners to grow the Lightning Network is by a group called Plebnet.
