Bitfinex launches a new ‘Bitcoin Standard’ to make transactions more readable

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Published 07 Aug, 2021 | 11:44:42 AM UTC

Bitfinex launches a new ‘Bitcoin Standard’ to make transactions more readable

Hong Kong-based crypto exchange, Bitfinex announced yesterday its latest bitcoin standard, named Satoshi (SAT) mode that makes Bitcoin (BTC) transactions easier to read. The SAT mode allows users to read even the smallest fractions of Bitcoin in Satoshi making Bitcoin trade more accessible to the masses.

Users can choose to trade BTC in SAT units (1 SAT = 0.00000001 BTC) for any trading pair with BTC. Additionally, Satoshi mode is named after the creator of Bitcoin, Satoshi Nakamoto.

“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… 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.”, said Paolo Ardoino, CTO at Bitfinex.

Inclusivity in Crypto

Bitcoin (BTC) is the OG of cryptocurrency, however, buying BTC even during a crash is not an affordable option for a middle-class crypto trader. The Satoshi mode will not only make BTC trading easier, but the mode also aims at promoting inclusivity in the exclusive BTC market.

Crypto exchange platforms are rapidly innovating for the mass adoption of cryptocurrencies. They are applying all measures to facilitate easier and accessible crypto trading. Recently, Unstoppable Domains, the leading bitcoin firm partnered with Circle, which issues the USDC stablecoin. The partnership with Circle is aimed at launching readable “.coin” usernames for USDC transfers, and enable support for .coin username extensions for stablecoin dominant crypto wallets and exchanges.

Internal Competition in the digital sphere

Where crypto is gaining popularity among the masses, there has been an evident uprising of competitiveness amongst cryptocurrencies operating on Decentralised networks, Stablecoins, and CBDCs. CEO of Unstoppable Domains, Matthew Gould compared stablecoins to mainstream cryptocurrencies and promoted the use of the less risky, fiat-backed digital currency over the volatile BTC.

Sunil Sharma

Published by

Sunil Sharma

Published 07 Aug, 2021 | 11:44:42 AM

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