Bitfinex has made BIT Mode and Satoshi available to the digital asset exchange’s user base, enabling customers to divide their holdings into the smallest units of a bitcoin: equivalent to 100 millionth of 1 BTC.
The BIT unit, also known as microbitcoin, is worth 100 Satoshis. The SAT unit, known as Satoshi, is equivalent to 100 millionth of a bitcoin. The availability of BIT and SAT on Bitfinex is expected to facilitate smaller transactions.
Paolo Ardoino, CTO at Bitfinex, said: “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.”
To enable SAT or BIT Mode, users must do it manually by following these steps: go into account settings, interface, layout before obtaining access to BITCOIN View Mode. The following options will now be available: BTC, SAT (1/100M BTC), BIT (1/1M BTC).
Since the launch of Bitcoin that the first cryptocurrency saw its market value skyrocket to a point that 1 BTC can no longer be considered a unit of transactions in the day-to-day.
Satoshi – named after Satoshi Nakamoto, the creator of bitcoin – could cover that gap to allow Bitcoin holders to track their everyday purchases in a practical way.
Bitfinex is one of the largest crypto exchanges and has recently announced that it has upgraded the matching engine of the exchange in line with the surge in volume and increase in the number of institutional investors and traders.
The recent upgrades are very much in tune with what the institutional traders and investors would be looking for in crypto exchange and this also shows that Bitfinex and its infra partner, Market Synergy, are in here for the long haul with new features as the crypto space continues to grow and expand.
The crypto exchange has recently launched a Spanish version of the platform to address its growing base of Spanish-speaking customers. Educational content is also available in Spanish on the platform’s Knowledge Base so its Spanish-speaking users are able to improve their knowledge of crypto and blockchain.
Earlier this year, Bitfinex launched an advanced lending tool designed to automate lending in order to enhance the efficiency of capital allocation on the exchange. Lending Pro utilizes automated technologies and advanced features to manage lending, based on a user’s specifications and market conditions.