What is mBTC, uBTC – Bitcoin Conversion
Ever wondered what is an mBTC or uBTC is equal to? Don’t know how to convert uBTC to mBTC or mBTC to BTC and vice versa. In this post we will try to explain bitcoin conversions. First of all, mBTC stand for mili bitcoin and uBTC stands for micro bitcoin. Now crack down the mathematics of bitcoin units.
mBTC = mili bitcoin = 1 thousandth of a bitcoin = 0.001BTC
uBTC = micro bitcoin = 1 millionth of a bitcoin = 0.000001BTC
Another question, why such smaller units? Due to the limited number of bitcoins, 21 million maximum by 2040 and ever increasing value of the “BitCoin” in respect to real world currencies like Dollar and Euro, it continually must be broken down into smaller and smaller denominations.
For example a current exchange rate (13, April 2013) 1 Bitcoin is = to roughly $116.60 U.S. Dollars. By doing simple calculation, 0.001 BTC = 1 mBTC OR a millibitcoin which is 1/1000 of one Bitcoin OR 1/1000 of $116.60 U.S. Dollars. Or About 11 US cents.
I hope next time you see see a website that has prices listed in mBTC or uBTC, you can easily do the math on your own.
Fun fact : 1 Satoshi is the lowest possible unit of bitcoin, is often used to mean 0.00000001 BTC.