This article will discuss what a Denominated Currency is, multiple Bitcoin Units, BTC Denominations, Ethereum Denominations: Ether to Wei, Gwei to Ether, and More Altcoin Crypto Names and Denominations, and lastly the differences between Fiat and Crypto Denominations. Let’s discuss these topics in detail.
What is Denominated Currency?
Denominated Currency refers to the currency in which the Account is denominated, as specified by the Customer in the Investment Account application. For example, all payments made using Your Card must be in the Denominated Currency.
Between your home currency and the fund’s holdings, the denominated currency functions as a sort of middleman. For money or currencies like coins and notes as well as other financial instruments that uphold fixed values, a denomination is a unit of value.
Bitcoin Denominations
Bitcoin is measured using a metric system of denominations. Making bitcoin money, often known as BTC, compatible with other global currencies is its primary objective. By being divisible to the eighth decimal point, bitcoin aims to serve this purpose.
- In honor of its inventor, Bitcoin’s smallest unit is known as “Satoshi.” The most popular ways to refer to bitcoin are as BTC (bitcoin) or sat (satoshi), with 1 bitcoin equal to 100 million satoshis. Although typeface support is still few, the Unicode symbol, which was defined in June 2017, is also used to represent BTC (bitcoin).
- Other BTC denominations, though less frequently used, include mBTC (millibitcoins), BTC (bits), and msat (millisatoshi) in the Lightning network.
| Denomination | Abbreviation | Name | Dominations |
|---|---|---|---|
| Bitcoin | BTC | Bitcoin | 1 BTC |
| Centibit | cBTC | Centibitcoin | 0.01 BTC |
| DecaBit | daBTC | Decabitcoin | 10 BTC |
| Decibit | dBTC | Decibitcoin | 0.1 BTC |
| Hectobit | hBTC | Hectobitcoin | 100 BTC |
| Kilobit | kBTC | Kilobitcoin | 1000 BTC |
| Megabit | MBTC | Megabitcoin | 1000000 BTC |
| Microbit | µBTC (uBTC) | Microbitcoin or Bit | 0.000001 BTC |
| Millibit | mBTC | Millibitcoin | 0.001 BTC |
| Satoshi | SAT | Satoshi | 0.00000001 BTC |
Ethereum
Decentralized and open-source, Ethereum is a blockchain that supports smart contracts. The platform’s native cryptocurrency is ether, abbreviated as ETH.
- Ether’s market capitalization is second only to bitcoin’s among cryptocurrencies. Vitalik Buterin, a programmer, invented Ethereum in 2013. Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin were among the Ethereum co-founders.
- Crowdfunding for development work began in 2014, and the network opened on July 30, 2015. On Ethereum, anyone can create permanent and immutable decentralized applications that let users communicate with them.
- Decentralized finance (Defi) applications provide a wide range of financial services without the use of traditional financial intermediaries such as brokerages, exchanges, or banks, such as allowing cryptocurrency owners to borrow money against their holdings or lend them out for interest.
- Users of Ethereum could also create and exchange NFTs, which are distinctive tokens that symbolize ownership of a related asset or privilege and are recognized by a range of institutions. The name for Ethereum units is “Ether.”
Ethereum Denominations
There are 11 ways to divide an ether into other units.
- Wei is the lowest value unit, followed in identical order by Kwei, Mwei, Gwei, Szabo, Finney, Ether, KEther, MEther, GEther, and ultimately TEther.
- The distance between each unit and the unit next to it is 1^3 (or 3 decimals).
- As a result, 1 Wei is equal to 1000 times Kwei, 1 Kwei is equal to 1,000 Mwei, One Mwei is equal to 1,000 Gwei, and so on.
| Unit | Denominations | |
|---|---|---|
| Wei | 1 | 1 |
| Kwei | 1,000 | 10^3 |
| Mwei | 1,000,000 | 10^6 |
| Gwei | 1,000,000,000 | 10^9 |
| Szabo | 1,000,000,000,000 | 10^12 |
| Finney | 1,000,000,000,000,000 | 10^15 |
| Ether | 1,000,000,000,000,000,000 | 10^18 |
| KEther | 1,000,000,000,000,000,000,000 | 10^24 |
| MEther | 1,000,000,000,000,000,000,000,000 | 10^24 |
| GEther | 1,000,000,000,000,000,000,000,000,000 | 10^27 |
| TEther | 1,000,000,000,000,000,000,000,000,000,000 | 10^30 |
We have deployed the smart contract to check the Ethereum Units value is correct or not.
// SPDX-License-Identifier: MITpragma solidity ^0.8.16;/// @title A contract for different units used in Ethereum/// @author Jitendra Kumar/// @notice For now, this contract just show the Ethereum uints value correct or notcontract GFG {
//Initialize the variable value
bool oneWeiEqualTo=(1 wei == 1);
string res1="1 wei is equal to 1 wei";
bool oneGWeiEqualTo=(1 gwei == 10**9);
string res2="1 gwei is equal to 10**9 (1e9) wei";
bool oneEtherEqualTo=(1 ether == 10**18);
string res3="1 ether is equal to 10**18 (1e18) wei";
//Create the function to check the unit value is correct or not
function weiUnit() public view returns(string memory){
if(oneWeiEqualTo){
return res1;
}
return "Ethereum unit value is wrong!";
}
function gweiUnit() public view returns(string memory){
if(oneGWeiEqualTo){
return res2;
}
return "Ethereum unit value is wrong!";
}
function etherUnit() public view returns(string memory){
if(oneEtherEqualTo){
return res3;
}
return "Ethereum unit value is wrong!";
}
} |
So, follow these steps to execute the above solidity smart contract:-
1. Open Remix IDE.
Open Remix IDE
2. Make a file with .sol extension and paste the given solidity code.
Create GFG.sol File
3. Select the same Compiler version which is used in solidity code before clicking on Compile button.
Compile GFG.sol File
4. Click on Deploy button and get the deployed contract address.
Deploy GFG.sol File
5. Click on deployed contract address to get the result.
Output of Deployed Smart Contract
Altcoin Crypto
An altcoin is a combination of two words, ALTernative COIN, which is how the term obtained its meaning. Altcoins are essentially Bitcoin alternatives. Except for bitcoin, all other digital currencies are classified as alternative coins.
- Altcoins include Litecoin, Ethereum, Ripple, Bitcoin Cash, NEO, Dash, USD Coin, Solana, Cardano (ADA), and Zcash.
- These cryptocurrencies are similar to bitcoin but have a few differences.
- Altcoins, like bitcoin, confirm and protect transactions, but the technique is not the same as blockchain mining.
Fiat vs Crypto Denominations
Below are some of the differences between fiat denominations and crypto denominations:
| Parameters | Fiat Denomination | Crypto Denomination |
|---|---|---|
| Definition | Fiat denomination is a Centralized denomination that is Monitored by Government. | Crypto denomination is a Decentralized denomination that is not controlled by anyone. |
| Medium of exchange | This is the physical medium of exchange. | This is the digital medium of exchange. |
| Supply | Fiat denominations are available in unlimited supply. | Crypto denominations are available in limited supply. |
| Issuance | These are issued by Governments. | These are generated by computer. |
| Natural resources required | A lot of paper (and hence indirectly trees) and metals (for coins) are needed for their creation. | They do not need to use any such natural resources. |