Despite having only been around since 2010, Bitcoin (BTC) has already become one of the most popular banking options at online casinos, poker sites, and sportsbooks. It presents an interesting mix of decentralized banking, low fees, and fairly quick transactions.
If you’ve ever gambled with BTC, then you’ve probably placed bets in terms of a Millibit—or a one-thousandth of a Bitcoin. After all, a single BTC would be far too much for the average person to wager.
Given Bitcoin’s rise in price, you might even wager in a smaller unit at some point in the future. A Satoshi is the absolute smallest BTC unit.
2,000 Satoshis is currently worth around $1. But is it possible that you could ever place online bets in Satoshis? I’m going to discuss the feasibility of if BTC could ever grow so much in a price that a Satoshi would be worth $1.
What Are the Different Bitcoin Units?
Much like a national or international money system, Bitcoin has various denominations. Its best-known nominations begin as high as 10 Bitcoins and go as low as the aforementioned Satoshi.
Here’s a look at the main denominations:
- Decabit – 10
- Bitcoin – 1
- Decibit – 0.1
- Centibit – 0.01
- Millibit – 0.001
- Microbit – 0.000001
- Satoshi – 0.00000001
You don’t really need to know most of these denominations for the purpose of this discussion. Nevertheless, you may want a reference point for why certain denominations are unsuitable for online gambling purposes.
For example, a Decibit is only worth one-tenth of a Bitcoin. Nevertheless, it makes for a bad gambling unit when considering that it’s worth thousands of dollars.
A possible issue for the future is transaction fees, so you need to keep an eye on these if and when Satoshis become a usable currency for gambling.
Millibit Is the Current Online Gambling Unit of Choice
When Satoshi Nakamoto, the anonymous inventor of Bitcoin, introduced this cryptocurrency in 2010, one BTC was only worth a penny. It quickly grew to $1 in value as buzz spread throughout the tech community.
Since that time, more and more of the general population has seen value in Bitcoin. The result is an explosion in price over the past decade.
BTC is currently valued at $55,000 at the time of this post. It would be silly if casinos used a single Bitcoin as the measure of bets. After all, a $1 wager would be listed as a tiny fraction of a BTC.
Therefore, real money Bitcoin gambling sites use the closest thing they can to a dollar for betting purposes. Millibit is currently the best option.
It’s worth $55 at the time of this writing. If you wagered 0.1 mBTC, for example, then you’d be risking $5.50.
An mBTC isn’t a perfect mirror to the dollar, or other popular fiat currencies like the euro and pound. Nevertheless, it’s still more suitable than a Centibit or Microbit.
Why Is the Satoshi So Notable?
Besides honoring Satoshi Nakamoto, the Satoshi (“sat”) is notable for being the smallest unit of BTC. It’s currently worth a one-hundredth-million of a Bitcoin. Therefore, a Satoshi is rather insignificant to the world’s monetary system as a whole.
Nevertheless, the cryptocurrency community likes discussing how much a Satoshi could be worth in the future. Most of these talks revolve around the idea that Bitcoin could be worth $1 million, $10 million, or even $100 million in the future.
These valuations would make a Satoshi worth one cent, $0.10, and $1, respectively. The $0.10 and dollar values would make “sats” a legitimate gambling unit.
Moreover, sats would become more prevalent as a general currency. People might suddenly begin buying groceries, fast food, video games, supplements, and other common items with this tiny BTC unit.
How Could Satoshis Become the Predominant Gambling Currency?
Satoshis aren’t anywhere on online casinos’ radars right now. However, they could suddenly become more prevalent in the mobile gambling industry if the following conditions happen.
Confidence Continues Growing in Bitcoin
As little as a few years ago, the general population regarded Bitcoin as a joke. The average person would ignore BTC for fear that it would crash to zero dollars at any given point. Stock market gurus and major banks claimed that Bitcoin was worthless.
This trend reversal suggests that public and institutional confidence in Bitcoin is growing. Assuming this confidence continues growing over the next few years, then BTC’s and Satoshis’ will be worth much more.
Confidence in the Dollar Declines
Following the bull run of late 2017, Bitcoin’s price hovered between $5,000 and $10,000 for around three years. It finally began exploding in value in late 2020.
Some of this price increase is due to the aforementioned growing confidence in BTC. However, the growth can also be attributed to declining confidence in dollars.
The US government is printing trillions of dollars for stimulus packages. This flood of money is working to devalue the dollar.
Therefore, many are looking to Bitcoin as one hedge against a declining dollar. The result is a large increase in BTC’s price.
Bitcoin Reaches $10 Million or $100 Million
Bitcoin still needs to grow by around 18x to reach $1 million. Whether that happens in this market cycle remains to be seen.
If a Satoshi were to become a relevant gambling unit, though, then BTC would have to go even further than $1 million. After all, not too many online casinos are going to opt for a unit that’s only worth a penny at that point.
As mentioned before, a Satoshi would be worth $0.10 or $1 if BTC’s price reaches $10 million or $100 million. At this point, you’re looking at a unit that most people would understand when gambling online.
Is It Realistic for Satoshis to Be Worth $1?
A Satoshi reaching $1 isn’t necessarily just about Bitcoin. Again, the declining dollar would also play a major factor in this happening.
Therefore, I’m not exactly rooting for hyperinflation and the rise of the Satoshi. However, it is a remote possibility in the future. The right mixture of factors need to happen before sats rapidly increase in value.
At this point, you need to wager around 2,000 sats just to equal a dollar or euro. A Microbit actually has a much better chance of becoming relevant at online casinos, poker rooms, and betting sites.
If this can happen, then the chance does exist for Bitcoin to keep shooting up in value and eventually reach $10m or $100m.
Millibit Figures to Be the Main Gambling Unit for a While
I’m not a master cryptocurrency trading analyst who can say where Bitcoin will go from here. Its $55,000 valuation (at the time of writing) is already quite impressive, even if some confidence has been lost in the dollar.
Millibit is still the best option that mobile gambling sites have. At $55, it’s somewhat to the dollar, euro, and pound.
Assuming this Bitcoin runup continues, then a Microbit could become relevant at online gambling sites. But for now, you can expect mBTC to remain king of crypto gambling currencies for a while.
The Satoshi is currently more of a fun concept than a viable currency unit. It’s both fun to say and speculate on regarding future value.
It would be both miraculous and sad if Satoshis ever became the dominant online gambling unit. The miraculous part is that Bitcoin would be worth around $100 million at this point.
The sad bit is that the dollar and, subsequently, global financial system would likely have failed if so many people had their money in Bitcoin.
The dollar has declined somewhat to do to the insane money printing lately. However, I don’t necessarily see it collapsing just yet.
Furthermore, I’m not sure that Bitcoin’s value grows enough in the near future to make sats worth $0.10 or a dollar. You’ll probably be gambling online with Millibits for the foreseeable future. If BTC does keep growing, then Microbit becomes the next closest unit to a dollar.