Cryptocurrency platform Okcoin this week announced the launch of Sats Mode, becoming the first US-licensed exchange to show bitcoin in satoshis (sats), which are equivalent to 100 millionth of a Bitcoin. The feature enables Okcoin customers to view their Bitcoin balance and buy Bitcoin in whole numbers such as 1,645 sats instead of the unit equivalent of 0.00001647 BTC. They can also mark milestones like their first million sats.
The complexity of decimal notation has previously deterred retail investors from wanting to purchase small units of Bitcoin, in addition to posing a user experience obstacle for Bitcoin-based micropayments. Conversely, more than 40 per cent of Americans still don’t know it’s possible to buy a fraction of a Bitcoin, according to new research from Bakkt Holdings, Inc. Okcoin’s Sats Mode will help establish sats as the default bitcoin measurement among retail investors in the future, a critical step in the adoption of the digital currency, they believe.
“Okcoin is committed to making cryptocurrency accessible to all, which involves making it as easy as possible to understand and use,” said Okcoin CEO Hong Fang. “Especially as the price continues to increase, average investors aren’t going to be buying entire bitcoins at once. They’re buying small pieces of bitcoin at a time and holding it in their portfolio to accumulate wealth. By launching Sats Mode, we’re meeting retail investors where they are.”
In September, Okcoin began a “no fees on recurring buys” promotion that has since been extended through the end of 2021 in order to introduce more customers to the platform’s dollar-cost averaging feature and its benefits. Like all Okcoin features, Sats Mode is an offering customers can opt into based on their preference. The setting can be toggled on from the platform’s mobile app or website to immediately begin viewing bitcoin in sats across their portfolio balance valuation and real-time prices changes.