Bitcoin’s smallest unit of account, one sat, has now long surpassed parity with one Ruble cent, making Russia’s fiat money one of the first in the world where sats themselves are actually worth something.
There are 100 million sats in one bitcoin, and every sat in them is now worth 22 Ruble cents.
Just 5 sats is now worth one ruble at the exchange rate of 106 rub per dollars. While for the dollar (pictured above), you still need 2,374 sats.
Sats reaching penny parity with the dollar will be one of the big crypto milestones. Very interestingly, we’re not far from it as you need just 23 sats for one dollar cent.
Once it gets to one sat per cent, or ten cent, let alone an actual dollar, we may see a shift from BTC as the unit of account to sats.
That’s already happening to some extent. On the Lightning Network (LN), bitcoin’s second layer, they display sats rather than BTC.
Not least because for some countries, like Russia, it makes it a lot easier to display a bill of 500 sats, rather than endless 0.0000005.
The meme is also already stack sats rather than bitcoin, because that may be the unit of account eventually, especially once sats reach penny parity.
As has happened in some countries, with fiat money so far only going in one direction, and for the dollar that’s a -97% against bitcoin in just five years.
Source: https://www.trustnodes.com/2022/03/23/sats-near-ruble-parity