In 2008, an anonymous person who went under the pseudonym Satoshi Nakamoto published a white paper that outlined the concept of Bitcoin. The cryptocurrency launched in 2009 and Nakamoto quit in 2010.

Before leaving the project, Nakamoto anticipated the potential huge growth of bitcoin. In response to this, he came up with the concept of satoshis, a smaller unit of bitcoin that would be easier to use for smaller transactions.

The concept was created around November 2008 but was named two years later on a forum called Bitcointalk. On 15 November 2010, Bitcointalk user Ribuck proposed the smaller unit should be named satoshi after the founder. After several other posts from the same user, the name eventually caught on by others in a new thread called Bitcent, which looked at smaller monetary units for bitcoin.

Bitcent is an appropriate name for the discussion as it perfectly describes the concept of satoshi. The relationship between satoshis and bitcoins is like the link between dollars and cents. Cents were designed for smaller transactions to avoid consumer confusion, just like satoshis.

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