The term "satoshi" in use on a message board
The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.
All amounts in the block chain are denominated in satoshi before being converted for display. The source code also uses satoshi when specifying an amount of bitcoin. When displaying an extremely fine fraction of a bitcoin, as in a contemporary faucet, the amount is displayed in satoshi for readability.
As of August 2015, 1 US cent is worth approximately 1400 satoshi.
The value of a bitcoin in satoshi was decided by Satoshi Nakamoto to be 100 million no later than November 2008.
On November 15, 2010, ribuck proposed that the one hundredth of a bitcoin (0.01 BTC) be called a Satoshi.Four months later he instead suggested that the one hundred millionth unit be called an austrian or a satoshi. The name satoshi caught on, and was widely adopted thereafter.