# When 1 Satoshi > 1 Bitcoin

By [Lugui Tillier](https://paragraph.com/@lugui-tillier) · 2023-05-20

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There is no denying that the Bitcoin ecosystem is undergoing a period of tremendous innovation since the advent of the Ordinals protocol in early 2023.

Since January, there have been over 8 million inscriptions on the largest blockchain in the world, and this number continues to grow exponentially.

To provide some context, the Ordinals protocol allows for the ordered identification of satoshis, the smallest unit of Bitcoin, enabling each of them to have an individual identity.

Among the various applications resulting from this technique, I discovered the existence of an extremely underground group of individuals who identify, track, and trade high-value historical satoshis. And it has been keeping me awake at night.

[https://twitter.com/ZK\_shark/status/1657079051238924293?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1657079051238924293%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL\_\_AyiLgUn6RzyJ5CHOW\_AwcKNActzIDevInM7e3M4](https://twitter.com/ZK_shark/status/1657079051238924293?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1657079051238924293%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL__AyiLgUn6RzyJ5CHOW_AwcKNActzIDevInM7e3M4)

These individuals are known as sat hunters, and their main activity involves transacting millions of Bitcoins in search of satoshis that were present in historical moments of the cripto world.

[https://twitter.com/LeonidasNFT/status/1658534795838644231?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1658534795838644231%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL\_\_AyiLgUn6RzyJ5CHOW\_AwcKNActzIDevInM7e3M4](https://twitter.com/LeonidasNFT/status/1658534795838644231?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1658534795838644231%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL__AyiLgUn6RzyJ5CHOW_AwcKNActzIDevInM7e3M4)

This practice is known as "sat hunting" and can be compared to continuously withdrawing money from a bank in search of rare notes and coins: you withdraw $10,000, keep $1 of rare coins, deposit the remaining $9,999, and repeat the process of withdrawing another $10,000 in a continuous cycle.

[https://twitter.com/RareSatSociety/status/1653880163262685184?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1653880163262685184%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL\_\_AyiLgUn6RzyJ5CHOW\_AwcKNActzIDevInM7e3M4](https://twitter.com/RareSatSociety/status/1653880163262685184?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1653880163262685184%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL__AyiLgUn6RzyJ5CHOW_AwcKNActzIDevInM7e3M4)

The group that holds the largest amount of rare satoshis is the Rare Satoshi Society, which has already traded over $1 billion in volume in pursuit of these historical artifacts. They even hold auctions based on their collection.

[https://twitter.com/RareSatSociety/status/1639497714298757121?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1639497714298757121%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL\_\_AyiLgUn6RzyJ5CHOW\_AwcKNActzIDevInM7e3M4](https://twitter.com/RareSatSociety/status/1639497714298757121?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1639497714298757121%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL__AyiLgUn6RzyJ5CHOW_AwcKNActzIDevInM7e3M4)

From there, it is fascinating to observe how some Web3 projects and builders are adopting this narrative. One example is the Nakamoto Whales project, which minted a portion of its collection into rare satoshis from the first thousand mined blocks, including one mined by Satoshi Nakamoto (so they hence the vintage medal and the Nakamoto medal).

![https://www.ord.io/?contentType=image&satributes=nakamoto](https://storage.googleapis.com/papyrus_images/14983ee0f3e81150b661ec2ac148d9cf00a7f74bb179b9380be498d37f429718.png)

https://www.ord.io/?contentType=image&satributes=nakamoto

Alongside the deployment of NFTs featuring rare satoshis, there is also an emerging trend of historically inscribed fungible tokens (erc-20). One of the tokens gaining momentum is $N286, which was also deployed into a rare satoshi from the first thousand mined blocks, including one mined by Satoshi Nakamoto. N286 refers to Nakamoto block 286.

[https://twitter.com/DAnTerBTC/status/1658256123793666051?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1658256123793666051%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL\_\_AyiLgUn6RzyJ5CHOW\_AwcKNActzIDevInM7e3M4](https://twitter.com/DAnTerBTC/status/1658256123793666051?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1658256123793666051%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL__AyiLgUn6RzyJ5CHOW_AwcKNActzIDevInM7e3M4)

Another example is $FHAL, which was also created by DAnTer, a member of the Rare Satoshi Society and the creator of $N286. $FHAL carries the narrative of a satoshi that was mined in block 78, the oldest block ever discovered by humanity and mined by the legendary Hal Finney, who received the first Bitcoin transaction of 10 BTC from Satoshi Nakamoto.

[https://twitter.com/adam\_7\_btc/status/1658478264728567813?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1658478264728567813%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL\_\_AyiLgUn6RzyJ5CHOW\_AwcKNActzIDevInM7e3M4](https://twitter.com/adam_7_btc/status/1658478264728567813?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1658478264728567813%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL__AyiLgUn6RzyJ5CHOW_AwcKNActzIDevInM7e3M4)

Although the narrative of historical satoshis still remains underground, fungible tokens on the Bitcoin network (brc-20) are hotter than ever. Just today (May 20, 2023), OKX, one of the largest exchanges in the world, announced the listing of $ORDI, the largest brc-20 token in terms of market capitalization.

[https://twitter.com/okx/status/1659819093984440320?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1659819093984440320%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL\_\_AyiLgUn6RzyJ5CHOW\_AwcKNActzIDevInM7e3M4](https://twitter.com/okx/status/1659819093984440320?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1659819093984440320%7Ctwgr%5Ee98a7798f1649799bed3e2d542f8fd5c96593bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fmirror.xyz%2F0x170D5938c6aD629c2d2A18606aefd57631017992%2FbL__AyiLgUn6RzyJ5CHOW_AwcKNActzIDevInM7e3M4)

So, to dive even deeper into this rabbit hole, I had the pleasure of virtually meeting with DAnTer, the creator of $N286 and $FHAL, for an interview.

![Me and DAnTer :)](https://storage.googleapis.com/papyrus_images/d11808faa9930a0051ff2aa5f85ec7213457b8c914322bedb42a4044c0f9dba5.png)

Me and DAnTer :)

**Lugui Tillier:** From your Twitter bio, I saw that you used to be a Bitcoin miner and now you dedicate yourself to exploring the history of Bitcoin as a 'Bitcoin history digger.' Can you share with us what does that mean?

**DAnTer:** Of course! Between 2017 and 2018, I mined Bitcoin, but after the price drop, I stepped away from that activity. But since I had my first contact with Ordinals, I got highly involved with the ecosystem again. The possibility of tracking and associating individual satoshis with historical events in the Bitcoin network amazed me. It's a fascinating experience. I even developed software to map and track these historical satoshis

**Lugui Tillier:** How did the idea of creating the $FHAL and $N286 tokens come about?

**DAnTer:** I’m a member of the Rare Satoshi Society team, which currently holds the world's largest collection of rare satoshis. And always wondered how I could maximize the perspective we were experiencing here for a greater number of individuals. That's when the idea came up to divide these rare satoshis into 21 million parts, using the BRC-20 standard, so that more people could have access to them. And from there, the $FHAL and $N286 projects were born.

**Lugui Tillier:** Amazing. Could you tell us more about your work at the Rare Satoshi Society?

**DAnTer:** At the Rare Satoshi Society, I was responsible for creating a map that allows us to track all the rare satoshis in the world. Based on this database, Gansy and his team go into action, engaging in "sat hunting" to try to capture these historical satoshis, which is an incredible job. They have already traded over $1 billion in volume in the pursuit of these sats.

**Lugui Tillier:** What are the next steps you envision for the $FHAL and $N286 projects?

**DAnTer:** I was planning to launch a website and some other things in June at a cool pace. However, I was surprised by how quickly everything happened, haha. For now, I have accelerated some things, but I prefer to keep the upcoming steps undisclosed because I believe more in the model of “underpromise and overdeliver”, instead of creating a FOMO sentiment with various promises. I will also let the community contribute and build around them, just as it happened with Bitcoin. Although I created the token, it belongs to everyone. That's how it should be.

**Lugui Tillier:** Now, talkning about the whole Bitcoin ecosystem, what has been surprising you the most since the boom of the Ordinals?

**DAnTer:** I have never seen so much development and rapid adoption in the Bitcoin ecosystem. It's astonishing.

**Lugui Tillier:** To wrap up, what do you have to say about the famous quote "1 BTC = 1 BTC" and "1 Satoshi = 1 Satoshi"?

**DAnTer:** I would say that now one Satoshi equals infinity, haha.

The End.

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*Originally published on [Lugui Tillier](https://paragraph.com/@lugui-tillier/when-1-satoshi-1-bitcoin)*