Bitcoin Forum

I saw this post on reddit. All credits to original OP.

http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

I couldn't agree with this post anymore. The SI-prefixes simply aren't catching on, even though I've seen people pushing for them for 2+ years and the fact that mBTC has been somewhat useful for about 1 year.

A "bit" is a simple memorable one-syllable word that has the possibility to catch on. Can we agree on something that works?

0.00000001 BTC = 1 satoshi

I know. The suggestion is to call 100 satoshis a bit. That way there are 1000,000 bits in a BTC, and the current exchange rate would be ~1000 bits/USD.

The idea is that all the other naming schemes are simply to complicated. It's also wierd and confusing for a lot of people to have the most basic unit (BTC) at such a high valuation. With this suggestion, a bit would become the base unit in everyday speech, while a bitcoin remains what it is today.

Read the OP. He makes a very good case for the naming scheme he suggests.

I like it.

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

^This.  I can already imagine the conversations I'd be having with people who are confusing "bits" and "bits" with each other since they'd both be computer related.

In what way? What is an example of how bitcoin bits could be confused with informational bits?

Sounds better really

At this stage it would be wiser to determine a name for 0.0001BTC; which would be about 12 US cents at current 'gox price. If BTC reaches $10,000/BTC, then 0.0001 = $1

A data plan priced in bits, like "Unlimited downloads for only 2k bits per kbit", could be pretty confusing. 2kbit / kbit? Huh? Though I like the idea. I just think a nice easy term for a millionth of a bitcoin would be good. And a bitcent could be reappropriated to be the same as a satoshi now, aka 0.01 bits. That way, like with most currencies you use every day, you would only have to deal with at most 2 figures after the decimal place. Unless the protocol is changed in the future to divide bitcoins up even more.

USA Today will decide. I like mils and mikes. If I were writing a sci-fi book that has a cool factor. "Satoshis" is DOA, no way a guy drinking beer with his buds is going to use that term.

That might be a good thing.

Though the idea of using bit for something other than info seems like a two bit idea to me.

A million bits to a coin; I like it.

But then people will notice that the prices of things in bits will be decreasing over time, while dollar prices will increase.

The British use pound for weight and pound for currency, the Chinese use the word yuan for currency and many other things, without confusion.

Yeah; if we're smart enough to handle allegories and allusions, we can figure out if someone's asking for data or currency.

I like the idea...but also think that once bitcoin becomes really widely accepted through general public, people will make up a lot of new names and then we will see what will really catch up. Maybe something completely different.

But that's just your two bits.

Can't say anything about yuan, but a British pound (currency) derives its name from the value of a pound (weight) of sterling silver (a grade of silver). Actually, we need a proper name (something like Satoshi) for bigger units to avoid confusion and possible adverse connotations...

Satoshi is just fine.

The only other name that might get in use IRL is the equivalent of a dollar or euro in coins.

There is no point in naming any mid amount until price stabilizes and people will use, say, 0.001234 btc as an equivalent of a dollar for years.

Right now it's meaningless, price jumps up and down wildly, so you never know.

The price being volatile is more of an argument for bits than against it.

if a t-shirt is 3000 bits one day and 330 bits the next, it's very easy to see it costs about 10x less than it did yesterday

But a 3 mBTC coffee that becomes 330 uBTC the next day, although for many people this calculation is trivial, for many more people it isn't.

Regardless of what is used, the 1BTC = 1 000 000 ratio is right.

Someone put in that thread of denoting bits as bitz or some other written way if it would cause confusion when buying phone time. (I'm not sure how big of a problem that is though tbh. Where I'm from phone data is purchased in Mb and Gb)

There's a poll on it over here: https://bitcointalk.org/index.php?topic=349579.0 (https://bitcointalk.org/index.php?topic=349579.0)

Thank you for adding 'bits' to the poll.

I just don't think bitcoin will end up being tied to the value of one-eighth of a U.S. dollar.

1. "I lost a bit of money" will become ambiguous

2. People the geniuses that they are will think their internet connections are mining devices that generate bitcoins; per second! :)

3. Bit could be an abreviation for bitcoin once it goes mainstream

4. IT crowd associate bit with one eighth => confusion

That said, I like the idea but maybe we should get a couple more candidates.

This is one of the better "modifications" to Bitcoin I've seen suggested lately.  It requires no fundamental change to the protocol or anything other than some labeling changes.  The psychological barriers to using a currency where most transactions are for 0.00nnn are going to add up, and the satoshi as a unit is going to be too small and cumbersome as a word as well.  Also, it puts us back in the situation we were in a few years ago... the popular denomination of this currency is equivalent to a fraction of a penny, with all the psychological advantages towards continued growth mirroring what we just witnessed.  Time to buy a 10,000 bit pizza?

That said, I do like the reddit suggestion of throwing "credits" in there somewhere because this is the future.  :) 

If you like this, spread the word; hit the poll: