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Title: How much is 1 bit? Post by: kokojie on May 20, 2014, 02:16:46 PM I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.
Title: Re: How much is 1 bit? Post by: hilariousandco on May 20, 2014, 02:21:18 PM I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. Not sure. It's not on here: https://en.bitcoin.it/wiki/Units You sure it's not just an abbreviation of Bitcoin. Ie 1 bitcoin equals 1 bit? Title: Re: How much is 1 bit? Post by: gentlemand on May 20, 2014, 02:22:01 PM It's 100 Satoshis. So a bitcoin is 1,000,000 bits.
I think it's going to take a while for it to become an automatic conversion for most. Title: Re: How much is 1 bit? Post by: hromobiti on May 20, 2014, 02:22:33 PM 1 bit = 1 uBTC
one milionth of Bitcoin Title: Re: How much is 1 bit? Post by: DobZombie on May 20, 2014, 02:29:09 PM Not this again :D
Title: Re: How much is 1 bit? Post by: pedrog on May 20, 2014, 02:29:31 PM Here you go: http://en.wikipedia.org/wiki/Bit
A bit is either 0 or 1. Title: Re: How much is 1 bit? Post by: Tron on May 20, 2014, 02:30:46 PM Right now 100 bits is pretty close to 1 nickel of value in the US.
One advantage of using this nomenclature is that it allows expression of the entire amount (down to 8 decimal places of a bitcoin) in accounting software that is designed to handle two decimal places. Title: Re: How much is 1 bit? Post by: Balls on May 20, 2014, 02:32:34 PM All these units are really confusing. Havent even heard of half of them.
Title: Re: How much is 1 bit? Post by: hilariousandco on May 20, 2014, 02:38:58 PM All these units are really confusing. Havent even heard of half of them. Haha, not to mention there's been several different answers as to what one is. I think it's easier referring to things in terms of Satoshis: 1 satoshi, 60 thousand satoshis etc. Title: Re: How much is 1 bit? Post by: serenitys on May 20, 2014, 02:42:34 PM This is going to bring most Americans to a grinding halt...
Title: Re: How much is 1 bit? Post by: bg002h on May 20, 2014, 03:00:31 PM Having two decimal points is something a lot of financial software has come to expect…
http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html Title: Re: How much is 1 bit? Post by: DannyHamilton on May 20, 2014, 03:05:56 PM I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. Bit is just an abbreviation of Bitcoin. People who don't feel like typing out the entire word "Bitcoin" will often stop after the first three letters, assuming that the rest of the word is implied. As such, 1 bit is currently (at the moment that I'm typing this) equal to $470.00 at BitStamp (see there's that word "Bit" again imbedded in the name of the exchange). That means that 1 bit is equal to:
Title: Re: How much is 1 bit? Post by: Aswan on May 20, 2014, 03:09:42 PM I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. Bit is just an abbreviation of Bitcoin. People who don't feel like typing out the entire word "Bitcoin" will often stop after the first three letters, assuming that the rest of the word is implied. As such, 1 bit is currently (at the moment that I'm typing this) equal to $470.00 at BitStamp (see there's that word "Bit" again imbedded in the name of the exchange). That means that 1 bit is equal to:
This. I never use it tho since BTC is the same amount of letters and everyone gets it right away :D Title: Re: How much is 1 bit? Post by: DannyHamilton on May 20, 2014, 03:21:26 PM This. I never use it tho since BTC is the same amount of letters and everyone gets it right away :D I agree, I typically just use BTC when typing. However, I've heard many people use the word "bit" or "bits" in spoken conversations. I just met with someone yesterday wanted to buy some bitcoins. When we met up and I asked how much they wanted, they asked if the could buy 0.6711 bits. I met with someone else last week that was selling bitcoins. When we got together and I asked how much they were selling, they said they were hoping to get $1300 for 2.9 bits. Title: Re: How much is 1 bit? Post by: Aswan on May 20, 2014, 03:27:23 PM This. I never use it tho since BTC is the same amount of letters and everyone gets it right away :D I agree, I typically just use BTC when typing. However, I've heard many people use the word "bit" or "bits" in spoken conversations. I just met with someone yesterday wanted to buy some bitcoins. When we met up and I asked how much they wanted, they asked if the could buy 0.6711 bits. I met with someone else last week that was selling bitcoins. When we got together and I asked how much they were selling, they said they were hoping to get $1300 for 2.9 bits. I often hear me and others using the work "Coins" when talking about Bitcoins. Like "how many Coins do I get for that 1000€?" or "I just bought Coins for another 3000€". Title: Re: How much is 1 bit? Post by: giszmo on May 20, 2014, 03:30:50 PM This is going to bring most Americans to a grinding halt since we didn't go by metric system - that was taught secondary as an aside so most of us feel like 3rd graders again when we encounter it, right before summarily dismissing it in favor of the good old "Murican way. ;D bit is not metric at all! Apart from it never being defined not even on the tipping bot website where I saw it being used most, people hugely disagree on what it means and it totally confuses people. mɃ and uɃ or µɃ are "metric-ish" as they are compositions of a base unit Ƀ/BTC/Bitcoin/BTC (we all know) and a multiplier out of the well known set of nano (the smallest that would make sense for Bitcoin denominations), micro (µ/u to distinguish from milli that also starts with m), milli, kilo, Mega, Giga, Tera (and as Bitcoiners we increasingly get used to Peta-hashes/s as well as Exa later this year … and eventually next year Zetta ;) ) Title: Re: How much is 1 bit? Post by: gentlemand on May 20, 2014, 03:56:59 PM This is going to bring most Americans to a grinding halt since we didn't go by metric system - that was taught secondary as an aside so most of us feel like 3rd graders again when we encounter it, right before summarily dismissing it in favor of the good old "Murican way. ;D There are 100c in dollar are there not? If that isn't the case then maybe my trips to the US cost a lot more or a lot less than I thought... Title: Re: How much is 1 bit? Post by: Malin Keshar on May 20, 2014, 04:10:14 PM bit is the smallest binary digit. It can be either 0 or 1
I personally don't like bit as abbreviation for btc because it can cause confusion with other bits like electronics bits or quantum bits Title: Re: How much is 1 bit? Post by: DannyHamilton on May 20, 2014, 04:21:17 PM - snip - I personally don't like bit as abbreviation for btc because it can cause confusion with other bits like electronics bits or quantum bits Or other monetary bits? http://en.wikipedia.org/wiki/Bit_%28money%29 Title: Re: How much is 1 bit? Post by: bg002h on May 20, 2014, 04:25:31 PM Having two decimal points is something a lot of financial software has come to expect… http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html A bit is a micro-bitcoin. This leaves two decimal places... From link above: "Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software." Title: Re: How much is 1 bit? Post by: Aswan on May 20, 2014, 04:27:10 PM Having two decimal points is something a lot of financial software has come to expect… http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html A bit is a micro-bitcoin. This leaves two decimal places... From link above: "Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software." It's not at all compatible with an already existing word used in the tech world as well. I am pretty sure it's just an occurrence we'll get rid of eventually. Title: Re: How much is 1 bit? Post by: kokojie on May 20, 2014, 04:30:45 PM Having two decimal points is something a lot of financial software has come to expect… http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html A bit is a micro-bitcoin. This leaves two decimal places... From link above: "Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software." Thanks, so the "bit" unit is invented by Bitpay? there's increasingly adoption of this unit everywhere from what I've been seeing. Title: Re: How much is 1 bit? Post by: yayayo on May 20, 2014, 04:31:45 PM Having two decimal points is something a lot of financial software has come to expect… http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html A bit is a micro-bitcoin. This leaves two decimal places... From link above: "Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software." It's not at all compatible with an already existing word used in the tech world as well. I am pretty sure it's just an occurrence we'll get rid of eventually. I don't know who came up with the idea. I don't think it's very clever to introduce "bit" as another unit. It's simply confusing. Satoshi and Bitcoin are enough. ya.ya.yo! Title: Re: How much is 1 bit? Post by: DannyHamilton on May 20, 2014, 04:39:41 PM A bit is a micro-bitcoin. This leaves two decimal places... Now that's just silly. I don't know anybody that uses the word in that way. That seems like a great way to cause confusion. With that usage you can't shorten the word "microbitcoin" to "microbit" in conversation, since microbit would apparently actually mean micromicrobitcoin? Bah, that's just ridiculous. I think I'll stick with the usage I hear regularly. Title: Re: How much is 1 bit? Post by: Peter R on May 20, 2014, 04:50:20 PM There's increasingly adoption of this unit [bits] everywhere from what I've been seeing. Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits. :) Title: Re: How much is 1 bit? Post by: Aswan on May 20, 2014, 05:11:35 PM There's increasingly adoption of this unit [bits] everywhere from what I've been seeing. Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits. :) My hardware vendor says you can get a lot more bits for one dollar. The word is already taken. I agree with Danny, I will stick with what people actually use and where I live, I never heard "bit" for bitcoin. Title: Re: How much is 1 bit? Post by: Peter R on May 20, 2014, 05:22:18 PM There's increasingly adoption of this unit [bits] everywhere from what I've been seeing. Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits. :) My hardware vendor says you can get a lot more bits for one dollar. The word is already taken. Wikipedia says that it was used for money before your hardware vendor was born: http://en.wikipedia.org/wiki/Bit_(money) The word "bit" has several meanings, as do many words. These are examples of homonyms (http://en.wikipedia.org/wiki/Homonym). Humans are quick to interpret the correct definition from the context in which the word was used. Quote I agree with Danny, I will stick with what people actually use and where I live, I never heard "bit" for bitcoin. It is important for communication for words to have consistent meaning, so, like you said, it would make sense to use words that your audience understands. Language naturally evolves so that words used frequently tend to be short and simple and words used less frequently tend to be longer and more complex. I believe our language will evolve to use "bits," and only time will tell. Title: Re: How much is 1 bit? Post by: dillpicklechips on May 20, 2014, 09:58:30 PM Thanks, so the "bit" unit is invented by Bitpay? there's increasingly adoption of this unit everywhere from what I've been seeing. They may have boosted it's popularity but I've seen it mentioned prior: http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/Title: Re: How much is 1 bit? Post by: zimmah on May 20, 2014, 11:29:01 PM I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. The bit is a hyped up name for uBTC or 1/1000000th of a bitcoin. Or 100 satoshi. It's in my opinion a terrible name though because it only causes confusion. I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. Not sure. It's not on here: https://en.bitcoin.it/wiki/Units You sure it's not just an abbreviation of Bitcoin. Ie 1 bitcoin equals 1 bit? This is exactly why I strongly voted against using the name 'bit' for anything other than bitcoin itself. It's 100 Satoshis. So a bitcoin is 1,000,000 bits. I think it's going to take a while for it to become an automatic conversion for most. Because it's a stupid and counterintuitive name in the first place, and only used by people who don't think and just go with the hype instead of using clever nicknames. Even 'ubit' would be a million times better. To be perfectly clear: I do see the benefit if having a nickname for the micro-bitcoin, however I do NOT agree with the name 'bit' because as this topic shows the name 'bit' can mean many things. If we want to give it a name we need a name that is unambiguous. Everyone knows what a satoshi is, everyone knows what a bitcoin is. Everyone knows what a cent is, or a dime etc. personally I would go with an abbreviation of micro, like cent is an abbreviation of centi. So something like mic or mike will do. But ubit or unit or something could do (as the symbol for micro is often replaced by a u) Title: Re: How much is 1 bit? Post by: zimmah on May 20, 2014, 11:35:24 PM Here you go: http://en.wikipedia.org/wiki/Bit A bit is either 0 or 1. http://www.bocekilaclamasi.gen.tr/bocek-resimleri/photos/Bit/bit2.jpg http://www.kooleruitersport.nl/img/product/4120616/0/0/sprenger-bit-dynamic-rs-14-mm.jpg Title: Re: How much is 1 bit? Post by: ijmolder93 on May 21, 2014, 02:16:42 AM If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin
Title: Re: How much is 1 bit? Post by: dillpicklechips on May 21, 2014, 02:19:05 AM If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin Nope. 1 bit = 100 satoshiTitle: Re: How much is 1 bit? Post by: windpath on May 21, 2014, 02:38:38 AM People, get it together....
BTC1 Bitcoin = 1,000,000 Bits BTC 0.000001 Bitcoin = 1 Bit BTC 0.00000001 Bitcoin = 1 Satoshi 0.01 Bits = 1 Satoshi Bit is solid because in the current protocol it leaves 1 Satoshi (the smallest possible increment) as 0.01 Bits. This makes "Bits" or "Bit" compatible with every existing accounting system/shopping cart out there.... edit: DOH! added correct 0's Title: Re: How much is 1 bit? Post by: dillpicklechips on May 21, 2014, 02:41:02 AM BTC 0.0001 Bitcoin = 1 Bit Missing 0's.BTC 0.000001 Bitcoin = 1 Satoshi BTC 0.000001 Bitcoin = 1 Bit BTC 0.00000001 Bitcoin = 1 Satoshi Title: Re: How much is 1 bit? Post by: windpath on May 21, 2014, 02:46:58 AM Missing 0's. lol, "get it together".... added 0's Title: Re: How much is 1 bit? Post by: dillpicklechips on May 21, 2014, 02:51:26 AM Missing 0's. lol, "get it together".... added 0's Title: Re: How much is 1 bit? Post by: windpath on May 21, 2014, 02:55:26 AM Missing 0's. lol, "get it together".... added 0's Title: Re: How much is 1 bit? Post by: DannyHamilton on May 21, 2014, 04:06:53 AM If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin Nope. 1 bit = 100 satoshiNope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi 100 satoshi is a mike ( abbreviation for microbitcoin) Title: Re: How much is 1 bit? Post by: dillpicklechips on May 21, 2014, 04:16:07 AM Nope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi 100 satoshi is a mike ( abbreviation for microbitcoin) Title: Re: How much is 1 bit? Post by: BitTrade on May 21, 2014, 04:17:41 AM Even 'ubit' would be a million times better. How many marketing firms do you think would tell you that "ubit" is a better brand than "bit" for a unit of currency? In order to gain adoption, a "startup currency" relies in large part on its brand. see: every shitcoin. If bitcoin had been called humbuggers or some random shitty name, nobody would use it. And since we clearly will be using units much smaller than 1 bitcoin for every day purchases, that smaller unit needs a good brand. Title: Re: How much is 1 bit? Post by: Ron~Popeil on May 21, 2014, 04:29:00 AM They will develop organically like most other things. We could put together a standard nomenclature but it would give way to whatever terms become popularized.
Title: Re: How much is 1 bit? Post by: solomon on May 21, 2014, 04:51:37 AM A bit is a micro-bitcoin. This leaves two decimal places... Now that's just silly. I don't know anybody that uses the word in that way. That seems like a great way to cause confusion. With that usage you can't shorten the word "microbitcoin" to "microbit" in conversation, since microbit would apparently actually mean micromicrobitcoin? Bah, that's just ridiculous. I think I'll stick with the usage I hear regularly. More people are using 1 bit = 1 uBTC than 1 bit = 1 BTC. Have a look at r/Bitcoin. It makes more sense if we make the assumption that bitcoin gets popular in the future and practically no one will have a whole bitcoin. It's a good solution to quite a few problems. Title: Re: How much is 1 bit? Post by: giszmo on May 21, 2014, 05:05:44 AM My cousin has an "mp3" and it makes me shiver every time he uses that abbreviation for his media player but who am I to educate him on the correct use of language?
Oh and by the way who are you to educate me on the correct use of language when it comes to bitcoin? Could we not just consider this question as sufficiently answered and go on with our lives as long as there is no actual confusion about concrete values? If you tell me that a bit stands at about $500 now, I get it. If 20 people tip an average of 30bits on reddit, I get it, too (now). So where is the problem? I assume all can figure out if I keep using micro, milli and maybe sometimes kilo together with the not 100% consensus based symbol of Ƀ. Title: Re: How much is 1 bit? Post by: bg002h on May 21, 2014, 05:44:55 AM There's increasingly adoption of this unit [bits] everywhere from what I've been seeing. Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits. :) My hardware vendor says you can get a lot more bits for one dollar. The word is already taken. I agree with Danny, I will stick with what people actually use and where I live, I never heard "bit" for bitcoin. Overloading terms is very common in English. I'm not so sure about other languages. With native English speakers, I'm not the least bit worried that context will be insufficient to make obvious the type of "bit" being discussed. I do think the psychological effect of "wow, I bought 40,000 bits for $20" will be beneficial to the exchange price. It's semantics, but, I think it'll make a difference. Title: Re: How much is 1 bit? Post by: 101111 on May 21, 2014, 09:30:01 AM There's increasingly adoption of this unit [bits] everywhere from what I've been seeing. Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits. :) My hardware vendor says you can get a lot more bits for one dollar. The word is already taken. I agree with Danny, I will stick with what people actually use and where I live, I never heard "bit" for bitcoin. Overloading terms is very common in English. I'm not so sure about other languages. With native English speakers, I'm not the least bit worried that context will be insufficient to make obvious the type of "bit" being discussed. I do think the psychological effect of "wow, I bought 40,000 bits for $20" will be beneficial to the exchange price. It's semantics, but, I think it'll make a difference. Agreed. BTC1 = 1,000,000 bits Simple. Title: Re: How much is 1 bit? Post by: 101111 on May 21, 2014, 11:33:38 AM I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. There's been quite a lot of threads on this, both here eg this https://bitcointalk.org/index.php?topic=592691.0 (https://bitcointalk.org/index.php?topic=592691.0) and at r/bitcoin.The main aim of this proposal is for bitcoin amounts to be more readily cognizable to (possibly) millions of new adopters over the coming years. Title: Re: How much is 1 bit? Post by: zimmah on May 21, 2014, 02:36:59 PM People, get it together.... BTC1 Bitcoin = 1,000,000 Bits BTC 0.000001 Bitcoin = 1 Bit BTC 0.00000001 Bitcoin = 1 Satoshi 0.01 Bits = 1 Satoshi Bit is solid because in the current protocol it leaves 1 Satoshi (the smallest possible increment) as 0.01 Bits. This makes "Bits" or "Bit" compatible with every existing accounting system/shopping cart out there.... edit: DOH! added correct 0's the fact that this tread exists means bit is a terrible name, although having a name for the 100 satoshi unit is a nice thing, 'bit' is just a very stupid name. If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin Nope. 1 bit = 100 satoshiNope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi 100 satoshi is a mike ( abbreviation for microbitcoin) there, that's logical. 1 dollar = 1 dollar 1/100 dollar = 1 cent (short for centi) so 1/1000000th of a bitcoin = mike (short for micro) Title: Re: How much is 1 bit? Post by: julius on May 21, 2014, 02:43:29 PM 1 Bitcoin = 1 000 000 bits
1 bit = 100 Satoshis. Title: Re: How much is 1 bit? Post by: Daniel007 on May 21, 2014, 02:54:06 PM 1 BTC = 1,000,000 bits
Title: Re: How much is 1 bit? Post by: Aswan on May 21, 2014, 03:15:05 PM People, get it together.... BTC1 Bitcoin = 1,000,000 Bits BTC 0.000001 Bitcoin = 1 Bit BTC 0.00000001 Bitcoin = 1 Satoshi 0.01 Bits = 1 Satoshi Bit is solid because in the current protocol it leaves 1 Satoshi (the smallest possible increment) as 0.01 Bits. This makes "Bits" or "Bit" compatible with every existing accounting system/shopping cart out there.... edit: DOH! added correct 0's the fact that this tread exists means bit is a terrible name, although having a name for the 100 satoshi unit is a nice thing, 'bit' is just a very stupid name. If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin Nope. 1 bit = 100 satoshiNope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi 100 satoshi is a mike ( abbreviation for microbitcoin) there, that's logical. 1 dollar = 1 dollar 1/100 dollar = 1 cent (short for centi) so 1/1000000th of a bitcoin = mike (short for micro) +1 This guys actually came up with something that is not confusing and just as short plus it has an actual meaning that comes from the unit it represents. I am gonna start using this immediately. Title: Re: How much is 1 bit? Post by: bitsmichel on May 21, 2014, 03:30:49 PM Quote I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. The 'bit' unit has not been around so long. There was a thread on this forum about it earlier. https://bitcointalk.org/index.php?topic=592691.0;topicseen (https://bitcointalk.org/index.php?topic=592691.0;topicseen) Its much much less than 1 BTC, I think 0.000001 BTC per bit. You should not confuse it with computer bits, which are simply a model for high (1) / low (0). Title: Re: How much is 1 bit? Post by: Cryptopher on May 21, 2014, 04:03:34 PM When I hear 'bit' in the cointext of Bitcoin I think of it as a satoshi, i.e. the smallest denomination. I know a lot of people tend to use it to refer to a bitcoin as it rolls of the tongue a little easier in conversation.
Title: Re: How much is 1 bit? Post by: Trashbat on May 21, 2014, 05:37:19 PM When I hear 'bit' in the cointext of Bitcoin I think of it as a satoshi, i.e. the smallest denomination. I know a lot of people tend to use it to refer to a bitcoin as it rolls of the tongue a little easier in conversation. Same. A bit just sounds like a tiny piece of a coin. All the denominations are confusing though. Title: Re: How much is 1 bit? Post by: Cryptopher on May 21, 2014, 05:49:40 PM When I hear 'bit' in the cointext of Bitcoin I think of it as a satoshi, i.e. the smallest denomination. I know a lot of people tend to use it to refer to a bitcoin as it rolls of the tongue a little easier in conversation. Same. A bit just sounds like a tiny piece of a coin. All the denominations are confusing though. Tell me about it, I'm only familiar with satoshis due to dice games, I never reference things in mBTC as I've never really needed to. Title: Re: How much is 1 bit? Post by: Gimpeline on May 21, 2014, 05:53:55 PM Bit is one or zero, so I guess it can be used if you are broke and have zero bitcoins
Title: Re: How much is 1 bit? Post by: serenitys on May 21, 2014, 10:23:15 PM Thanks for the clarification and I did understand that part, but somewhere it blurred with all the UK people talking about it so it's clarified.
The way I understood bitcoin is: bit = the bits of data and coin = the unit of value so bitcoin are data bits that are units of value. Title: Re: How much is 1 bit? Post by: knightcoin on May 21, 2014, 10:32:20 PM on bitcoin island wires ...
http://2.bp.blogspot.com/-0NRMuLy3Af8/UJygjpCylOI/AAAAAAAABrQ/MoXWCHV0RsI/s1600/jquery+light+on+off+with+css3+and+html5.jpg Title: Re: How much is 1 bit? Post by: bluemeanie1 on May 21, 2014, 10:39:30 PM I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained. the most basic unit of information. YES or NO. 1 or 0. good or evil. ;) -bm Title: Re: How much is 1 bit? Post by: shawshankinmate37927 on May 21, 2014, 10:55:15 PM A millimeter is 1/1,000th of a meter, and a micrometer is 1/1,000,000th of a meter.
A millivolt is 1/1,000th of a volt, and a microvolt is 1/1,000,000th of a volt. A millibit is 1/1,000th of a bit, and a microbit is 1/1,000,000th of a bit. I have only seen the terms "millibit" and "microbit" used to refer to .001 BTC and .000001 BTC. Therefore, logic dictates that one bit is equal to one bitcoin. Title: Re: How much is 1 bit? Post by: knightcoin on May 21, 2014, 11:02:56 PM so ... 1 bytecoin is ........... hang on
Quote The term byte was coined by Werner Buchholz in July 1956, during the early design phase for the IBM Stretch computer.[5][6] It is a deliberate respelling of bite to avoid accidental mutation to bit.[1] Early computers used a variety of 4-bit binary coded decimal (BCD) representations and the 6-bit codes for printable graphic patterns common in the U.S. Army (Fieldata) and Navy. These representations included alphanumeric characters and special graphical symbols. These sets were expanded in 1963 to 7 bits of coding, called the American Standard Code for Information Interchange (ASCII) as the Federal Information Processing Standard which replaced the incompatible teleprinter codes in use by different branches of the U.S. government. ASCII included the distinction of upper and lower case alphabets and a set of control characters to facilitate the transmission of written language as well as printing device functions, such as page advance and line feed, and the physical or logical control of data flow over the transmission media. During the early 1960s, while also active in ASCII standardization, IBM simultaneously introduced in its product line of System/360 the 8-bit Extended Binary Coded Decimal Interchange Code (EBCDIC), an expansion of their 6-bit binary-coded decimal (BCDIC) representation used in earlier card punches.[7] The prominence of the System/360 led to the ubiquitous adoption of the 8-bit storage size, while in detail the EBCDIC and ASCII encoding schemes are different. In the early 1960s, AT&T introduced digital telephony first on long-distance trunk lines. These used the 8-bit µ-law encoding. This large investment promised to reduce transmission costs for 8-bit data. The use of 8-bit codes for digital telephony also caused 8-bit data octets to be adopted as the basic data unit of the early Internet.[citation needed] The development of 8-bit microprocessors in the 1970s popularized this storage size. Microprocessors such as the Intel 8008, the direct predecessor of the 8080 and the 8086, used in early personal computers, could also perform a small number of operations on four bits, such as the DAA (decimal add adjust) instruction, and the auxiliary carry (AC/NA) flag, which were used to implement decimal arithmetic routines. These four-bit quantities are sometimes called nibbles, and correspond to hexadecimal digits. The term octet is used to unambiguously specify a size of eight bits, and is used extensively in protocol definitions 8 bitcoins :) I am billionaire ...guys https://bitcointalk.org/index.php?topic=512747.0 ;D Title: Re: How much is 1 bit? Post by: HashBTC on May 21, 2014, 11:30:45 PM Simply means 1 BITcoin
Title: Re: How much is 1 bit? Post by: Bitcoinpro on May 21, 2014, 11:43:31 PM A lot less than a US dollar and a lot more than a Zimbabwean Dollar and bout the same as a Russian Ruble
Title: Re: How much is 1 bit? Post by: DrBitcoin on May 22, 2014, 12:54:14 AM I love bits. Clean and simple.
I hate that there are 1 million bits in a Bitcoin. That makes no sense. A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin. Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream. Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin. Something like: 1 BTC = 1million bites = 100million bits Title: Re: How much is 1 bit? Post by: dillpicklechips on May 22, 2014, 01:09:24 AM I love bits. Clean and simple. The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call "bit"I hate that there are 1 million bits in a Bitcoin. That makes no sense. A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin. Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream. Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin. Something like: 1 BTC = 1million bites = 100million bits Title: Re: How much is 1 bit? Post by: phillipsjk on May 22, 2014, 02:35:46 AM Having two decimal points is something a lot of financial software has come to expect… http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html A bit is a micro-bitcoin. This leaves two decimal places... From link above: "Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software." I thought it was settled 3 years ago (https://bitcointalk.org/index.php?topic=10049.0) that the "cute" name for 1µBTC is the "Mike". "Bit" makes me think Satoshi, since that is the base-unit that one bit represents. I have no problem with BitPay trying to popularize 1µBTC as the most common unit for accounting. However, their choice of short name leaves something to be desired. Title: Re: How much is 1 bit? Post by: DannyHamilton on May 22, 2014, 02:44:18 AM I have no problem with BitPay trying to popularize 1µBTC as the most common unit for accounting. However, their choice of short name leaves something to be desired. This. The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call FTFY. Title: Re: How much is 1 bit? Post by: harrymmmm on May 22, 2014, 04:17:56 AM I love bits. Clean and simple. The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call "bit"I hate that there are 1 million bits in a Bitcoin. That makes no sense. A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin. Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream. Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin. Something like: 1 BTC = 1million bites = 100million bits I wish the 'bit = micro' proponents would stop conflating the arguments about 2 decimal places and the 'bit' name Noone is arguing that two decimal places is a reasonable idea. The argument is about what to call a microbitcoin, and that calling it a 'bit' is confusing everyone. Call it a micro and be done with it. Title: Re: How much is 1 bit? Post by: snakus44 on May 22, 2014, 04:26:09 AM I like the name "kiss", not so much the band, just the name. 100 kisses=1 bit. send some one some kisses. give them a kiss. I really don't like the satoshi name either.
Title: Re: How much is 1 bit? Post by: zimmah on May 22, 2014, 10:28:10 AM Having two decimal points is something a lot of financial software has come to expect… http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html A bit is a micro-bitcoin. This leaves two decimal places... From link above: "Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software." I thought it was settled 3 years ago (https://bitcointalk.org/index.php?topic=10049.0) that the "cute" name for 1µBTC is the "Mike". "Bit" makes me think Satoshi, since that is the base-unit that one bit represents. I have no problem with BitPay trying to popularize 1µBTC as the most common unit for accounting. However, their choice of short name leaves something to be desired. this Mike or STFU bit is not unambigious and counter-intuitive as i have been repeatedly saying and is proven time and time again. a bit could mean: 1/8th dollar 1 satoshi 100 satoshi 1 million satoshi various other objects Mike (short for micro = 1/1.000.000) is just like cent (short for centi = 1/100) Title: Re: How much is 1 bit? Post by: zimmah on May 22, 2014, 10:39:46 AM A millimeter is 1/1,000th of a meter, and a micrometer is 1/1,000,000th of a meter. A millivolt is 1/1,000th of a volt, and a microvolt is 1/1,000,000th of a volt. A millibit is 1/1,000th of a bit, and a microbit is 1/1,000,000th of a bit. I have only seen the terms "millibit" and "microbit" used to refer to .001 BTC and .000001 BTC. Therefore, logic dictates that one bit is equal to one bitcoin. don't use logic here, there might be Americans among us. Everyone knows Americans are allergic to logic. Proof: the imperial unit system. I propose the imperial bitcoin measurements 1 bit = 1/8th bitcoin 1 fahrenheit = 237 bits 1 mile = 281.3 yards 1 yard = 3 fahrenheit 1 banana = 839.2 yards Title: Re: How much is 1 bit? Post by: Ludi on May 22, 2014, 10:47:19 AM I propose the imperial bitcoin measurements 1 bit = 1/8th bitcoin 1 fahrenheit = 237 bits 1 mile = 281.3 yards 1 yard = 3 fahrenheit 1 banana = 839.2 yards 1 Banana lol. I've never heard anyone use bit. Title: Re: How much is 1 bit? Post by: yatsey87 on May 22, 2014, 10:49:17 AM Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin.
Title: Re: How much is 1 bit? Post by: shawshankinmate37927 on May 22, 2014, 11:16:35 AM Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin. In the world of computing, the term "bit" refers to a "binary digit". Outside the world of computing, a "bit" refers to a "small amount" of something. I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles. I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits". Title: Re: How much is 1 bit? Post by: neighborrr on May 22, 2014, 12:21:18 PM it's my first time seeing someone use the "bit" unit. Thanks for this post! Now I know what it means
Title: Re: How much is 1 bit? Post by: yatsey87 on May 22, 2014, 12:25:34 PM Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin. In the world of computing, the term "bit" refers to a "binary digit". Outside the world of computing, a "bit" refers to a "small amount" of something. I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles. I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits". I always thought the 'bit' bit was derived from bittorrent, ie being a decentralized network and being a similar process. Title: Re: How much is 1 bit? Post by: hilariousandco on May 22, 2014, 12:26:52 PM Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin. In the world of computing, the term "bit" refers to a "binary digit". Outside the world of computing, a "bit" refers to a "small amount" of something. I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles. I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits". I think the confusion lies with people just referring to bitcoin as bit when naturally one would assume it's a smaller piece of a coin. Title: Re: How much is 1 bit? Post by: shawshankinmate37927 on May 22, 2014, 01:37:32 PM In the world of computing, the term "bit" refers to a "binary digit". Outside the world of computing, a "bit" refers to a "small amount" of something. I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles. I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits". I think the confusion lies with people just referring to bitcoin as bit when naturally one would assume it's a smaller piece of a coin. That's where the metric prefixes come in. They allow us to specify the exact amount when referring to smaller pieces. The metric system was designed to simplify things and eliminate the confusion of converting between units. Proposing that "microbit" be renamed to "bit" would be like saying that "microsecond" be renamed to "second". Like others, I'm for making the microbitcoin the standard unit. I'm also for renaming it something else to allow for even more simplicity. But calling it a "bit" is only complicating things. Title: Re: How much is 1 bit? Post by: windpath on May 22, 2014, 01:41:29 PM I propose the imperial bitcoin measurements 1 bit = 1/8th bitcoin 1 fahrenheit = 237 bits 1 mile = 281.3 yards 1 yard = 3 fahrenheit 1 banana = 839.2 yards Is that an 832.2 yard banana in your pocket or are you just happy to see me? Title: Re: How much is 1 bit? Post by: shawshankinmate37927 on May 22, 2014, 01:44:33 PM Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin. In the world of computing, the term "bit" refers to a "binary digit". Outside the world of computing, a "bit" refers to a "small amount" of something. I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles. I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits". I always thought the 'bit' bit was derived from bittorrent, ie being a decentralized network and being a similar process. I've always thought of BitTorrent as meaning "a fast flowing stream of binary digits". Title: Re: How much is 1 bit? Post by: e4xit on May 22, 2014, 02:26:46 PM Like it or not 1 bit refers to 100 satoshis (1 millionth of a bitcoin), currently.
Even if there are trusted members here saying otherwise, or that people call them "mikes" (I've never heard anybody actually say that myself), the OP here has probably come from reddit, where everyone is tipping in bits; i.e. 100 satoshi-multiples (or millionths of a bitcoin). On another note I would love to see a citation of somebody calling a bitcoin a "bit" because to be honest, I have never heard that! The usage that I see as common (almost accepted) as it stands today is: 1 BTC - 1 bitcoin - (a) coin 0.001 BTC - a millibit - a millibitcoin 0.000001 BTC - a microbit - a microbitcoin - a bit 0.00000001 - a satoshi I am well aware that millibit, microbit and bit do not work that well together from a purely scientific POV, but most current users seem to understand what is what; I think the varying orders of magnitude give it away really, as you are not going to pay 1000 bits for a coffee, and think that you owe 1000 bitcoins Title: Re: How much is 1 bit? Post by: shawshankinmate37927 on May 22, 2014, 02:59:13 PM Like it or not 1 bit refers to 100 satoshis (1 millionth of a bitcoin), currently. Even if there are trusted members here saying otherwise, or that people call them "mikes" (I've never heard anybody actually say that myself), the OP here has probably come from reddit, where everyone is tipping in bits; i.e. 100 satoshi-multiples (or millionths of a bitcoin). On another note I would love to see a citation of somebody calling a bitcoin a "bit" because to be honest, I have never heard that! The usage that I see as common (almost accepted) as it stands today is: 1 BTC - 1 bitcoin - (a) coin 0.001 BTC - a millibit - a millibitcoin 0.000001 BTC - a microbit - a microbitcoin - a bit 0.00000001 - a satoshi I am well aware that millibit, microbit and bit do not work that well together from a purely scientific POV, but most current users seem to understand what is what; I think the varying orders of magnitude give it away really, as you are not going to pay 1000 bits for a coffee, and think that you owe 1000 bitcoins Perhaps we should think of a bitcoin as being equal to one megabit from now on. We can say that there will never be more than 21 million megabits or 21 billion kilobits in existence. :) Title: Re: How much is 1 bit? Post by: hashman on May 22, 2014, 04:03:15 PM It's one half of a "shave and a haircut".
Title: Re: How much is 1 bit? Post by: zimmah on May 23, 2014, 12:02:00 AM Like it or not 1 bit refers to 100 satoshis (1 millionth of a bitcoin), currently. Even if there are trusted members here saying otherwise, or that people call them "mikes" (I've never heard anybody actually say that myself), the OP here has probably come from reddit, where everyone is tipping in bits; i.e. 100 satoshi-multiples (or millionths of a bitcoin). On another note I would love to see a citation of somebody calling a bitcoin a "bit" because to be honest, I have never heard that! The usage that I see as common (almost accepted) as it stands today is: 1 BTC - 1 bitcoin - (a) coin 0.001 BTC - a millibit - a millibitcoin 0.000001 BTC - a microbit - a microbitcoin - a bit 0.00000001 - a satoshi I am well aware that millibit, microbit and bit do not work that well together from a purely scientific POV, but most current users seem to understand what is what; I think the varying orders of magnitude give it away really, as you are not going to pay 1000 bits for a coffee, and think that you owe 1000 bitcoins how can a microbit be a bit that's like saying a micrometer is a meter this is exactly the reason why bit should not be used as a name. Also, they only use it on reddit, but reddit is just a small group of people that go with whatever the guy with the biggest mouth shouts. And some genius implemented it in the tipping bot and that's why everyone uses it because a handful of people keeps spamming tips in 'bits' (they used to tip in satoshies and internets before that) If the bot would just rename bits to mikes or something else that's unambiguous than within a few days no one will even remember the 'bit' epidemic Title: Re: How much is 1 bit? Post by: singularity on May 23, 2014, 01:04:22 AM I think people are really missing the point here.
We are not looking for a scientific/mathematically perfect new name for a denomination of bitcoin. It does not need to fit into these rules. Just because we are tech people and feel the need for everything to be logical, does not mean that our concept of what is 'correct' is applicable to the average person. What we are looking to do is essentially rename/rebrand the currency and simultaneously move the standard unit of the currency to something that can be considered by the average person to be more 'affordable'. The amount of times I have heard people tell me they could never buy bit coins now because it is "too late" or it is "too expensive" is unbelievable. This is a significant problem for bitcoin. It needs a good, simple and effective name to represent it. "bit" seems like the obvious choice for a number of reasons.
It is important to have a unit made up of 100 Satoshis for the reason's other people have given. It would end up progressing this way anyway over time so it make sense to prepare for this now. One reason that I haven't seen anyone else give is that; we are naturally able to deal with 100's 1000's and 1,000,000s of something rather than decimals of something. You never hear "that ice cream cost 0.000099 gold bars" but you do hear "That house costs $175,500". It's all about making things as easy as possible for the average, non-techie, non-mathematician, non-engineer. In fact scrap that. We have to make bitcoin accessible to even the most uneducated people in the world. It has to work for EVERYONE. People fear what they do not understand therefore we must get rid of every possible barrier to entry, no matter how silly or small it might seem. As much as I admire Satoshi I do not know if I would want 0.01 Bits to be named "Satoshis". Again, this would likely be something people would not understand and then fear. I personally think simply 'cent' or 'bit cent' should be used. A large portion of the planet already use the word cent to mean the lowest divisible unit of a currency (or have heard of it through western film and TV) therefore it is already somewhat of an international word. People are already comfortable with it and understand it. In my opinion the most practical and coherent solution is; 0.000000001 = 1 cent or bit cent 0.0000001 = 1 Bit Title: Re: How much is 1 bit? Post by: phillipsjk on May 23, 2014, 01:41:55 AM
Millies or mills (representing milibitcoins) are already used for calculating property tax. Mikes (representing mircobitcoins) sound downright non-technical: and may make Bitcoin seem less threatening. Quote
The first item in that sub-list contradicts the last. If a "bit" is one of something, why is there 100 smaller parts in each one? Title: Re: How much is 1 bit? Post by: ijmolder93 on May 23, 2014, 02:20:20 AM If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin Nope. 1 bit = 100 satoshiOh damn, I guess I got the wrong memo, or read it wrong. Thanks for letting me know Title: Re: How much is 1 bit? Post by: 101111 on May 23, 2014, 02:24:27 AM If a "bit" is one of something, why is there 100 smaller parts in each one? For stronger correlation to peoples mental model of what a currency is, eg $'s and cents. It 'maps' better to the way they think. That makes it far easier to understand, and consequently to want, and to use.Title: Re: How much is 1 bit? Post by: zimmah on May 23, 2014, 10:34:32 AM I think people are really missing the point here. We are not looking for a scientific/mathematically perfect new name for a denomination of bitcoin. It does not need to fit into these rules. Just because we are tech people and feel the need for everything to be logical, does not mean that our concept of what is 'correct' is applicable to the average person. What we are looking to do is essentially rename/rebrand the currency and simultaneously move the standard unit of the currency to something that can be considered by the average person to be more 'affordable'. The amount of times I have heard people tell me they could never buy bit coins now because it is "too late" or it is "too expensive" is unbelievable. This is a significant problem for bitcoin. It needs a good, simple and effective name to represent it. "bit" seems like the obvious choice for a number of reasons.
There are many other 3 or 4 letter single syllable words
[/list] It is important to have a unit made up of 100 Satoshis for the reason's other people have given. It would end up progressing this way anyway over time so it make sense to prepare for this now. One reason that I haven't seen anyone else give is that; we are naturally able to deal with 100's 1000's and 1,000,000s of something rather than decimals of something. You never hear "that ice cream cost 0.000099 gold bars" but you do hear "That house costs $175,500". No one discussed this, and many people voted for this, but the name bit is just the worst name you can imagine. If bit was such a good name like you claim there would not be this many topics AGAINST it, his many topics have you seen AGAINST satoshi? That's right, none. It's all about making things as easy as possible for the average, non-techie, non-mathematician, non-engineer. In fact scrap that. We have to make bitcoin accessible to even the most uneducated people in the world. It has to work for EVERYONE. People fear what they do not understand therefore we must get rid of every possible barrier to entry, no matter how silly or small it might seem. As much as I admire Satoshi I do not know if I would want 0.01 Bits to be named "Satoshis". Again, this would likely be something people would not understand and then fear. I personally think simply 'cent' or 'bit cent' should be used. A large portion of the planet already use the word cent to mean the lowest divisible unit of a currency (or have heard of it through western film and TV) therefore it is already somewhat of an international word. People are already comfortable with it and understand it. In my opinion the most practical and coherent solution is; 0.000000001 = 1 0.0000001 = 1 Also, not just scientists use micro, milli, centi and nano etc. it's used in everyday life. For example: Centimeters are used all around the world (except America) to measure length. Kilometers are used all around the world (except America) to measure distance Kilograms (or kilos) or used all around the world (except America) to measure mass Milliliters are used all around the world (except America) to measure volume of mostly drinks The word 'cent' itself is derived from 'centi' which means 1/100th of something. -> with this logic 'mike' (short for micro' would make the most sense. Milligrams and micrograms are used to measure the mass of vitamins or additives in food All you Americans stop refusing to use the metric system or just invest your own coin and make denominations in your imperial system and call it freedom coin or something. Title: Re: How much is 1 bit? Post by: 101111 on May 23, 2014, 12:00:38 PM All you Americans stop refusing to use the metric system. Americans represent less than 5% of the world's population so I don't know why you keep singling them out. Also, their currency is metric: 100 cents = $1.Title: Re: How much is 1 bit? Post by: singularity on May 23, 2014, 12:42:47 PM It is quite astounding people's lack of ability to comprehend things out of their own sphere.
"Micro bitcoin" is horrible to say. "How much is that coffee?" "1000 micro bitcoins please." "Mike" is possibly even worse. "Mike" is a male western name. You might as well call bitcoin "Stephen" or "Dave". It is just ridiculous. The new unit name of bitcoin does not need to work especially well for people who are already using bitcoin. They aren't going to get confused since they likely already understand it. We are renaming the bitcoin unit so that anyone can understand it. "There are many other 3 or 4 letter single syllable words". Yep. I didn't say there wasn't. This isn't an argument against it though. "That is exactly the problem, and one of the mean reasons it's confusing, because it's simply an abbreviation of the word bitcoin. Which will guarantee people WILL use it as an abbreviation to mean bitcoin." Except that most people have already abbreviated "Bitcoins" to "coins". I have never heard anyone say "bits" in place of "bitcoins". "Only on reddit and only because a small group with a big mouth keeps chanting it." No. Just no. "A bit has too many meanings, that's the problem". Bit has two meanings, both of which are HIGHLY relevant to the new meaning. "There are many more words we could think of that are easy to say in any language" Yes but again this is not actually an argument against it, is it? This reasoning could be applied to any word we use. "No one discussed this, and many people voted for this" Well that was probably the quickest contradiction ever. "but the name bit is just the worst name you can imagine." Err right. What about "Flabeldigoogeldiguk"? "If bit was such a good name like you claim there would not be this many topics AGAINST it" Except that every thread I have read recently discussing it, most people agree that "bit" is the best solution. "his many topics have you seen AGAINST satoshi? That's right, none." This is not an argument though. Just because something has never been discussed before does not mean it should not be. Title: Re: How much is 1 bit? Post by: windpath on May 23, 2014, 01:33:23 PM tip 100 Flabeldigoogeldiguk to singularity ;)
I'll take the Bits... Title: Re: How much is 1 bit? Post by: zimmah on May 23, 2014, 03:38:17 PM tip 100 Flabeldigoogeldiguk to singularity ;) I'll take the Bits... what about ubits, zibs, mikes? there's plenty of other possible names. Title: Re: How much is 1 bit? Post by: tertius993 on May 23, 2014, 03:49:00 PM tip 100 Flabeldigoogeldiguk to singularity ;) I'll take the Bits... what about ubits, zibs, mikes? there's plenty of other possible names. Of course there are but bits works just fine, and, in my view, certainly better than those three. I think singularity makes an excellent argument. Title: Re: How much is 1 bit? Post by: zimmah on May 23, 2014, 04:10:18 PM except bits don't work fine because bits are not unambigious
Title: Re: How much is 1 bit? Post by: tertius993 on May 23, 2014, 04:21:00 PM except bits don't work fine because bits are not unambigious Why is that a problem? Thousands of words have multiple meanings, it's really not an issue. Title: Re: How much is 1 bit? Post by: zimmah on May 23, 2014, 04:49:12 PM well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem.
Title: Re: How much is 1 bit? Post by: singularity on May 23, 2014, 04:53:48 PM Quote "well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem." Your reasoning skills are terrible. 1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin. I am perfectly willing to listen to reasonable arguments but I haven't heard a single one come from you. Title: Re: How much is 1 bit? Post by: phillipsjk on May 23, 2014, 05:19:32 PM 1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin. I think he adequately showed in this post (https://bitcointalk.org/index.php?topic=621613.msg6895012#msg6895012) that there was confusion. The 1 bit = 1µ BTC appears to be a reddit/bitpay thing. It is by no means universally accepted. Title: Re: How much is 1 bit? Post by: zimmah on May 23, 2014, 05:23:34 PM Quote "well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem." Your reasoning skills are terrible. 1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin. I am perfectly willing to listen to reasonable arguments but I haven't heard a single one come from you. that's what you say, but i have seen others swearing they would be that much, and https://en.wikipedia.org/wiki/Bit_(money) proves a bit is actually already 12.5 cents. just because you think a bit means 1 millionth of a bitcoin does not make it so. also, that article proves that 'bit' in the currency world also was used for different purposes, it also meant 6 pence. and a short bit was $0.10 and a long bit was $0.15 i have actually already quoted some persons who used bit to mean something other than 1 millionth of a bitcoin. and on top of that you can't deny you haven't heard some people use 'millibit' or 'microbit' before. And if microbit means 1/1000th of a bit(coin), than it implies that 1 bit = 1 bitcoin (even though very few people actually use 1 bit = 1 bitcoin directly, the very use of microbit/millibit and centibit imply 1 bit = 1 bitcoin. also since bit is an abbreviation of bitcoin, it only makes sense to use it to mean bitcoin. What do we call 1/100th of a dollar? a cent, from the latin word centi (which means 1/100th) what do we call 1/100th of a euro? a cent, from the latin word centi (which means 1/100th) what do we call 1/100th of any other currency? a cent, from the latin word centi (which means 1/100th) what would we name 1/100th of a bitcoin? A cent, (or a bitcent or a centibit) what do we call 1/1000th of a dollar? (mostly used at gas stations and sometimes in finance?), a mill (https://en.wikipedia.org/wiki/Mill_(currency) (https://en.wikipedia.org/wiki/Mill_(currency))), from the latin word 'milli' which mean 1/1000th what should we name a 1/1000th of a bitcoin? a mill (or millibit, or bitmill even though the last one does not really sound all that great to me) we don't really have 1/millionth of a dollar because the dollar is not valuable enough for that but if we apply the same logic we used above, what would we call 1 millionth of a bitcoin? that's right, we create a name derived from the latin word for 1/millionth which is a micro. Hence, 'mike' perfect logic. Imagine if literally thousands of new members will sign up in the next couple of weeks/months (which could totally happen if bitcoin enters another bull run) and they see people use 'millibits' (1/1000 bit) they would immediately know they mean 1/1000th of a bit(coin) and immediately associate the word bit with bitcoin, meaning 1 bit = 1 bitcoin. Then, a while later they see someone talking about bits, now what value would they think a bit is? Most likely 1 bitcoin. Title: Re: How much is 1 bit? Post by: singularity on May 23, 2014, 05:36:24 PM If you actually bothered to read that wiki article (which you actually might have) you would see that "bit" as 12.5 cents hasn't been used for decades if no centuries.
"just because you think a bit means 1 millionth of a bitcoin does not make it so." Actually it does. A word can mean anything. That is the point of this whole discussion. Your using backhanded tactics to get your way, therefore I have no respect for your opinion. Title: Re: How much is 1 bit? Post by: psychospring on May 23, 2014, 05:37:59 PM Damn these bitcoins thingy are so confusing.
Title: Re: How much is 1 bit? Post by: tertius993 on May 23, 2014, 05:40:54 PM Quote "well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem." Your reasoning skills are terrible. 1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin. I am perfectly willing to listen to reasonable arguments but I haven't heard a single one come from you. that's what you say, but i have seen others swearing they would be that much, and https://en.wikipedia.org/wiki/Bit_(money) proves a bit is actually already 12.5 cents. just because you think a bit means 1 millionth of a bitcoin does not make it so. There is clearly the potential for confusion, but I very much doubt it would be that serious. Also according to Wikipedia a "dime" can be 10 cents or $10 and people seem to cope OK. I personally think it is long past the time when anyone can decide what to call a given fraction of a bitcoin. Common usage will provide the answer (or more likely answers). Title: Re: How much is 1 bit? Post by: zimmah on May 23, 2014, 05:51:52 PM the thing with common usage is that it is not always the majority who decides, there's often a small group of people who takes initiative and drag along a lot of people who are less assertive and they just go with the flow and thereby reinforce the 'status quo' without actually thinking about it or necessarily agreeing in full. They just go with it because it's at that moment the most popular, or even the only option. (ironically by doing so they reinforce the idea that whatever side they pick looks even more popular even though it might really not be the best option or even the most popular option)
Just because bitpay and reddit seem to have popularized the word 'bit' in the past few weeks, and some fake poll (a poll designed to vote for using whole bitcoins, 1/1000th of bitcoins or 1/millionth of bitcoins, which was then used to 'decide' on the name 'bit' while that had absolutely noting to do with the poll) does not mean the majority of the people actually prefer the name bit. As i have demonstrated before, many people who defend the name bit are in fact not defending the name 'bit', but they are defending the opinion that a name should exist for the amount of 1 µBTC. And they confuse the fact that the amount of 1 µBTC should have a name with the fact that that name should be bit. But they seem to fail to realize that what we are fighting is not the fact that 1 µBTC should have a name, but we are fighting the name itself (and at the same time proposing a different name) For that very reason i have created a poll (https://bitcointalk.org/index.php?topic=621613.0) to vote for a new name for this unit that is uncontroversial and most importantly unambiguous, because 'bit' has already proven NOT to be unambiguous and is therefore disqualified as a name. The last thing we want is to unnecessarily confuse the stream of fresh members that will come somewhere between now and the next couple of months. Title: Re: How much is 1 bit? Post by: singularity on May 23, 2014, 06:03:37 PM Quote because 'bit' has already proven NOT to be unambiguous and is therefore disqualified as a name. If it's such a terrible name why don't you put up in the poll and find out? Title: Re: How much is 1 bit? Post by: tertius993 on May 23, 2014, 06:21:19 PM Quote because 'bit' has already proven NOT to be unambiguous and is therefore disqualified as a name. If it's such a terrible name why don't you put up in the poll and find out? Quite. And your definition of unambiguous must be different from mine - at least three of those options have other meanings. Title: Re: How much is 1 bit? Post by: harrymmmm on May 23, 2014, 07:56:03 PM Damn these bitcoins thingy are so confusing. They're not really. It's the very vocal peanut gallery making it confusing. 1/1000 bitcoin is something like a millibitcoin or 'millie' 1/1000000 bitcoin is a microbitcoin or something like 'micro' or 'mike'. 1/100000000 bitcoin is a satoshi Forget the attempt to overload the word 'bit' as a microbitcoin. It may end up being used, but I hope not. Title: Re: How much is 1 bit? Post by: knightcoin on May 24, 2014, 05:52:53 AM ...
just proof-of-work analogy ;D Watch Neil deGrasse Tyson Explain How Rich Bill Gates Is, And It's Fascinating http://9gag.tv/p/a5XWnk Title: Re: How much is 1 bit? Post by: knightcoin on May 24, 2014, 07:14:26 AM I like a 'finney'. Sounds much better and is related to the bitcoin early days of development, with respect to Hal Finney. The history of this name will give it a nice story to tell, and credibility. 1 bitcoin = 1 million finney's 1 finney = 100 satoshi's This is a non-techie, bitcoin related and very marketable name. bit, in my opinion, is too techie and a bit confusing. +1 Me too. btw, its reminds me that my gpg key has expired ... Title: Re: How much is 1 bit? Post by: btcton on May 24, 2014, 12:33:48 PM I don't see why we want to stick to bit so bad. Mike sounds perfect to me.
Title: Re: How much is 1 bit? Post by: DrBitcoin on May 24, 2014, 01:25:25 PM I love bits. Clean and simple. The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call "bit"I hate that there are 1 million bits in a Bitcoin. That makes no sense. A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin. Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream. Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin. Something like: 1 BTC = 1million bites = 100million bits I wish the 'bit = micro' proponents would stop conflating the arguments about 2 decimal places and the 'bit' name Noone is arguing that two decimal places is a reasonable idea. The argument is about what to call a microbitcoin, and that calling it a 'bit' is confusing everyone. Call it a micro and be done with it. EX-fucking-ACTLY! Verly eloquently put. A bit MUST be the smallest unit of a Bitcoin, it just makes sense. There are 100 million bits in a bitcoin. Now that that is out of the way...we need to call 100 bits something so we can satisfy the 2 decimal place conundrum. 100 bits = "X" Whoever comes up with a simple name for "X" that follows the bits, Bitcoin naming scheme will have solved the conundrum and this thing can finally be put to rest once and for all! But to claim that there are 100 satoshis in a bit...this is legacy stuff...we have to move on! Title: Re: How much is 1 bit? Post by: DrBitcoin on May 24, 2014, 01:33:34 PM I love bits. Clean and simple. The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call "bit"I hate that there are 1 million bits in a Bitcoin. That makes no sense. A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin. Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream. Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin. Something like: 1 BTC = 1million bites = 100million bits I wish the 'bit = micro' proponents would stop conflating the arguments about 2 decimal places and the 'bit' name Noone is arguing that two decimal places is a reasonable idea. The argument is about what to call a microbitcoin, and that calling it a 'bit' is confusing everyone. Call it a micro and be done with it. On a side note, you can't have bits be the smallest unit and then call a larger unit a microbit. People would have to say "microbitcoin" every time. I guess they could say "micro", but that doesn't go with the bits/bitcoin naming scheme. 100,000,000 bits = 1,000,000 X = 1BTC Solve X and you've solved the problem Title: Re: How much is 1 bit? Post by: zimmah on May 24, 2014, 01:41:14 PM I don't see why we want to stick to bit so bad. Mike sounds perfect to me. 'we' don't want it, it's just about 10 persons or so who are vouching for 'bit' On a side note, you can't have bits be the smallest unit and then call a larger unit a microbit. People would have to say "microbitcoin" every time. I guess they could say "micro", but that doesn't go with the bits/bitcoin naming scheme. 100,000,000 bits = 1,000,000 X = 1BTC Solve X and you've solved the problem that's why bit = 1BTC because otherwise names like microbit would not make sense. A centimeter is not the same as a meter, so a bit is not the same as a microbit either. People will use microbit/millibit because that's just the natural thing to say instead of microbitcoin and millibitcoin. If you have never heard of any of the names the community has thought of, these are the first things that most people will think of. And since we are still in the innovators / early adopter stages there will be many new persons joining every day for the next couple of years. If we would use 'bit' to mean anything else than a full bitcoin, i can guarantee you we will have this very same discussion for years to come. If you are not looking forward to keep explaining that for some reason a bit is somehow equal to µBTC for the next couple of years, just tell them 1 bit is an abbreviation of 1 bitcoin and be done with it. Title: Re: How much is 1 bit? Post by: shawshankinmate37927 on May 24, 2014, 03:15:22 PM that's why bit = 1BTC because otherwise names like microbit would not make sense. A centimeter is not the same as a meter, so a bit is not the same as a microbit either. People will use microbit/millibit because that's just the natural thing to say instead of microbitcoin and millibitcoin. If you have never heard of any of the names the community has thought of, these are the first things that most people will think of. And since we are still in the innovators / early adopter stages there will be many new persons joining every day for the next couple of years. If we would use 'bit' to mean anything else than a full bitcoin, i can guarantee you we will have this very same discussion for years to come. If you are not looking forward to keep explaining that for some reason a bit is somehow equal to µBTC for the next couple of years, just tell them 1 bit is an abbreviation of 1 bitcoin and be done with it. Perhaps, "bitcoin" and "BTC" will end up being considered colloquial terms for a "megabit". 1,000,000 bits = 1 megabit = 1 bitcoin or 1 BTC 1,000 bits = 1 kilobit If the "bit" (.000001 BTC) becomes the new standard unit, I think the "kilobit" (.001 BTC) would still be commonly used because the exchange rate right now is about $0.0005 per "bit", or $0.50 per "kilobit". Title: Re: How much is 1 bit? Post by: zimmah on May 24, 2014, 03:25:49 PM megabit and kilobit could also be confusing as they are already used for hard drive sizes and they use the 1024 base system instead of the 1000 base. Which means a megabit (hard drive size) is 1.048.576 bits
yet another reason why bits are not a good idea. on the other hand, since bits can't be broken down in computers (as bits are the smallest unit in hard drive sizes) a millibit and a microbit are not used in that context and therefore would not be confusing. Title: Re: How much is 1 bit? Post by: tertius993 on May 24, 2014, 03:32:31 PM megabit and kilobit could also be confusing as they are already used for hard drive sizes and they use the 1024 base system instead of the 1000 base. Which means a megabit (hard drive size) is 1.048.576 bits yet another reason why bits are not a good idea. on the other hand, since bits can't be broken down in computers (as bits are the smallest unit in hard drive sizes) a millibit and a microbit are not used in that context and therefore would not be confusing. Hard drive (and other date media) sizes are measured in bytes not bits. A byte is 8 bits but the smallest usable unit is a byte and NOT a bit. Just to add a (now very small) 1MB hard drive is one megabyte. Title: Re: How much is 1 bit? Post by: zimmah on May 24, 2014, 03:46:28 PM megabit and kilobit could also be confusing as they are already used for hard drive sizes and they use the 1024 base system instead of the 1000 base. Which means a megabit (hard drive size) is 1.048.576 bits yet another reason why bits are not a good idea. on the other hand, since bits can't be broken down in computers (as bits are the smallest unit in hard drive sizes) a millibit and a microbit are not used in that context and therefore would not be confusing. Hard drive (and other date media) sizes are measured in bytes not bits. A byte is 8 bits but the smallest usable unit is a byte and NOT a bit. Just to add a (now very small) 1MB hard drive is one megabyte. and a byte is 8 bits. internet speeds are in bits (because it sounds 8 times as fast that way) if we are going to use bits, are we going to use bytes as well? Maybe we should also change to binary or octal while we are at it. No more decimals, just count your money in bits. In total there will never be more than 111011101011111000001011010000001110100000000000000 bits. I currently own about 101010110101110100000100110000000000 bits Title: Re: How much is 1 bit? Post by: tertius993 on May 24, 2014, 03:50:54 PM megabit and kilobit could also be confusing as they are already used for hard drive sizes and they use the 1024 base system instead of the 1000 base. Which means a megabit (hard drive size) is 1.048.576 bits yet another reason why bits are not a good idea. on the other hand, since bits can't be broken down in computers (as bits are the smallest unit in hard drive sizes) a millibit and a microbit are not used in that context and therefore would not be confusing. Hard drive (and other date media) sizes are measured in bytes not bits. A byte is 8 bits but the smallest usable unit is a byte and NOT a bit. Just to add a (now very small) 1MB hard drive is one megabyte. and a byte is 8 bits. internet speeds are in bits (because it sounds 8 times as fast that way) Yes, I said that a byte was 8 bits. But your claim about HDD sizes being measured in bits was misleading, and I was pointing that out. Title: Re: How much is 1 bit? Post by: zimmah on May 24, 2014, 03:55:41 PM most non-tech people will not know the difference between a bit and a byte anyway
Title: Re: How much is 1 bit? Post by: knightcoin on May 24, 2014, 04:07:34 PM I think bit is the smallest computational unit before down into analog signal ... so it's helps with maths as be a indivisible int number...
I remember the time where I had spare time to play with my arduino board ... for example blink a LED.. with avr-libc Code: #include <avr/io.h> on arduino should be like void setup() { pinMode(13, OUTPUT); } void loop(){ digitalWrite(13, HIGH); delay(1000); digitalWrite(13, LOW); delay(1000); } tl/dr ->I can see bit as HIGH, LOW voltage .... too ... need some music so relax now ... bit is the old atom conception ... The Robotic Musicians known as: Intel's Industrial Control in Concert https://www.youtube.com/watch?v=JLdB0WEixjM Title: Re: How much is 1 bit? Post by: phillipsjk on May 24, 2014, 04:34:44 PM megabit and kilobit could also be confusing as they are already used for hard drive sizes and they use the 1024 base system instead of the 1000 base. Which means a megabit (hard drive size) is 1.048.576 bits I am actually with the Hard drive manufactures (https://en.wikipedia.org/wiki/Binary_prefix) on this one. Many GNU/Linux distributions have converted to Binary prefixes, though I don't think Windows or BSD have. Mac OS X has converted to decimal prefixes for disk capacity. Also, a byte is not always 8 bits. For example, the ASCII character set is 7 bit and may be transmitted over the wire as such (if you really want to; generally 8 bit bytes are used for modem use) Quote from: TCP/IP Guide Some older 36-bit computers used 9-bit bytes, and there were also systems that had byte sizes of 6 or 7 bits, or even variable-sized bytes. For this reason, many people, especially techie professionals, prefer the term octet, which clearly and unambiguously implies “eight”. This term is much more common outside North America. - Binary Information and Representation: Bits, Bytes, Nibbles, Octets and Characters (http://www.tcpipguide.com/free/t_BinaryInformationandRepresentationBitsBytesNibbles-3.htm)Title: Re: How much is 1 bit? Post by: knightcoin on May 24, 2014, 04:57:20 PM megabit and kilobit could also be confusing as they are already used for hard drive sizes and they use the 1024 base system instead of the 1000 base. Which means a megabit (hard drive size) is 1.048.576 bits I am actually with the Hard drive manufactures (https://en.wikipedia.org/wiki/Binary_prefix) on this one. Many GNU/Linux distributions have converted to Binary prefixes, though I don't think Windows or BSD have. Also, a byte is not always 8 bits. For example, the ASCII character set is 7 bit and may be transmitted over the wire as such (if you really want to; generally 8 bit bytes are used for modem use) Quote from: TCP/IP Guide Some older 36-bit computers used 9-bit bytes, and there were also systems that had byte sizes of 6 or 7 bits, or even variable-sized bytes. For this reason, many people, especially techie professionals, prefer the term octet, which clearly and unambiguously implies “eight”. This term is much more common outside North America. - Binary Information and Representation: Bits, Bytes, Nibbles, Octets and Characters (http://www.tcpipguide.com/free/t_BinaryInformationandRepresentationBitsBytesNibbles-3.htm)nice info; thanks ... about tcp, reminds the time I was good at doing subneting without calc, pencil paper ...all done just in my mind... now I can even remember what just wrote 30 minutes ago ... but talking about manufactures I think the biggest lesson we can learn about is to avoid "locked in" trap ... I think that's the main reason google a big Intel customer to choose IBM's OpenPower Foundation ... and that's what we all up to ... against monopoly and 51% attacks ... ;) Title: Re: How much is 1 bit? Post by: jbreher on May 25, 2014, 03:05:33 AM Which means a megabit (hard drive size) is 1.048.576 bits Just no. All standards organizations (ANSI, ISO, BSI, IEC, ...) are unanimous on this matter. A megabit is 10^6 bits. Period. The prefix you are looking for is 'Mebi' - 2^20. True, then ignorant misuse kilo as if it is 1024, mega as if it is 1,048,576, etc. But it is not. End of story. |
