Few people hold the majority of bitcoin, most people do not have the bitcoin, this is the most serious problem!
Few people hold the majority of dollar. This will happen with any currency (since that's how capitalism works, unfortunately). |
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2. there is no demand, again the difficulty to obtain makes it unusable by 99% of people
Well, every new technology faces the chicken and egg problem. This is already known. 3. I dont pay the bank anything, cash at home is more than secure as well
4. get a new card for free or use cash
6. I dont pay the bank or my credit card for protection. In fact I make money with rewards
Only some types of accounts are free (the most basic ones), and even then, they're not entirely free. The fact that they receive your money means they can spend it on something else while claiming they still have it (this is fractional reserve). About #4, if your cash gets stolen, it's lost for good. If your card gets stolen, you get a new card, but an insurance company has to pay for it. There's no reason why there can't be a Bitcoin insurance company (although it would work a little different from what we're used to). 5. yes, but certainly the black market is the most obvious utilization for btc. thats the only real new feature it brings to the table, a way for criminals to work online and avoid things like paypal
Black market has been working with cash for as long as there has been cash. If I were you, I would stop using cash because it's being used by drug dealers and other kind of criminals. |
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With those last two proposals, I don't know if you're being serious or not. |
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That explains having a unit (whatever name the unit has) with two decimal places. However, I still can't see the connection with specifically “bits” with specifically “0.000001”.
Ah ok, I think I can help you find that connection. Let's use all digits to describe an amount in "Bitcoin": 0.12345678 How many "bits" is this? Given that there are a *total* of this many currency units: 12,345,678 These are the actual (and current) non-divisible, *functional* amount of units -- described today as "satoshi". Therefore: 0.12345678 Bitcoin = 12,345,678 satoshi Where do we get "bits"? Let's only allow a maximum of 2 digits past the decimal point. To do this, divide the smallest units by 100, and we will call this new decimal placement the "bit" unit. "bits" as the plural version: 12,345,678 satoshi / 100 = 123,456.78 bits So you might ask yourself, "wait... how many bits is in a bitcoin then?  " 1.23456789 BTC = 1 million and 234,567.89 bits. So basically, everything past the decimal point of the BTC unit is the "number of thousands" of bits. For example: 0.435 BTC = 435,000 bits. I've only actually run through a process like this with maybe a couple dozen people: everyone gets it; however, 1 person sticks in my mind as very insecure about their math ability and skeptical to whether or not they'll figure it out on their own. Others could have felt this way, too. Anyhoo, I hope this explanation helps, and I hope it inspires others as a way to teach people about "Bitcoin" and "bits". I say we just use bits ... your common person rarely transactions 1 BTC worth in a single transaction (today about 340 USD) ... unless they're in the USA buying a new television that they saved up for  This explanation is still just about the benefits of using 0.000001 as the base unit. In all this explanation, there's no reason why the name couldn't be “mikes” with the same level of clarity. |
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I think you're after this. The most biased of them all |
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Biased polls are biased. From all of them, “bits” is the least bad, not precisely the best. |
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Your average person should refer to it as "1 bit"; here's reasoning:
"100 satoshi" -- 6 syllables, sounds foreign to the english speaker.
"1 bit" -- 2 syllables, sounds like a small amount (which "a bit" is considered a small amount in the english language).
"1 microbitcoin" -- 5 syllables (only useful for starting or ending a haiku), and your average person (sadly) has no idea what unit size a "micro" is.
What's the reasoning of using “bits” for 0.000001, rather than 0.00001 or 0.0000001? Although not perfect, I know this article summed it up pretty well. Basically, the idea is to have 2 digits "past the decimal point"; something that most people are already familiar. So if 1 bit ever becomes worth 1 USD (or even 0.1 bits becomes worth 1 USD), people can work with a currency unit that they are somewhat familiar with. I'm assuming that most currencies use 2 digits after the decimal point for real-world transactions, but I honestly don't know if this is the case. Sounds good Decide for yourself: http://www.coindesk.com/breaking-down-btc-bit-by-bit/I'm a happy user of "bits", and it's making sense to me to think of exchange rates as "I can get 2,500 bits for $1" That explains having a unit (whatever name the unit has) with two decimal places. However, I still can't see the connection with specifically “bits” with specifically “0.000001”. |
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Your average person should refer to it as "1 bit"; here's reasoning:
"100 satoshi" -- 6 syllables, sounds foreign to the english speaker.
"1 bit" -- 2 syllables, sounds like a small amount (which "a bit" is considered a small amount in the english language).
"1 microbitcoin" -- 5 syllables (only useful for starting or ending a haiku), and your average person (sadly) has no idea what unit size a "micro" is.
What's the reasoning of using “bits” for 0.000001, rather than 0.00001 or 0.0000001? |
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i think the well known term is 1 bit for 100 satoshi
Not many people agree with that. |
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"Point Oh Oh Oh Oh Oh One Oh Oh Bee Tee Cee"
Is that a song? |
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One microbit.
Yes, this one makes more sense. |
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"µBTC" is kind of unfriendly, as your common person just has no idea what that is.
Most computer/internet users have idea what mili and micro means. At least I hope Also, it's an SI standard, so it would be easier to clarify. |
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Since “Bitcoin” is the name of the currency, calling a SUBdivision “bit” is confusing as hell. “Bit” should be the abbreviation of “Bitcoin” itself, and terms such as “millibit” and “microbit” as the subdivisions.
Why not keep calling the base-unit a 'Bitcoin' or simply a 'coin' - that way the smaller denomination could be called a bit. It is a catchy name, after all! Because you're giving the same name to two different things, and Bitcoin's name won't change since it's already established. |
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Since “Bitcoin” is the name of the currency, calling a SUBdivision “bit” is confusing as hell. “Bit” should be the abbreviation of “Bitcoin” itself, and terms such as “millibit” and “microbit” as the subdivisions.
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Not the same at all. Painting is all about the aesthetic value; it is an art. Bitcoin is about the coding, protocol, and construct... and obviously adoption. Adoption takes time, the rest can be replicated in a heart beat and made much better.
“Adoption takes time.” Here. This is the important idea. Bitcoin adoption is far beyond the altcoins because it was the first and has the most time for people to start adopting it. You can't just compete with Bitcoin unless you have an actually innovative idea (which “replicating” certainly is not). |
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Bill Gates is a supporter of eugenics and population control for poor people, I don't think it's out of the question.
Yes, but for such a claim you need proof, and we (should) assume everyone is innocent unless proven otherwise. |
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Why is medical marihuana and bitcoin taught in the same school? How are they related (and I mean, not tangentially related, but a subject that could use knowledge of both at the same time)?
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The network is going to be weakening by the hour. Because miners sold houses and cars to buy equipment/coins.
That's the exact opposite of weakening, because more and more people are participating in Bitcoin. |
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I don't think you guys understand the long term repercussions of a protocol that can be limitlessly replicated. One thinks that bitcoin has an edge over all other cryptos, but when something can be replicated so easily, you can bet that other cryptos and new ones coming out will inevitably start gaining ground. And this will make the value of bitcoin depreciate. We're talking about ENDLESS replicas that can be better than bitcoin coming out, for as long as we inhabit this planet.
You're still forgetting about the network effect. The Internet Protocol is easily replicated, but if I wanted to do an INTERNET 2.0 from scratch, I would have a hard time doing so. |
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Also, the blockchain is not meant to be used as an executable, so even if a virus binary is stored there, it doesn't matter.
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