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1  Other / Beginners & Help / What's your favorite pair of words? on: October 16, 2012, 02:23:05 AM
I'm pretty keen on Ankylosing Spondylitis myself - the words that is, not the disease
2  Bitcoin / Bitcoin Discussion / Bitium is the fundamental resource that we mine and exchange on: October 14, 2012, 09:18:44 AM
Some people would like bitcoins to be more tangible - see for example this thread and the associated youtube video...  https://bitcointalk.org/index.php?topic=109409.0

Well, there is a scarce, indestructible and ownable (if not quite "tangible") resource present in the bitcoin system, and it helps to have a term that refers specifically to this - I propose Bitium (symbol Bt)

The name is chosen to resemble a chemical element, to make this concept as tangible as possible for the doubters.


Bitium is the resource which we mine and exchange, bitcoins and Satoshis are merely two of the units of Bitium, there may be others in future.

Bitium is currently discovered at a rate of 50 bitcoins per block, and once created (and confirmed!) is never subsequently destroyed (although ownership of it can be completely lost).

Bitium is an uncountable noun like money (or gold), you ask how MUCH of it you have; bitcoins are like dollars, pounds or yen, you ask how MANY of them you have

Bitium is logically distinct from the blockchain. The blockchain records all of the Bitium that has been discovered, and also records the Bitium ownership and transfer rules. But Bitium exists regardless of who currently owns it.

As the fundamental resource which will soon be coordinating most of the activity of the human race, I think Bitium deserves a permanent capital letter too!


I'm interested in your opinions whether this is a useful term to introduce or not...
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