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Author Topic: Naming of bitcoin fractions  (Read 4163 times)
DobZombie
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January 30, 2013, 11:19:01 AM
 #21

I do think that millibitcoin and microbitcoin will confuse all the non-nerds.

but but but, milligrams, millilitres, millimetres are really not hard at all to grasp and get a feel for.

every non-nerd in non-S.I-challenged countries knows how much these units represent.


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marhjan
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January 30, 2013, 12:31:05 PM
 #22

I prefer this simple system.

1btc (bitcoin) = 1000btm (bitmill) = 100,000,000sat (satoshi)

Any amounts between 0.001btc (1btm) and 1btc are expressed in btm

0.01btc = 10btm
0.537504btc = 537.504btm

And amounts under 0.001btc (1btm) are expressed in sat (satoshi)

0.0005btc = 50,000sat or 50ksat
0.00002509btc = 2509sat

This is already in place on a few sites and while it's not perfect, it works.  If people insist on using bitcents (and some will of course) it's just important the rest of us can quickly call that 10btm and move on with our day.  Also - typing this out made me think about how silly/unimportant this discussion really is.  So FWIW that's my personal naming system.

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January 30, 2013, 01:06:49 PM
 #23

I prefer this simple system.

1btc (bitcoin) = 1000btm (bitmill) = 100,000,000sat (satoshi)

Any amounts between 0.001btc (1btm) and 1btc are expressed in btm

0.01btc = 10btm
0.537504btc = 537.504btm

And amounts under 0.001btc (1btm) are expressed in sat (satoshi)

0.0005btc = 50,000sat or 50ksat
0.00002509btc = 2509sat

This is already in place on a few sites and while it's not perfect, it works.  If people insist on using bitcents (and some will of course) it's just important the rest of us can quickly call that 10btm and move on with our day.  Also - typing this out made me think about how silly/unimportant this discussion really is.  So FWIW that's my personal naming system.

I like it. I don't think there's a conflict between Bitcent and Millibits at all... we will just start using them as needed.

Then again, I think it's a waste of good karma to not even consider the term Gold Press Latinum... perhaps Cascasius should produce one  Grin

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January 30, 2013, 03:48:52 PM
 #24

I like it. I don't think there's a conflict between Bitcent and Millibits at all... we will just start using them as needed.

I agree.  The U.S. started with both cents and mils.  Mils died out, cents won.  This was probably because mils turned out to be of very low value.  Now cents are of such low value that they are in danger of dying out.

Bitcoin can start out with both cents and mils.  In the case of bitcoin, there's a good chance that bitmils will have a decent value, so the term may win out over bitcents.

But it may be after my lifetime. Smiley

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Then again, I think it's a waste of good karma to not even consider the term Gold Press Latinum... perhaps Cascasius should produce one  Grin

Like!

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January 30, 2013, 04:47:28 PM
 #25

Suggestions: shilling, penny farthing, drakma, scat, baug, mongol

I second the suggestion of calling a denomination of Bitcoin a scat.

We have discussed the fractions many times, I believe consensus has been fairly reached in different polls.

Has consensus been reached on the centi contra milli question? I see people use bitcents from time to time.

You can use any standard prefix you want... that's why we have them.  If you tell me not to use bitcents, I will tell you to fuck off.

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January 30, 2013, 06:46:58 PM
 #26

Suggestions: shilling, penny farthing, drakma, scat, baug, mongol

I second the suggestion of calling a denomination of Bitcoin a scat.

We have discussed the fractions many times, I believe consensus has been fairly reached in different polls.

Has consensus been reached on the centi contra milli question? I see people use bitcents from time to time.

You can use any standard prefix you want... that's why we have them.  If you tell me not to use bitcents, I will tell you to fuck off.

No telling to anyone. There obviously is no consensus in the matter, except maybe don't care.
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January 30, 2013, 06:57:42 PM
 #27

I vote for scat too.... cause it isn't worth shit.  Grin  (well not yet at least haha)
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January 30, 2013, 07:12:09 PM
 #28

Why not have a POLL of the possible contenders for bit fractions?....

It would be interesting to see the results of the masses... 

I also like the DnD monetary system (nostalgia for certain).. maybe with "bit" in front of the currency...

for example:  bitPLATINUM, bitGOLD, bitSILVER, bitCOPPER    haha.  Cheesy


On a more serious note.  This makes sense to me: cbit (cee-bit),  mbit (em-bit), ubit (u-bit)   

The metric prefixes leave little room for error though...


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January 30, 2013, 08:31:45 PM
 #29

One Bitcoin can be compared with one ounce gold coin, so we could use 1/2, 1/4, 1/10 BTC etc...

Below that, there are other weight unit, like carat (bitcarat) and grain (bitgrain)

I suggest that one carat bitcoin (bitcarat) = 1/1000 bitcoin, this sounds luxury enough Grin

And one grain bitcoin (bitgrain) = 100 satoshi = 1/1,000,000 bitcoin

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January 30, 2013, 08:59:56 PM
 #30

One Bitcoin can be compared with one ounce gold coin, so we could use 1/2, 1/4, 1/10 BTC etc...

Below that, there are other weight unit, like carat (bitcarat) and grain (bitgrain)

I suggest that one carat bitcoin (bitcarat) = 1/1000 bitcoin, this sounds luxury enough Grin

And one grain bitcoin (bitgrain) = 100 satoshi = 1/1,000,000 bitcoin

facepalm

Yes, lets make up our own terms instead of using standard terminology used with every other form of measurement.  That way nobody will know what the fuck we are talking about!

https://www.bitcoin.org/bitcoin.pdf
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January 31, 2013, 01:29:43 AM
 #31

One Bitcoin can be compared with one ounce gold coin, so we could use 1/2, 1/4, 1/10 BTC etc...

Below that, there are other weight unit, like carat (bitcarat) and grain (bitgrain)

I suggest that one carat bitcoin (bitcarat) = 1/1000 bitcoin, this sounds luxury enough Grin

And one grain bitcoin (bitgrain) = 100 satoshi = 1/1,000,000 bitcoin

haven't we already been through the carat phase?

oh wait no, that was carrots.
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January 31, 2013, 03:03:02 AM
 #32

I prefer this simple system.

1btc (bitcoin) = 1000btm (bitmill) = 100,000,000sat (satoshi)

Any amounts between 0.001btc (1btm) and 1btc are expressed in btm

0.01btc = 10btm
0.537504btc = 537.504btm

And amounts under 0.001btc (1btm) are expressed in sat (satoshi)

0.0005btc = 50,000sat or 50ksat
0.00002509btc = 2509sat

this is used in the bitcoin 3D game / casino dragons tales

i like many others are use to btm(bitmills) and sat(satoshi) already. so if it isn't broke, done fix it.

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January 31, 2013, 04:22:12 AM
 #33

I prefer this simple system.

1btc (bitcoin) = 1000btm (bitmill) = 100,000,000sat (satoshi)

Any amounts between 0.001btc (1btm) and 1btc are expressed in btm

0.01btc = 10btm
0.537504btc = 537.504btm

And amounts under 0.001btc (1btm) are expressed in sat (satoshi)

0.0005btc = 50,000sat or 50ksat
0.00002509btc = 2509sat

this is used in the bitcoin 3D game / casino dragons tales

i like many others are use to btm(bitmills) and sat(satoshi) already. so if it isn't broke, done fix it.

I don't like bitmills, sounds too French with it all backwards like that. It should be like mm and mg, with the milli before the bitcoin. So we have BTC as the base currency, and a millibit or mbt as the smaller denomination.

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January 31, 2013, 04:29:51 AM
 #34

Yeah not sure where the BTM thinking came from but it seems like a solution in search of a problem "No SI is hard so instead of saying mBTC lets say BTM instead.  Yeah that is (somehow) less confusing".

mBTC.  

millimeter
milligram
milliliter
millisecond
milliBitcoin

Now stop an think a second.  When someone is measuring something and it is 13 mm most people just think of 13 mm as the units.  It is 13 of these units called mm.  Very rarely does someone go oh 13mm the SI prefix m means 1/1000th so this is 13/1000 meters = 0.013 of a meter and that somehow helps me.  No they just go 13 mm.  Yup the measurmement is 13 of these units called a mm and I know instinctively about how big a mm is (how much it is worth).

In time if Bitcoin grew to such a high exchange rate that people rarely ever transferred whole coins people would just use mBTC as the "base unit".  It doesn't matter that at one time people thought of the "full BTC" as the base unit any more than one needs to "know" that the mm mark on a ruler means 1/1000th of this larger unit called a meter.  If 1 mBTC was worth $0.10 and someone was selling you a Steam game for 50 mBTC you wouldn't do any mental conversion back to BTC and then try to figure out the exchange rate and then see if it was a good deal.  No you would just "know" either by history, or your mobile phone app the exchange rate today is around ~ 1 mBTC = $0.10 so 50 mBTC = ~$5.00 and it looks like this is a good deal.

I think this is less of any issue than people think.  Most people will never convert anything.  Today we use BTC because most items are more than a BTC or a large fraction of one.  If the exchange rate was >$200 most people would ONLY think of values in mBTC.  Nobody would say it is 208,000 uBTC it would be pointless like quoting the price of a car in pennies.  Likewise if/when the exchange rate grew so large that mBTC was no longer convenient people would start using uBTC.  Remember there is a 1000x magnitude between units.  It isn't like the value of BTC is going to make 10,000x swings on a monthly basis so people one day are thinking in mBTC and then the next day thinking in BTC, and then the next day thinking in uBTC.
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January 31, 2013, 04:42:58 AM
 #35

I fully intend to pay for something with a few "mBTC cents" (spoken millibit-cents) some day.  

And just to throw a total monkey wrench in the works:  I propose we reassign BTC someday to be worth either 1 mBTC or 1 uBTC once the currency seems to stabilize.  

Cause nobody wants to own a thousandth or millionth of something.  That would be like constant exposure to the Total Perspective Vortex.

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January 31, 2013, 04:50:46 AM
 #36

Cause nobody wants to own a thousandth or millionth of something.

i would like to own a thousandth of Facebook or Apple.
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January 31, 2013, 05:09:03 AM
 #37

1 bitcoin the full satoshi
1/2 bibicoin aka satoshilite
1/3 tribicoin aka triacoin
1/4 quadibcoin aka ciphercoin
1/5 pentabitcoin aka Huh?
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January 31, 2013, 05:16:38 AM
 #38

Cause nobody wants to own a thousandth or millionth of something.

i would like to own a thousandth of Facebook or Apple.


I'll gladly take 1/1000th of a ton of gold.
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January 31, 2013, 05:23:06 AM
 #39

0.01 BTC = 1 internet

I see a problem with cent: this is a word used for fiat currency and it can be argued that it's an attempt to create confusion with respect to government currency (Liberty Dollar style).  It's a stretch, but when push comes to shove they'll stretch it for all it's worth.

I see a problem with scat: the word means poop in a lot of languages including Greek, which makes it mean the same thing in contemporary medical terminology and in a lot of other contexts as well.

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January 31, 2013, 05:44:12 AM
 #40

0.01 BTC = 1 internet

I see a problem with cent: this is a word used for fiat currency and it can be argued that it's an attempt to create confusion with respect to government currency (Liberty Dollar style).  It's a stretch, but when push comes to shove they'll stretch it for all it's worth.

I see a problem with scat: the word means poop in a lot of languages including Greek, which makes it mean the same thing in contemporary medical terminology and in a lot of other contexts as well.



I vote yes for Scrat. Everybody loves Scrat.

And internet can be shorten to tern.



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