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Author Topic: Thinking in bit  (Read 581 times)
cointon
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April 09, 2013, 07:54:39 PM
 #1

In response to post by tha_funkee_redditor
http://www.reddit.com/r/Bitcoin/comments/1bzwep/can_we_throw_out_the_word_satoshi_and_use_bit/

I completely agree.

Naming the smallest unit in bitcoin a satoshi is like calling cps hertz.

Could the more descriptive, single syllable term, bit be used?

The easier it is, the faster the recognition and usage.

A bit means a small piece, part or quantity of something.
No one is going to confuse it for a horse's mouthpiece or the binary numeral system.
http://www.thefreedictionary.com/bit

Not bits, just the irregular plural "bit" for both singular and plural.

Thinking in bit:

10,000,000 BTC = One Quadrillion Bit = 1,000,000,000,000,000 bit
1,000,000 BTC = One Hundred Trillion bit = 100,000,000,000,000 bit
100,000 BTC = Ten Trillion bit = 10,000,000,000,000 bit
10,000 BTC = One Trillion bit = 1,000,000,000,000 bit
1000 BTC = One Hundred Billion bit = 100,000,000,000 bit
100 BTC = Ten Billion bit = 10,000,000,000 bit
10 BTC = One Billion bit = 1,000,000,000 bit
1 BTC = One Hundred Million bit = 100,000,000 bit
0.1 BTC = Ten Million bit = 10,000,000 bit
0.01 BTC = One Million bit = 1,000,000 bit
0.001 BTC = One Hundred Thousand bit = 100,000 bit
0.0001 BTC = Ten Thousand bit = 10,000 bit
0.00001 BTC = One Thousand bit = 1,000 bit
0.000001 BTC = One Hundred bit = 100 bit
0.0000001 BTC = Ten bit = 10 bit
0.00000001 BTC = One bit = 1 bit

1 BTC = $100, $100,000 = 100,000,000,000 bit
1 BTC = $1000, $100,000 = 10,000,000,000 bit
1 BTC = $10000, $100,000 = 1,000,000,000 bit
1 BTC = $100000, $100,000 = 100,000,000 bit
1 BTC = $1000000, $100,000 = 10,000,000 bit

1 BTC = $100, $10,000 = 10,000,000,000 bit
1 BTC = $1000, $10,000 = 1,000,000,000 bit
1 BTC = $10000, $10,000 = 100,000,000 bit
1 BTC = $100000, $10,000 = 10,000,000 bit
1 BTC = $1000000, $10,000 = 1,000,000 bit

1 BTC = $100, $1000 = 1,000,000,000 bit
1 BTC = $1000, $1000 = 100,000,000 bit
1 BTC = $10000, $1000 = 10,000,000 bit
1 BTC = $100000, $1000 = 1,000,000 bit
1 BTC = $1000000, $1000 = 100,000 bit

1 BTC = $100, $100 = 100,000,000 bit
1 BTC = $1000, $100 = 10,000,000 bit
1 BTC = $10000, $100 = 1,000,000 bit
1 BTC = $100000, $100 = 100,000 bit
1 BTC = $1000000, $100 = 10,000 bit

1 BTC = $100, $1 = 1,000,000 bit
1 BTC = $1000, $1 = 100,000 bit
1 BTC = $10000, $1 = 10,000 bit
1 BTC = $100000, $1 = 1,000 bit
1 BTC = $1000000, $1 = 100 bit

http://redd.it/1c03nt

Why adjust to a new unit, cBTC, mBTC, etc.. every time the value increases by 10x?

P.S. No offence to Mr. Nakamoto  Wink
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cointon
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April 11, 2013, 07:34:37 PM
 #2

Could someone please comment on this idea?

The individual unit name is very important.

At this point in time I don't think it's a problem for most people to think in terms of millions and billions due to the ubiquity of computer memory, processor speeds etc.

Ultimately people will think about bitcoin in terms of its smallest unit.

Why not make it 'bit' before 'satoshis' becomes the next 'hertz'?
Mogwai
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April 11, 2013, 07:45:26 PM
 #3

Why not make use of the SI-prefixes. I think they're handy. It's already in use, btw.

1 µBTC, 1 nBTC.

Bit has already a meaning in computing.

E: 1 Satoshi = 10 nBTC. In computing the term "bit" is used for the smallest possible amount of data. The Satoshi is not the smallest possible amount.
cointon
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April 11, 2013, 08:45:00 PM
 #4

Couldn't those prefixes also be used with bit?

1 bit = 1 nBTC

Once a single bitcoin has a large value, it's useful to think in terms of the satoshi or 'bit' unit instead of fractions of a much larger unit and introducing additional nomenclature.

a thousand bit, a million bit, a billion bit, only uses the single unit 'bit'.

Then there's no need to adjust to thinking in cBTC and mBTC, etc. as the price rises.

Ordinary people are more likely to adopt the unit 'bit' than the tongue twister 'satoshi'.

With the introduction of multiple crypto currencies in the coming years do you think it will ever be necessary to use the µBTC and nBTC prefixes?

I also think the use of the term bit in regards to money predates use of the term bit in computing.
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