Concept for New Currency Unit called "bit" representing .001 BTC

[BitBank]

Hey Guys,  

While I'm only able to post on the newbie forum, I figured I would run this by you guys to get some input.

I'm currently working on a project that would involve creating a new unit for 0.001 BTC.  There is definitely a need for a new denomination standard, due to the recent price increase.  For obvious reasons, it would be inconvenient at best to continue to price things in BTC, when, for example, something costing USD 2.59 will have to be listed as BTC0.0259;  Or in the future, BTC0.000259 .  millibits, or similar names are quite awkward, and don't roll off the tongue;  ie.  "i'm asking 50 millibits for my sweater".

Thus, we have conceptualized the "bit".  There are 1000 bits in a bitcoin, and fractions of hundredths of bits could be simply called cents, or bitcents.

I'm not asking about your prospects for mass adoption, I'm simply asking for feedback, specifically regarding:

1)  which symbol should be used

2)  what do you think of the "bit" concept in general  



Thanks for you input!

[Anderino]

There is already a unit to represent one thousandth of a bitcoin, the millibitcoin (or as I've seen some people refer to it, the millibit). Its symbol is mBTC or mBTC, and it follows the 10^-3n pattern of the metric system. I've seen suggestions of a subunit named bits before, but there tends to be some opposition to the term bit being used because a bit already means something in the computing world. However, this opposition was less when using the term millibit because of the fact that a bit in computing cannot be divided further.

[BitBank]

There is already a unit to represent one thousandth of a bitcoin, the millibitcoin (or as I've seen some people refer to it, the millibit). Its symbol is mBTC or mBTC, and it follows the 10^-3n pattern of the metric system. I've seen suggestions of a subunit named bits before, but there tends to be some opposition to the term bit being used because a bit already means something in the computing world. However, this opposition was less when using the term millibit because of the fact that a bit in computing cannot be divided further.

Thanks for the insight!  Very interesting, and something I haven't thought of.   Seems you're not quite a noobie after all  

[DannyHamilton]

There is already a unit to represent one thousandth of a bitcoin, the millibitcoin (or as I've seen some people refer to it, the millibit). Its symbol is mBTC or mBTC, and it follows the 10^-3n pattern of the metric system
- snip -

Yep.  If you want nicknames, I suppose you could call it a "bit" in the same way that "two-bits" is a nickname for $0.25 (or a quarter).

Other possible nicknames:

Milli
Millis
Milly
Millys
Millie
Millies
Millibit
Millibits
Mil
Mils
MilB (prounounced Mil-be)
MilBs (Mil-bees)
MeeBo (Why? Why not, it rolls off the tongue well)
MeeBos

If you need fractions of a millibitcoin (mBTC), you can start working with microbitcoin (uBTC).

4.34 mBTC = 4,340 uBTC

Perhaps as nicknames:
Mike
Mikes
Micro
Micros
MicroBit
MicroBits
Mick
Micks

[BitBank]

I don't know about you, but I'd prefer stimply "bit" to any listed.  Yes, I know a bit is a unit of computer data, and that a "bit" used to mean 25 cents, but I really don't see any of the terms you mentioned being easily mass-adopted.  

[DannyHamilton]

I don't know about you, but I'd prefer stimply "bit" to any listed.  Yes, I know a bit is a unit of computer data, and that a "bit" used to mean 25 cents, but I really don't see any of the terms you mentioned being easily mass-adopted.  

Certainly with a name like "BitBank" I can't imagine that you have any bias in the matter. 

I'd prefer any of the names I listed to "bit".  They all make sense and are easy to understand.  I really don't see "bit" being easily mass-adopted.

I guess time will tell.  It will be interesting to see how it all plays out.

[kalon]

Hey Guys,  

While I'm only able to post on the newbie forum, I figured I would run this by you guys to get some input.

I'm currently working on a project that would involve creating a new unit for 0.001 BTC.  There is definitely a need for a new denomination standard, due to the recent price increase.  For obvious reasons, it would be inconvenient at best to continue to price things in BTC, when, for example, something costing USD 2.59 will have to be listed as BTC0.0259;  Or in the future, BTC0.000259 .  millibits, or similar names are quite awkward, and don't roll off the tongue;  ie.  "i'm asking 50 millibits for my sweater".

Thus, we have conceptualized the "bit".  There are 1000 bits in a bitcoin, and fractions of hundredths of bits could be simply called cents, or bitcents.

I'm not asking about your prospects for mass adoption, I'm simply asking for feedback, specifically regarding:

1)  which symbol should be used

2)  what do you think of the "bit" concept in general  

https://sphotos-a.xx.fbcdn.net/hphotos-ash4/295332_10100590096613594_471053562_n.jpg

Thanks for you input!

Seems like a reasonable idea. I would make sure that any symbol is available somewhere in unicode though. I'm not sure if the ones you've pictured there are.

[theskillzdatklls]

anything outside the metric system nomenclature would be ridiculously retarded

[BitBank]

anything outside the metric system nomenclature would be ridiculously retarded

Our entire monetary system in the United States is outside the metric system nomenclature. 

[OnkelPaul]

anything outside the metric system nomenclature would be ridiculously retarded

Our entire monetary system in the United States is outside the metric system nomenclature. 

I don't see conflicting statements here.

Onkel Paul

[DannyHamilton]

anything outside the metric system nomenclature would be ridiculously retarded

Our entire monetary system in the United States is outside the metric system nomenclature. 

So if I offered to pay $10k for something, nobody would know what I was talking about?

[miningusa]

Interesting, but a few people mentioned the problems with this.

[BitBank]

just looked through the list of unicode characters.   I found one that's perfect!

ƀ

U+0180

[BitBank]

anything outside the metric system nomenclature would be ridiculously retarded

Our entire monetary system in the United States is outside the metric system nomenclature. 

I don't see conflicting statements here.

Onkel Paul

Touche.