Bitcoin transformation to Bits

[MoonHodler]

The decimal psychology of Bitcoin will make people come up with denominations that will soon replace the word Bitcoin, as Bitcoin increases in value, the word Bitcoin will only be associated with big purchases like a car or a house, you would not hear the word Bitcoin at a supermarket for example.

So let us use the average price of some products, and price them in USD and then in Bitcoins

Can of coke = $1
Smartphone= $1,000
House= $1,000,000

in Bitcoins (today's rate) that's:

Can of coke = 0.0002 Bitcoins
Smartphone= 0.2 Bitcoins
House= 200 Bitcoins


No cashier is going to say : "that would be zero point zero zero zero two bitcoins please"

So instead prices will look like something this:

Can of coke = 2,000 Bits
Smartphone= 200,000 Bits
House= 200 Bitcoins or 200,000,000 Bits

(Even for mass adoption you can say to people there will be only 21 Trillion Bits, and for a $100 bucks today you can get 20,000 Bits)

As Bitcoin increases in value to say ($100,000) a can of coke would be 10 bits in ~2020 and may become 1 bit per can in ~2030, if things go the way they are of course.

So how will the term Bit replace the term Bitcoin? and why hasn't the term been used yet?

[mk4]

I've thought about this like a year ago, but I don't remember where I posted it exactly (probably Reddit) and unexpectedly people were giving me shit and downvotes for some reason. LOL. Anyway, Assuming bitcoin would drastically rise in price in the far future (probably at 5 digits), I'd prefer that people would use the denominator "sats"(short for satoshi) as it definitely sounds better compared to "bits", as it sounds too generic in my opinion.

A can of soda = 3 sats. or something like that. Depending on what the price of bitcoin would be ofcourse.

[Jimbo Abu]

Hope this is the future payment. It's a good idea of ​​how much we pay and it really gives inspiration

[MoonHodler]

I've thought about this like a year ago, but I don't remember where I posted it exactly (probably Reddit) and unexpectedly people were giving me shit and downvotes for some reason. LOL. Anyway, Assuming bitcoin would drastically rise in price in the far future (probably at 5 digits), I'd prefer that people would use the denominator "sats"(short for satoshi) as it definitely sounds better compared to "bits", as it sounds too generic in my opinion.

A can of soda = 3 sats. or something like that. Depending on what the price of bitcoin would be ofcourse.

I can see why, there is alot of passion for the Bitcoin name , but as value increases, Bitcoin would be a word like Million or Kilo of Gold ... unused in everyday life.

I think the current denominations for 1 Bitcoin are:

1,000,000 Bits

or

100,000,000 Satoshis (fixed)

so a can of coke would be 99 Satoshis = 99 cents or (1 Bit/ 1 Dollar)

[HabBear]

The decimal psychology of Bitcoin will make people come up with denominations that will soon replace the word Bitcoin

These denominations already exist, down to the 100 millionth of a bitcoin, we call that lowest denomination a "satoshi".

as Bitcoin increases in value, the word Bitcoin will only be associated with big purchases like a car or a house, you would not hear the word Bitcoin at a supermarket for example.

So let us use the average price of some products, and price them in USD and then in Bitcoins

Can of coke = $1
Smartphone= $1,000
House= $1,000,000

in Bitcoins (today's rate) that's:

Can of coke = 0.0002 Bitcoins
Smartphone= 0.2 Bitcoins
House= 200 Bitcoins

No cashier is going to say : "that would be zero point zero zero zero two bitcoins please"

So instead prices will look like something this:

Can of coke = 2,000 Bits
Smartphone= 200,000 Bits
House= 200 Bitcoins or 200,000,000 Bits

(Even for mass adoption you can say to people there will be only 21 Trillion Bits, and for a $100 bucks today you can get 20,000 Bits)

As Bitcoin increases in value to say ($100,000) a can of coke would be 10 bits in ~2020 and may become 1 bit per can in ~2030, if things go the way they are of course.

So how will the term Bit replace the term Bitcoin? and why hasn't the term been used yet?

You just answerer your own question. What other explanation are you looking for?

and why hasn't the term been used yet?[/b]

Two reasons...

(1) Because Bitcoin is only recently valued in fiat at levels that could buy a car, and

(2) Most reatailers...err cashiers...don't accept bitcoin for payment.

Do you want to change that? Start asking every retailer you buy things from "do you accept bitcoin?" The more we do that the more it ceases to be foreign to people.

[fiulpro]

Hey
I don't think that term has any use right now.
Paying through bitcoins isn't that popular, also still if payments with bitcoins have to be accepted then they would have to make machines accordingly, for example:- the coke is for 1 dollar.. thus..they will first convert that 1 dollar into the very recent market price of bitcoins, then ask him to pay... Because they change their value 2-4 times a day! You don't wanna pay more or less..
That will require integrating the.. new design.. with internet and that for sure will only happen when people start accepting it as a mode of payment... Still a long way to go.

[Maveth13]

We already have something like that, it's called satoshi. It's a hundred millionth of a bitcoin and is the smallest unit of bitcoin that has been used for years. Weird that you don't know that. Besides we can always prefixes, there's a lot of sites, wallets, and people that uses mBTC.

[jseverson]

There are already some terms floating around. Satoshis are pretty popular, being the smallest denomination currently possible, but mostly because they're used to refer to transaction fees per kb. Electrum also uses mBTC as its default denomination, but I don't think I've ever encountered anyone who uses it. These tell us that denominations are only popular for as long as people widely trade using them. There's really no need to come up with anything new right now as pretty much everyone HODLs their coins. The denomination term will come up when it's necessary, and coming up with something right now will just make things more confusing for newbies.

[bitcoiners25]

When does BTC Stocks will be mined?

[HabBear]

I can see why, there is alot of passion for the Bitcoin name , but as value increases, Bitcoin would be a word like Million or Kilo of Gold ... unused in everyday life.

I think the current denominations for 1 Bitcoin are:

1,000,000 Bits

or

10,000,000 Satoshis

so a can of coke would be 99 Satoshis = 99 cents or (1 Bit/ 1 Dollar)

100,000,000 Satoshi.

1 Satoshi = 100 bits.

A minor but important correction. Bits are meant to be the "dollar" equivalent to the Satoshi. So the Satoshi is the one cent and the Bit is the dollar (or 100 cents). Make sense?

And if this value reality occurs 1 Bitcoin will be equal to $100,000.

[michellee]

actually i don't thinking like that but i only follow what is happen right now. i think if bitcoin is implement into our real life and there is many local store is accepting bitcoin, then i think we can see the adjustment for bitcoin itself and we can see how easy bitcoin when we used to buy something in our real life. i think it will be funny to cashier to say that can of coke 2,000 bits and other but i wonder how much the transaction fee will be if we can buy can of coke for 2,000 bits? its just come out from my mind.

[batang_bitcoin]

I have this idea before that one day we won't be calling point zero zero two bitcoins for that coke zero.

So how will the term Bit replace the term Bitcoin? and why hasn't the term been used yet?

I don't know, we just used to use the term bitcoin for every transaction and I haven't heard someone in real life that told me, "hey I'll pay you a thousand bits." most of the transaction I've been seeing the unit of mBTC and this is quite popular to all of us.

[glowing10]

Hope this is the future payment. It's a good idea of ​​how much we pay and it really gives inspiration

A lot to do with the rules and regulation by the government of each country that will decided if this is going to happen or not. Because if govt polices encourages people to use virtual currencies then the local shop keepers will also accept btc as a payment mode and people will start using this facility.

[Catmony]

Bitcoin price is volatile so it will be hard to determine the fixed price of item in terms of bitcoin or bits. So most of the time price of item is calculated at the time of payment. People will just scan the QR code provided when purchasing items so they don't have to put all those decimals and zeros manually. Therefore I don't think this is big issue for both merchants and users.