It's bits.

[2_Thumbs_Up]

I saw this post on reddit. All credits to original OP.

http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

I couldn't agree with this post anymore. The SI-prefixes simply aren't catching on, even though I've seen people pushing for them for 2+ years and the fact that mBTC has been somewhat useful for about 1 year.

A "bit" is a simple memorable one-syllable word that has the possibility to catch on. Can we agree on something that works?

[1714848538]

1714848538

[1714848538]

1714848538

[humanpsychedelic]

0.00000001 BTC = 1 satoshi

[2_Thumbs_Up]

I know. The suggestion is to call 100 satoshis a bit. That way there are 1000,000 bits in a BTC, and the current exchange rate would be ~1000 bits/USD.

The idea is that all the other naming schemes are simply to complicated. It's also wierd and confusing for a lot of people to have the most basic unit (BTC) at such a high valuation. With this suggestion, a bit would become the base unit in everyday speech, while a bitcoin remains what it is today.

Read the OP. He makes a very good case for the naming scheme he suggests.

[Siegfried]

I like it.

[12648430]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

[sveetsnelda]

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

^This.  I can already imagine the conversations I'd be having with people who are confusing "bits" and "bits" with each other since they'd both be computer related.

[solomon]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

In what way? What is an example of how bitcoin bits could be confused with informational bits?

[SeanArce]

Sounds better really

[kwoody]

At this stage it would be wiser to determine a name for 0.0001BTC; which would be about 12 US cents at current 'gox price. If BTC reaches $10,000/BTC, then 0.0001 = $1

[dvide]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

In what way? What is an example of how bitcoin bits could be confused with informational bits?

A data plan priced in bits, like "Unlimited downloads for only 2k bits per kbit", could be pretty confusing. 2kbit / kbit? Huh? Though I like the idea. I just think a nice easy term for a millionth of a bitcoin would be good. And a bitcent could be reappropriated to be the same as a satoshi now, aka 0.01 bits. That way, like with most currencies you use every day, you would only have to deal with at most 2 figures after the decimal place. Unless the protocol is changed in the future to divide bitcoins up even more.

[wannasurf]

USA Today will decide. I like mils and mikes. If I were writing a sci-fi book that has a cool factor. "Satoshis" is DOA, no way a guy drinking beer with his buds is going to use that term.

[Blueberry408]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.
...

That might be a good thing.

[Blueberry408]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.
...

That might be a good thing.

Though the idea of using bit for something other than info seems like a two bit idea to me.

[Mike Christ]

A million bits to a coin; I like it.

[Siegfried]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

But then people will notice that the prices of things in bits will be decreasing over time, while dollar prices will increase.

[Siegfried]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

In what way? What is an example of how bitcoin bits could be confused with informational bits?

A data plan priced in bits, like "Unlimited downloads for only 2k bits per kbit", could be pretty confusing. 2kbit / kbit? Huh? Though I like the idea. I just think a nice easy term for a millionth of a bitcoin would be good. And a bitcent could be reappropriated to be the same as a satoshi now, aka 0.01 bits. That way, like with most currencies you use every day, you would only have to deal with at most 2 figures after the decimal place. Unless the protocol is changed in the future to divide bitcoins up even more.

The British use pound for weight and pound for currency, the Chinese use the word yuan for currency and many other things, without confusion.

[Mike Christ]

The British use pound for weight and pound for currency, the Chinese use the word yuan for currency and many other things, without confusion.

Yeah; if we're smart enough to handle allegories and allusions, we can figure out if someone's asking for data or currency.

[Ravocado]

I like the idea...but also think that once bitcoin becomes really widely accepted through general public, people will make up a lot of new names and then we will see what will really catch up. Maybe something completely different.

[2_Thumbs_Up]

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.
...

That might be a good thing.

Though the idea of using bit for something other than info seems like a two bit idea to me.

But that's just your two bits.

[deisik]

The British use pound for weight and pound for currency, the Chinese use the word yuan for currency and many other things, without confusion.

Can't say anything about yuan, but a British pound (currency) derives its name from the value of a pound (weight) of sterling silver (a grade of silver). Actually, we need a proper name (something like Satoshi) for bigger units to avoid confusion and possible adverse connotations...