New Bitcoin Units. AlternativeTo mBTC, uBTC

[btcusr]

New Bitcoin Units. AlternativeTo mBTC, uBTC

MTH, BTH, TTH, QTH, RTH and STH.

M, B, T, Q, R, S.

BTC^M, BTC^B, BTC^T, BTC^Q, BTC^R, BTC^S

Idea is like, take all 21M bitcoins, and break it into million, billion, trillion parts.

These units assume that there are, 1 million, 1 billion, 1 trillion and 1 quadrillion units of total bitcoins, and represents 1 millionth, 1 billionth, 1 trillionth and 1 quadrillionth of sub-units.

To make it convenient, and divisible by 21, I'll be using 1.05M (instead of 1M), and so on.

For example,

1. MTH is bigger than BTC, as there are only 1.05 million units,

1.05 / 21 = 0.05 MTH = 1 BTC
@ $1000 per BTC, 1 MTH = $20,000

2. BTH and rest of the units are smaller denominations, BTH is 1.05 billion units, so,

1050 / 21 = 50 BTH = 1 BTC
@ $1000 per BTC, 1 BTH = $20

3. TTH, 1.05 trillion units, so,

1.05M / 21 = 50,000 TTH = 1 BTC
@ $1000 per BTC, 1 TTH = 2 cents
$1 = 50 TTH

4. QTH, 1.05 quadrillion units, so,

1050M / 21 = 50 million QTH = 1 BTC
@ $1000 per BTC, 1 QTH = 0.002 cents
$1 = 50,000 QTH

5. Just as an extension, two more smaller units; RTH, STH. Just using next two letters to R.

1.05B / 21 = 50 billion RTH = 1 BTC
1050B / 21 = 50 trillion STH = 1 BTC

@ $1000 per BTC,
50 million RTH = 50 billion STH = $1

You can also ignore TH, and use just M, B, T, Q, R and S.

Usage:

1. Governments, banks, Bitcoin millionaires, early adopters searching bitcoins in their old / lost hard drives can talk in terms of M, or MTH.

2. Mining pool operators can use Q denominations. Coffee shops can use T denominations. If you're tipping, or doing some kind of micro-transaction, then you can use T / TTH denomination.

3. Another advantage is that you can ignore decimals, when you're using these units, because you're talking in terms of smallest convenient unit, so decimals are insignificant in the context.

4. Now, I have about 36 B. Or, 36 BTH.

I'll leave it here, for your review and consideration. I hope this is convenient, and it would solve imaginary problem of 21 million bitcoins.

[dalston5000]

more confusing

[Martijnvdc]

No offense, but that sounds like a horrible idea...
There is simply no reason to use other units... Why make it more complex?

[btcusr]

more confusing

It'll become clear, as we use it..

Only 4 people don't like it..

[btcusr]

No offense, but that sounds like a horrible idea...
There is simply no reason to use other units... Why make it more complex?

Horrible names? Yes. May be.

It's just an idea. Someone would come up with a good name.

But we need smaller units as we go up.

Anyone know "flight level", as in FL250..

[XBBlade]

You say what? I honestly don't get it. (first post)

[btcusr]

You say what? I honestly don't get it. (first post)

Just some fancy names Bitcoin subunits.

[XBBlade]

You say what? I honestly don't get it. (first post)

Just some fancy names Bitcoin subunits.

I see I voted to early an option seems to be added. I choose No, I still don't get it ^^.

(no offence)

[solomon]

We've got it here: bits

1BTC = 1 000 000 bits
1mBTC = 1 000 bits (1 kbits)
1uBTC = 1 bit
1 bit = 100 satoshi

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

It's easier for the layman and it doesn't come with the psychological drag of most people only being able to afford a fraction of a bitcoin, a 'milli-' or 'micro-' bitcoin. The psychology of it is important factor, as well as the fact that it's easier to count up using small base units (bits) than down into subdivisions of a huge base unit (BTC).

Also with enough appreciation in value, no one will be spending whole bitcoins, so it doesn't make much sense having a currency called bitcoin when people are only spending mikes and mikies

[Martijnvdc]

We've got it here: bits

1BTC = 1 000 000 bits
1mBTC = 1 000 bits (1 kbits)
1uBTC = 1 bit
1 bit = 100 satoshi

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

It's easier for the layman and it doesn't come with the psychological drag of most people only being able to afford a fraction of a bitcoin, a 'milli-' or 'micro-' bitcoin. The psychology of it is important factor, as well as the fact that it's easier to count up using small base units (bits) than down into subdivisions of a huge base unit (BTC).

Also with enough appreciation in value, no one will be spending whole bitcoins, so it doesn't make much sense having a currency called bitcoin when people are only spending mikes and mikies

That would confuse people with an amount of DATA instead of an amount of money...

[btcusr]

If it's just the name you don't like, then you can suggest fancy names..

As long as it's simple, useful and easy to say, it's OK.

[solomon]

Exactly. Use bitz if you think it'll get confused with data.

I'm not sure how often people would confuse a bitcoin bit with a data bit anyway but you can use bitz or bbit or something similar. It solves two huge problems and replaces it with a minor and workable one.

[Cryddit]

Just use metric prefixes.  It's not worth the trouble of explaining anything else to all newcomers.

Remember the weird 'wizarding money' in the H Potter books?  seventeen knuts to the sickle, 21 sickles to the Galleon?  You wanna explain something that's going to sound like *that* to newcomers, every time somebody joins up?

I think Rowling was poking fun at the old English pounds/shillings/pence debacle. Fortunately replaced by the decimal Euro at this point, which is much easier to deal with if you haven't been using the pounds/pence/shilling idiocy all your life.

[invisiblehand]

I think mBTC will soon come into common parleyance

[btcusr]

21 million is base unit, and it's not going to be easy to use, as the exchange rate increases.

So, my proposal is to break it (21 million BTC) into million, billion, trillion parts, and use it day-to-day..

M, B, T, Q, R, S.

BTC^M, BTC^B, BTC^T, BTC^Q, BTC^R, BTC^S

[Qoheleth]

Just use metric prefixes.  It's not worth the trouble of explaining anything else to all newcomers.

I'm totally in favor of SI prefixes starting with micro-bitcoins. But "milli-bitcoin" sounds and looks too much like "million bitcoin", which is a much more "expected" construction in the world of money and finance. (That's why I use "minicoin" myself, although I'm open to better alternatives.)

OP's construction is an interesting one (measuring the value of a blockchain balance by its "percentage of the pie"), but I think it'd be too difficult to introduce at this late stage.

[invisiblehand]

If there is a push for mBTC right now it will facilitate us getting to the next order of magnitude faster

People are already familiar with millimeters and milligrams

By convention million would be denoted MBTC not mBTC

[btcusr]

Just use metric prefixes.  It's not worth the trouble of explaining anything else to all newcomers.

I'm totally in favor of SI prefixes starting with micro-bitcoins. But "milli-bitcoin" sounds and looks too much like "million bitcoin", which is a much more "expected" construction in the world of money and finance. (That's why I use "minicoin" myself, although I'm open to better alternatives.)

OP's construction is an interesting one (measuring the value of a blockchain balance by its "percentage of the pie"), but I think it'd be too difficult to introduce at this late stage.

Thanks..

Idea is like, take all 21M bitcoins, and break it into million, billion, trillion parts.  This is just 'metric'.

[zimmah]

why change something that is simple and make it more confusing?

[zimmah]

No offense, but that sounds like a horrible idea...
There is simply no reason to use other units... Why make it more complex?

Horrible names? Yes. May be.

It's just an idea. Someone would come up with a good name.

But we need smaller units as we go up.

Anyone know "flight level", as in FL250..

that's just to cover up the fact that it's silly to say "I'm flying at 25,000 feet altitude".