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Author Topic: Why is Bitcoin called “Bitcoin”?  (Read 389 times)
RainbowKun
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August 18, 2021, 01:58:16 AM
Merited by NotATether (2)
 #1

On January 3, 2009, mysterious Satoshi Nakamoto created, compiled, and packaged the first source code of Bitcoin, inventing the Genesis Block with his own hands, which marked the genesis of the Bit world in its real meaning.


Today, Bitcoin has become an important force influencing the world's financial and currency structure. Waves of pioneers are constantly practicing, exploring, and pushing the spiral progress of the entire encryption world. As I see it, Bitcoin is not just a technology or a currency, it represents a brand new idea and human civilization.


Like many other Bitcoin believers, from the moment the idea of Bitcoin stepped into my mind, I can't get rid of it anymore since it has become a part of my life. I will never go back to the society built by centralized legal tender because I have become a member of a new human civilization.


Do you feel the same? Can you still trust the fiat world?


When you breathe the fresh air, you will never be willing to go back to that muddy, bleak world. The only thing you think about is how to let the light spread quickly and render the fresh air permeate the entire time and space.


I have a question for you.


Why is Bitcoin named “Bitcoin”? Have you ever thought about it?


For the time being, Bitcoin is widely known, even to people who don't have it. But why is that name? In effect, it is Satoshi Nakamoto who coined the title. He released the Bitcoin white paper——Bitcoin: A Peer-to-Peer Electronic Cash System.


Why did he use that name? The answer lies in the name itself.


Bitcoin, this word can be divided into two parts, one is ‘bit’ and the other is ‘coin’. We can understand the meaning of the latter simply, such as 'cash' or 'currency', which is also the currency attribute of Bitcoin. In terms of the former, 'bit' means small amount, and 'a bit' can be interpreted as 'a small amount'. Another significant explanation of it is the smallest unit of information used by computer: binary.


‘Bit’ set up the foundation of the entire information computer industry. The most impressive development of human civilization in the last fifty years is based on computers and the Internet. We have established a novel Internet civilization. Bit is the cornerstone of all those civilizations.


Quote
Bit, binary digit, a computer terminology, the smallest unit of information. The information contained in one unit of a binary number is one bit. For example, the binary number 0100 has 4 bits.


In binary system, each 0 or 1 is a bit, which is the smallest unit of data storage as well. Eight bits is a byte. The number of CPU bits in a computer refers to the maximum that the CPU can process at a time. CPU of 32-bit computer can manage data up to 32-digit once. We are familiar with that concept, it just we may rarely associate it with Bitcoin.


The basic composition and conversion of units in information technology:

Code:
1 Byte = 8 bit
1 KB= 1024 B
1 MB = 1024 KB
1 GB = 1024 MB
1 TB = 1024 GB

Technology is changing our world every second, but however advanced technology is, it is composed of the most basic units, namely, 0 and 1. Now have you figured out the origin of the name?


Bitcoin is essentially not for human use, it belongs to the computer world, a currency for machines. Adopting the code language of 'machine', Bitcoin represents the evolutionary direction of a new human civilization——Digital Civilization. That is why I call this brand-new civilization created by Satoshi Nakamoto 'Bit Civilization'.


Modern computer network is founded on binary, while bit is the most basic and smallest unit of information computer network. Bit weaved the entire human information network civilization and Satoshi Nakamoto is now embarking on a fresh value system on the basis of information network, which signifies the coming of an advanced civilization of mankind.

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August 18, 2021, 03:05:01 AM
Merited by vapourminer (1)
 #2

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.

Anyway, how could you even "never go back to the society built by centralized legal tender" when you are living in it?

Finally, Bitcoin is only successful because it is beneficial for human use. It was meant to be a tool for humans to make use of. Other than that, it couldn't have been created even.

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August 18, 2021, 06:14:57 AM
 #3


The name of Bitcoin is not important, what is important is what it is.


RainbowKun
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August 18, 2021, 06:16:39 AM
 #4

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.

Anyway, how could you even "never go back to the society built by centralized legal tender" when you are living in it?

Finally, Bitcoin is only successful because it is beneficial for human use. It was meant to be a tool for humans to make use of. Other than that, it couldn't have been created even.


Yes, Bitcoin is successful because it is good for mankind. It becomes a tool used by humans. Here, I emphasize that why Satoshi Nakamoto named Bitcoin as Bitcoin, mainly because of the word bit. This is the basic unit of computer language. Therefore, Bitcoin belongs to the currency of computer civilization, that is to say, the currency used by artificial intelligence in the future. This is also a prediction and enjoyment of the future.

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August 18, 2021, 06:58:54 AM
Merited by RainbowKun (1)
 #5

I never thought about the origin of the name before in my life, you wowed me.  Wink
I don't truly feel safe in that I don't really trust fiat, it devaluates  my income so I have to select something for investment.
I read some of your articles and I love your Bit Civilization and the supposed more advanced world where Bitcoin and blockchain make a difference.
my question is, why are you so confident in its coming, it seems extremely and exceptionally distant and unlikely, just a concept. How could you firmly believe Bitcoin has the power to defeat governments and become the incarnation of justice?
yes, numerous new consensus would be reached and countries would compromise. But I do doubt the power of Bitcoin in the battle with governments.
Bitcoin is powerful, but not that powerful.
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August 18, 2021, 07:12:56 AM
Merited by RainbowKun (1)
 #6



Do you feel the same? Can you still trust the fiat world?


When you breathe the fresh air, you will never be willing to go back to that muddy, bleak world. The only thing you think about is how to let the light spread quickly and render the fresh air permeate the entire time and space.


I have a question for you.


Why is Bitcoin named “Bitcoin”? Have you ever thought about it?


You completely described my situation. Now I strongly believe in the crypto world and I don’t want to be in the bank system any more. I feel free as nobody can ban my transaction and I can do with my money whatever I want. I can give them to any project I like.
What comes to Bitcoin’s name, I have never thought about it, but now I understand that it consists of the words coin and bit that is a unit of information measurement in the binary number system.
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August 18, 2021, 07:14:49 AM
 #7

The reason why it was called bitcoin, is because it came to eliminate unemployment, delay in transaction and safe to all our transaction in the world.
It is not control by any country in the world.
It is a decentralized currency that came to stand for the benefits of the world.
RainbowKun
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August 18, 2021, 12:29:15 PM
 #8



Do you feel the same? Can you still trust the fiat world?


When you breathe the fresh air, you will never be willing to go back to that muddy, bleak world. The only thing you think about is how to let the light spread quickly and render the fresh air permeate the entire time and space.


I have a question for you.


Why is Bitcoin named “Bitcoin”? Have you ever thought about it?


You completely described my situation. Now I strongly believe in the crypto world and I don’t want to be in the bank system any more. I feel free as nobody can ban my transaction and I can do with my money whatever I want. I can give them to any project I like.
What comes to Bitcoin’s name, I have never thought about it, but now I understand that it consists of the words coin and bit that is a unit of information measurement in the binary number system.


Good friend, congratulations, you have gained true freedom because of Bitcoin. If I don’t write this article today, no one may ever ask this question: Why is Bitcoin called Bitcoin? This is a very simple question, but it is also a very profound question. Why doesn't Satoshi Nakamoto give Bitcoin another name? Because he wants to name it with bit? Because bit is the smallest unit of information in a computer. Therefore, I concluded that Bitcoin is the currency of the computer world and the currency of the robot world. This assumption may not be correct, but at least this is a very meaningful question.


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August 18, 2021, 12:40:06 PM
 #9

Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual. It's like an online version of cash. ... People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.

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August 18, 2021, 12:50:31 PM
 #10

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.
I don't think it would enjoy the sam success if it were named differently, even if it's not annoying sounding name. Probably we can get by with it given that it only takes acclimation to the names since it delivers what it does anyway.

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August 18, 2021, 02:52:56 PM
 #11

It is only a name and I don't see big importance to know why it was named as Bitcoin.

However, I recalled an interesting topic. Nomenclature convention. Bitcoin or bitcoin? When do we use Bitcoin and when do we use bitcoin?

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August 18, 2021, 02:59:29 PM
 #12



This is actually my first time to have read such a good explanation why Bitcoin is named as such by sir Satoshi Nakamoto. And I am not anymore wondering why many is describing Bitcoin as the money of the internet because I am seeing it as the next evolution in our computer-dominated world right now. And rightly so, Bitcoin is representing not just money or currency but a new way of thinking away from the repressive control of the governments and the industry leaders. And I am not wondering why even the government right now is copying Bitcoin and really wondering why it is working for the many people.

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August 18, 2021, 03:20:46 PM
 #13

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.

Anyway, how could you even "never go back to the society built by centralized legal tender" when you are living in it?

Finally, Bitcoin is only successful because it is beneficial for human use. It was meant to be a tool for humans to make use of. Other than that, it couldn't have been created even.


Yes, Bitcoin is successful because it is good for mankind. It becomes a tool used by humans. Here, I emphasize that why Satoshi Nakamoto named Bitcoin as Bitcoin, mainly because of the word bit. This is the basic unit of computer language. Therefore, Bitcoin belongs to the currency of computer civilization, that is to say, the currency used by artificial intelligence in the future. This is also a prediction and enjoyment of the future.
I do not think that Satoshi named it Bitcoin because he thinks AI will use it in the future. If everyone predicting AI will be more intelligent than us they would do away with the concept of money and not use it but that is another topic. Satoshi probably named Bitcoin because of bits in computers I do not think there was any other reason and I do not think it means a lot why he named it Bitcoin.
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August 19, 2021, 02:03:59 AM
Merited by vapourminer (1), RainbowKun (1)
 #14

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.
I don't think it would enjoy the sam success if it were named differently, even if it's not annoying sounding name. Probably we can get by with it given that it only takes acclimation to the names since it delivers what it does anyway.

The earliest people who believed in Bitcoin wasn't impressed by its name but by its features. They were enamored with the revolutionary technology not because it is called Bitcoin but because it offers properties never before seen from a currency. They've predicted a bright future for the cryptocurrency not by simply looking at its name but by going through the design detail by detail. Bitcoin remains to be the decentralized, transparent, censorship-resistant, permission-less technology even if it is called another name.

The name is immaterial. It's probably why Satoshi didn't even care to explain why he/she/they called the currency Bitcoin.

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August 19, 2021, 02:40:45 PM
 #15

The earliest people who believed in Bitcoin wasn't impressed by its name but by its features.
Name is just a name and it can not decide a quality, usability and value of a person, a company or a cryptocurrency.

But if it has a name, people should write it down as correctly as possible. The discussion on when to use Bitcoin and when to use bitcoin is interesting.
Do you know the difference between Bitcoin and bitcoin?

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August 19, 2021, 04:50:10 PM
 #16

.........


Honestly speaking in my 3-4 years of journey with bitcoin i also didn't think about it Before. But when i see your topic title its increase my curiosity that i must click on this topic and i have to know what is he write. And i also want to know why bitcoin is called bitcoin. This is the first time in my life i got and mysterious questions with instant answer. Truely man you are awesome. We have to admit you had creat a very informative topic. And i also think there had lots of people who might not think before seeing your topic title that why bitcoin called bitcoin. You are genious man. Keep growing like this brother.

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August 19, 2021, 05:44:01 PM
 #17

This is a real beautiful explanation.
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August 19, 2021, 06:01:05 PM
 #18

In fact, read all the words in the dictionary that start with B, and chose the most suitable Bit. There is no ambiguity and no negative expansion. The same is true in more than 20 major languages around the world. Except that there is a language in Africa, it is a strange animal.
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August 20, 2021, 06:37:18 AM
 #19

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.
I don't think it would enjoy the sam success if it were named differently, even if it's not annoying sounding name. Probably we can get by with it given that it only takes acclimation to the names since it delivers what it does anyway.

The earliest people who believed in Bitcoin wasn't impressed by its name but by its features. They were enamored with the revolutionary technology not because it is called Bitcoin but because it offers properties never before seen from a currency. They've predicted a bright future for the cryptocurrency not by simply looking at its name but by going through the design detail by detail. Bitcoin remains to be the decentralized, transparent, censorship-resistant, permission-less technology even if it is called another name.

The name is immaterial. It's probably why Satoshi didn't even care to explain why he/she/they called the currency Bitcoin.

Yes, you are right. I very much agree with your view. Whether it is the first supporter of Bitcoin or the current supporter of Bitcoin, they did not choose to support Bitcoin because of its name. It is because of the function of Bitcoin, the freedom that Bitcoin brings us, and we choose to support Bitcoin. But this does not affect our thinking about why Satoshi Nakamoto named Bitcoin as Bitcoin. This is a two-dimensional problem. In this article, I will break down the word Bitcoin into two parts, bit+coin, where coin stands for currency, and bit stands for the smallest unit of measurement in a computer. So I came to the conclusion that Bitcoin is the currency created by Satoshi Nakamoto for the computer world, and from this I think of the future silicon-based civilization. Of course, this is just my personal conjecture, and there is no evidence that my conjecture is correct. I will publish this possibility and communicate with you. I think this is a rather interesting question.

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August 20, 2021, 07:42:36 AM
 #20

why is bitcoin called bitcoin? most likely satoshi named bitcoin because he was like a coin, that's why he named it bitcoin, actually if we want to know why satoshi named money in digital with bitcoin, maybe we should ask the bitcoin developer directly. actually what we want is the price, not the name..


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