Instead of Satoshis, wouldn't it make sense to call the smallest unit a "Bit"?

[tread93]

So I was reading something interesting in the Red Book today, on page 10, it talks about Bits on the spanish dollar system, the pieces of eight. Well, you learn something new every day because I wasn't aware that 1 bit in the spanish dollar monetary system is equivalent to 12.5 cents, and 2 Bits equals 25c and so on. I thought that interesting because now we're talking about the evolution of money here, and as far as the spanish dollars are concerned people have been exchanging bits for centuries now! Just not bit coins up until recently I know that isn't any coincidence, because it would be very funny to think that Satoshi had the pieces of eight in mind when he invented bitcoin. How funny would that be if thats how he got the name lol. The units in which data is also measured uses the bit system, with so many bits making a byte, and so on. I have just been thinking about this recently as I was looking through some of the finer 8 reales coins that popped up in my employers inventory for sale, and so I turned to the red book and learned this about the bits. It is commonly known for 2 bits equaling 25 cents I read somewhere on google. If thats the case then lets just use our imagination here. if 1 bit was to equal 1 satoshi and there are 120 million satoshis in one bitcoin then you do the math and tell me what you get

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[MoparMiningLLC]

no.

bit has always meant something else.

and it is 100 million sats to one Bitcoin not 120 million sats

[SatsLife]

you will enjoy this article then... https://medium.com/the-capital/bitcoin-sats-or-bits-adam-back-tweets-his-call-17f14eb3177f

[tread93]

no.

bit has always meant something else.

and it is 100 million sats to one Bitcoin not 120 million sats

Thanks Mopar! somewhere I read 120 million lol. Anyhow just found it an interesting correlation...

[MoparMiningLLC]

you will enjoy this article then... https://medium.com/the-capital/bitcoin-sats-or-bits-adam-back-tweets-his-call-17f14eb3177f

iirc

that was 1 bit = 100 sats so 1 million bits = 1 BTC - that still means 100 million sats = 1 btc

[krogothmanhattan]

 Bits is good but to honor Satoshi Nakamoto I think we should stick to Satoshi's....thats just my two Satoshi on the subject  

  I am also so used to using SATs that it would confuse the heck out of me to go back to Bits.

[rat03gopoh]

At least your suggestion must be heard by all entities in the world who use satoshi for the term bitcoin's smallest fraction.
You're not the first person to put forward this kind of proposal and most of them were rejected on the first presentation.

[MoparMiningLLC]

Bits is good but to honor Satoshi Nakamoto I think we should stick to Satoshi's....thats just my two Satoshi on the subject  

  I am also so used to using SATs that it would confuse the heck out of me to go back to Bits.

you can have both. 1 sat is .00000001 BTC and 1 bit is .00000100 BTC

[krogothmanhattan]

Bits is good but to honor Satoshi Nakamoto I think we should stick to Satoshi's....thats just my two Satoshi on the subject  

  I am also so used to using SATs that it would confuse the heck out of me to go back to Bits.

you can have both. 1 sat is .00000001 BTC and 1 bit is .00000100 BTC

   Yeah...I have used both Sats and also Bits on my loaded items...but I think I prefer Sats as that is what I use to conduct

  certain transactions.

[MoparMiningLLC]

Bits is good but to honor Satoshi Nakamoto I think we should stick to Satoshi's....thats just my two Satoshi on the subject  

  I am also so used to using SATs that it would confuse the heck out of me to go back to Bits.

you can have both. 1 sat is .00000001 BTC and 1 bit is .00000100 BTC

   Yeah...I have used both Sats and also Bits on my loaded items...but I think I prefer Sats as that is what I use to conduct

  certain transactions.

agreed. I never use bits unless the item itself is denoted as such - there are collectibles that have "bits" or "millibits" on them.  In my head I still convert to sats and/or btc

[Kryptowerk]

Bits is good but to honor Satoshi Nakamoto I think we should stick to Satoshi's....thats just my two Satoshi on the subject  

  I am also so used to using SATs that it would confuse the heck out of me to go back to Bits.

you can have both. 1 sat is .00000001 BTC and 1 bit is .00000100 BTC

   Yeah...I have used both Sats and also Bits on my loaded items...but I think I prefer Sats as that is what I use to conduct

  certain transactions.

Yes, agree with you on that. I think Moonbits used "bits" as a reference to the BTCC chips. My own mind definetely works in sats and 1.0000000 BTC, not in bits, though.
If Bitcoin ever reaches the masses, maybe the official term for the lower denominations may change. I will always refer to the (currently) smallest unit as Satoshi or sat. It's unique and shows respect where respect is due. Just my 50 sats on the topic, though.

[OgNasty]

I agree that bits makes more sense but I like that satoshi is forever a part of Bitcoin with this terminology. In the end it doesn’t much matter because everything is priced in dollars anyway. I still talk in terms of bitcoins as I think it would be weird to ask someone for hundreds of thousands or even millions of sats, but if it’s an amount in the hundreds of sats I would say sats. I’ve just never really had a reason to trade a few cents. 

[aoluain]

Same as that, I use "Satoshi's" its only fitting to use that in recognition of the person
who brought us Bitcoin.

Bit should be really only be used to describe the single unit of Bitcoin.

my 2  . . . satoshi's

[tread93]

you will enjoy this article then... https://medium.com/the-capital/bitcoin-sats-or-bits-adam-back-tweets-his-call-17f14eb3177f

This was a pretty good article SatsLife. I enjoyed the history, it's pretty cool that Satoshi himself favored the term bits. On another interesting video I was watching yesterday on the Townsends YouTube channel there was another one referencing the similarities to the Spanish coinage and bitcoin. He was mainly talking about the very popular milled pillar dollars and also the pieces of eight, but he described how merchants and traders kept a Ledger. People would often trade items for a promise of payment and it went down in their little book or on a small scribe, he related that to bitcoins Ledger system 🤔 the video was in like 2019 or something titled the history of money in the US or something

[MoparMiningLLC]

you will enjoy this article then... https://medium.com/the-capital/bitcoin-sats-or-bits-adam-back-tweets-his-call-17f14eb3177f

This was a pretty good article SatsLife. I enjoyed the history, it's pretty cool that Satoshi himself favored the term bits. On another interesting video I was watching yesterday on the Townsends YouTube channel there was another one referencing the similarities to the Spanish coinage and bitcoin. He was mainly talking about the very popular milled pillar dollars and also the pieces of eight, but he described how merchants and traders kept a Ledger. People would often trade items for a promise of payment and it went down in their little book or on a small scribe, he related that to bitcoins Ledger system 🤔 the video was in like 2019 or something titled the history of money in the US or something

yes there was bits but again bits was 100 sats or 100 bitcents. Bits was never used to describe 1 sat or 1 bitcent. you are suggesting to call sats bits and that would be completely off.


edit and if you check the forums - there are plenty of uses of the term bitcent but that was still never used by satoshi here on the forums - at least not that I have ever seen or found.