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