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Question: Should "bits" become the standard for merchant pricing, wallets and general usage.
Bitcoin best as the common unit. 0.001234 is ok - 108 (14.1%)
milliBitcoins (thousandths) are best - 90 (11.7%)
Bits (millionths) are best - 570 (74.2%)
Total Voters: 768

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Author Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE  (Read 56196 times)
franky1
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May 03, 2014, 01:39:21 PM
 #141

Why can't we just rename 100 satoshis as 1 bitcoin?

This is the best solution to me also.

1 BTC = 100 satoshis (instead of 100M)

above is proof of poor people that want to shout to the world "i finally have one bitcoin"

so me, having so much more will be the first to laugh at them and say

"no sonny, your still poor you only have 100 satoshi's"

calling such a low number a bitcoin is only something the poor will want, to appear richer without actually bothering to earn 100m satoshi's
so please give it a break with that silly idea.. a bitcoin is a bitcoin..

it looks like the consensus is to skip mBTC and uBTC measurements. so the only question is what do we call 100sat.

do we go with 1bit or give it another name.. i think 1zib is weird and wrong as it has no relevance and looks alien in regards to crypto.
so what other suggestions are there for 100sat's
so far 1bit is in the lead, and unless someone comes up with another word the consensus will stick with 1bit.

i personally have these in mind for 100sat's:
1gav (in honour of gavin A's 3 years of hard work as lead developer/scientist so far)
1alp (in honour of the alpaca socks (first legit merchant))

now show us some gray matter movement and get some good idea's going instead of this endless repetition of a 3day old arguement

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May 03, 2014, 01:41:52 PM
 #142


1 BTC = 100 satoshis (instead of 100M)


Lunatic.
If this become consensus, I'm out and lost confidence in crypto community.

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May 03, 2014, 01:50:18 PM
 #143

Actually we have MicroBitcoin (μBTC) already. Why change it to Bits?

I prefer μBTC (spelled: uBit)

Why change it to bits?  Because you just explained the same thing in 3 different ways, μBTC, MicroBitcoin and uBit.

You're right.  3 ways is simply not enough.  We must introduce a 4th!
franky1
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May 03, 2014, 01:54:43 PM
 #144

Actually we have MicroBitcoin (μBTC) already. Why change it to Bits?

I prefer μBTC (spelled: uBit)

Why change it to bits?  Because you just explained the same thing in 3 different ways, μBTC, MicroBitcoin and uBit.

You're right.  3 ways is simply not enough.  We must introduce a 4th!


can we all realise mBTC and uBTC are not FUTURE PROOFING.. they are just temporary. we need to think about FUTURE-PROOFING

so please get with the program.. the mbtc and ubtc arguments are futile and repeated to death, move on and evolve passed the old stuff and think of the future..

so lets think about RELEVANT names for 100sat's that have NOT been used, but show some relevance to bitcoin ecosystem

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May 03, 2014, 02:02:13 PM
 #145

So 1 bit equals 100 satoshis, in the future, it's quite possible for 1 bit worthing 1dollar.

I don't see why you find it is "quite possible" to have 1 btc = 1 mil USD.

If you add up all the money supplies in all the currencies around the world, it's totals about 1 x 10^14 U.S. dollars.  The total number of XBT that will ever exist is about 2 x 10^15 satoshis.  So if you replaced all the fiat currencies with XBT today, each USD would be covered by about 20 satoshis, and each BTC would be worth about $5 million USD.

And while it seems like some people would be content just to have XBT just be one of many competing currencies around the world, I'd like to see it totally replace all the debt-based, fractional reserve, government-abused fiat currencies.  Money creation is just too important to be left in the hands of governments!

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May 03, 2014, 02:09:18 PM
 #146

can we all realise mBTC and uBTC are not FUTURE PROOFING.. they are just temporary. we need to think about FUTURE-PROOFING

so please get with the program.. the mbtc and ubtc arguments are futile and repeated to death, move on and evolve passed the old stuff and think of the future..

so lets think about RELEVANT names for 100sat's that have NOT been used, but show some relevance to bitcoin ecosystem

Wait - µBTC is 100 Satoshi (I guess really I should say 100 Satoshi is 1 µBTC, since we started with BTC and Satoshi came later). So if µBTC isn't future-proof, then new-name-for-100-satoshi won't be either, surely?

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May 03, 2014, 02:15:20 PM
 #147

Dollars and cents
Bitcoins and millies and micros (or mics)

easy, really.

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frente
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May 03, 2014, 02:20:20 PM
 #148

above is proof of poor people that want to shout to the world "i finally have one bitcoin"

No, your post is the proof of poor people that want to shout to others "I have one bitcoin and you don't!"
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May 03, 2014, 02:21:39 PM
 #149

the second i saw this i groked the necessity of it right away. it makes perfect logical sense. current accounting software will deal with it nicely. people can say it and remember it easier and it scales well especially as bitcoin prices rise... when we have a $1M/BTC then we will be paying for things with 1 or 2 bits... i like it.

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May 03, 2014, 02:36:05 PM
 #150

the second i saw this i groked the necessity of it right away. it makes perfect logical sense. current accounting software will deal with it nicely. people can say it and remember it easier and it scales well especially as bitcoin prices rise... when we have a $1M/BTC then we will be paying for things with 1 or 2 bits... i like it.

The average Joe on the street will easily understand when we explain the units.  "The Bitcoin price went up so much that it wasn't a convenient unit any more, so we divided the bitcoin into a million bits.  And if that gets to be too big, each bit is further divided into a hundred satoshi.  So if you want to invest today, a nice initial investment of one million bits will cost you only $439.90."

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olli
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May 03, 2014, 02:41:11 PM
 #151

Yes please introduce "bits" asap.

It has all the advantages as mentioned. Since it does not contain the word "coin" I think it even reduces confusion when you talk about "Bitcoin" the network vs. "bits" the unit of value.
Also, even me being a programmer, I don't see too much potential for confusion because of "bits" being already used in different contexts: If you talk a bit about bits and bytes with a fellow person and want to give him a tip of 5 bits ... what's the big deal?

And finally, yeah also mentioned over and over already, reading "100,000 bits" is just so familiar that I immediately know this is a hundred thousand bits instead of ten thousand or a million, while reading "0.00001 btc" is much harder to decipher. I usually have to concentrate, take a long look and actually have to count the digits in order to verify it is really a 1/100000 and not 1/10000 or 1/1000000 and this gives me headaches. I don't like headaches!
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May 03, 2014, 03:37:00 PM
 #152

I've been lurking here for almost 4 years... I registered to vote for bits.

Nobody wants .01 of something. I've witnessed it with almost everyone I introduce bitcoin to.
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May 03, 2014, 03:42:12 PM
 #153

What might happen:

1. BitPay introduces bits
2. Everyone follows (somehow they are forced)
2. All prices converted to bits
3. People start calling bits bitcoins
4. Original bitcoin value gradually forgotten
5. Bit "officially" renamed to bitcoin

Maybe this is the only way to keep bitcoin name for (everyday) currency unit.
franky1
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May 03, 2014, 03:54:43 PM
 #154

What might happen:

1. BitPay introduces bits
2. Everyone follows (somehow they are forced)
2. All prices converted to bits
3. People start calling bits bitcoins
4. Original bitcoin value gradually forgotten
5. Bit "officially" renamed to bitcoin

Maybe this is the only way to keep bitcoin name for (everyday) currency unit.

5. bit remains 100sat and bitcoin remains the name of the protocol and measurement of 100,000,000sats.

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May 03, 2014, 05:02:29 PM
 #155

Bit is fine.  In fact there is already a very famous song about it "shave and a haircut, two bits".  That should be our goal.  Bitcoin acceptance to the level that a shave and a haircut costs two bits.

Everyone who agrees just needs to start using it, explaining it, publishing it, correcting other (anoying them), etc.  It will either catch on or it won't.  This is what I hope catches on:

1 satoshi = smallest unit, pretty much in general use today
             = "bitcents" also makes some sense and may catch on and evolve back into cents (1/100th)
1 bit       = 100 satoshi, eventually every day use, coffee, sandwiches, etc.
1 XBT     = 1 bit, should be the official symbol on all exchanges, forex, etc.
1 BTC     = 1000000 bits = kept for dealing with larger amounts, may fade

1 Bitcoin/bitcoin as a currency unit fades away

Bitcoin = the Bitcoin protocol

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May 03, 2014, 05:54:06 PM
 #156

So the term "bit" is used everywhere in technology and of course in the name Bitcoin itself.

But what about a slightly alternate spelling 

like
   byt
or
   biit
or
   bbit


Certainly distinguishable thing and something our effort's marketing gurus can leverage as something distinct.

Thoughts?
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May 03, 2014, 06:01:06 PM
 #157

I preffer Bitcoin or Satoshi for small amounts. I hear about bits first time, so Im surprised it is exactly uBTC, btw micro=milionth  Smiley
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May 03, 2014, 06:02:54 PM
 #158

I really like bits.  For one, you can have a conversation with bits.  mBTC and uBTC is awkward; mBTC is worse as it doesn't roll off the tongue well, uBTC isn't as bad.  But bits is 1 syllable, rather than 4.  It's also easier to type, as it's all lowercase.  And you get two decimal spots, which everyone's already accustomed to.  Not that we'd need them anytime soon but perhaps someday.

Perhaps we could make a lowercase bitcoin symbol to represent bits.

Great! You are a guru artist so I would like to see your conception of such a symbol.

To represent bits (one millionth of a bitcoin), we could just use unicode character 0x0180 which produces the symbol ƀ.

This would keep all the people who like BTC happy, and make all the people who wanted to switch to Ƀ happy too. 



Really good idea!  +1

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May 03, 2014, 06:22:06 PM
 #159

So the term "bit" is used everywhere in technology and of course in the name Bitcoin itself.

But what about a slightly alternate spelling  

like
   byt
or
   biit
or
   bbit

I propose "tit". Immediately appeals to about 50% of the world's population.

Seriously though, 1 bit = 100 satoshis is perfectly fine.

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May 03, 2014, 06:45:41 PM
 #160

Seriously though, 1 bit = 100 satoshis is perfectly fine.

1 bit is {like} $1.00

1 satoshi is {like} $0.01

so 50 satoshis is half a bit like 50 Cents is Curtis James Jackson III, oh no wait i think i screwed something up there... oh hell you understand what i mean it makes sense...


now i am just waiting for a nerdcore rapper named "fity satoshi"...

 

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