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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 56276 times)
juju
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May 23, 2014, 04:34:55 AM
 #281

Getting .00004420BTC is much more complicated than describing it as 4420.00bits.


you mean 44.20 bits
or 4420 satoshi's....

right?
Good point  Grin
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May 23, 2014, 04:42:58 AM
 #282

Getting .00004420BTC is much more complicated than describing it as 4420.00bits.

The name for the convenient Bitcoin accounting unit is (mostly) independent of the the name we give it. since this was already explained up-thread, I don't see the point in participating in the discussion much further.

Quote from: DeathAndTaxes
A shave and a haircut, two indivisible units of information storage?
I will be there in a (small amount of (time is implied))?
That movie was a indivisible (small amount of) boring?
He is infected, he got (bitten) by that zombie?
Drilling titanium, pretty sure you will need a diamond carbide tipped bit (not sure of a synonym here)?

OK, I admit, you can get clues from context.

I have never used "bits" as divisible unit of value. I find the first example the most confusing of those listed: though have heard it in popular culture.
Edit: I thought of one exception: when calculating the entropy of a pass-phrase, I often get fractional bits after taking the log2 of a number. If the dictionary you are pulling from is not a round base-2 number, each extra word will add fractional bits of entropy.

If somebody gave a price in bits, I would demand a more clear unit for pricing. If they refused, they would lose a sale.

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May 23, 2014, 04:43:07 AM
 #283

I genuinely find it confusing. Bits to me are an indivisible unit of information storage.

A shave and a haircut, two indivisible units of information storage?
I will be there in a indivisible unit of information storage?
That movie was a indivisible unit of information storage boring?
He is infected, he got indivisible unit of information storage by that zombie?
Drilling titanium, pretty sure you will need a diamond carbide tipped indivisible unit of information storage?

nice one, but i prefer

by the way while i saw you laughing, there was a 'indivisible unit of information' of green stuff stuck between your teeth
by the way some of your jokes are funny, but only a little 'indivisible unit of information' funny
by the way when that girl ' indivisible unit of information' her lip, she was signalling that she was interested in you

do i need to now go over the pound of beef, pound coin comparatives to enlighten phillipsjk that currencies dont care about double meaning, and people using them don't either

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May 23, 2014, 04:54:13 AM
 #284

I have never used "bits" as divisible unit of value. I find the first example the most confusing of those listed: though have heard it in popular culture.

"Shave and a haircut, two bits".  A bit was a unit of currency worth an eighth of a dollar (12.5 cents).
https://en.wikipedia.org/wiki/Bit_(money)
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May 23, 2014, 05:27:54 AM
 #285

I genuinely find it confusing. Bits to me are an indivisible unit of information storage.

Can I have a bit of your cake?

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May 23, 2014, 05:28:59 AM
 #286

I genuinely find it confusing. Bits to me are an indivisible unit of information storage.
Here, have a choc bit cookie. oops.

edit: if a woman asks you 'do you fancy a bit?', do you reply, 'what, a 1 or a 0?'

And if a girl asks you for a date, do you reply: "it's May 23rd"?

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May 23, 2014, 06:40:30 AM
 #287


And if a girl asks you for a date, do you reply: "it's May 23rd"?


You know, that would probably be a better response than my typical blank stare Wink

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May 23, 2014, 02:13:42 PM
 #288

In all actuality making 1BTC 1,000,000.00bits would make it easy for the general public. All the reasons already mentioned aside, some people cant even deal with more than two decimal places so using BTC as is would be confusing/unappealing to them.  

When I tell people about investing in Bitcoin it is hard for them to imagine what value they have when it is spread over 8 decimal places. I tell a friend he can give me 10 dollars worth of USD for some BTC, it would make sense for the number to be whole when I give it to him. Even for a new investor/user of the currency "bits" or "Bits" should not seem confusing to someone who is brand new. Getting .00004420BTC is much more complicated than describing it as 44.20bits.


these are all arguments for naming the unit that corresponds with 1 µBTC, but those are not arguments to name it 'bit'.

How to name a the unit and whether or not we should use the unit are two completely different questions.
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May 23, 2014, 07:57:10 PM
 #289

In all actuality making 1BTC 1,000,000.00bits would make it easy for the general public. All the reasons already mentioned aside, some people cant even deal with more than two decimal places so using BTC as is would be confusing/unappealing to them.  

When I tell people about investing in Bitcoin it is hard for them to imagine what value they have when it is spread over 8 decimal places. I tell a friend he can give me 10 dollars worth of USD for some BTC, it would make sense for the number to be whole when I give it to him. Even for a new investor/user of the currency "bits" or "Bits" should not seem confusing to someone who is brand new. Getting .00004420BTC is much more complicated than describing it as 44.20bits.


these are all arguments for naming the unit that corresponds with 1 µBTC, but those are not arguments to name it 'bit'.

How to name a the unit and whether or not we should use the unit are two completely different questions.

it is just a bit tiresome to listen to "bit' pushers...
obviously the name bit is horrible, but it is also clear that people either don't care or cannot coalesce around a valid contender. To me personally ubit is fine.
Bit proposal had gained 598 votes. How many read bitcointalk? I am sure thousands, so don't describe 598 highly opinionated people as a "consensus". A wolf pack has a consensus, but it is just a pack of wolves. This poll is deficient because there are too few choices-better poll with many choices is needed.

Edit: if you describe 1 XBT as a unit (instead of 1BTC), then call XBT a xib or xi, then 1XBT=0.000001 BTC instead or current understanding that XBT=BTC.
Since XBT is not approved yet, it could be modified to represent 0.000001 of BTC value, case closed.
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May 23, 2014, 08:06:57 PM
 #290

In all actuality making 1BTC 1,000,000.00bits would make it easy for the general public. All the reasons already mentioned aside, some people cant even deal with more than two decimal places so using BTC as is would be confusing/unappealing to them.  

When I tell people about investing in Bitcoin it is hard for them to imagine what value they have when it is spread over 8 decimal places. I tell a friend he can give me 10 dollars worth of USD for some BTC, it would make sense for the number to be whole when I give it to him. Even for a new investor/user of the currency "bits" or "Bits" should not seem confusing to someone who is brand new. Getting .00004420BTC is much more complicated than describing it as 44.20bits.


these are all arguments for naming the unit that corresponds with 1 µBTC, but those are not arguments to name it 'bit'.

How to name a the unit and whether or not we should use the unit are two completely different questions.

it is just a bit tiresome to listen to "bit' pushers...
obviously the name bit is horrible, but it is also clear that people either don't care or cannot coalesce around a valid contender. To me personally ubit is fine.
Bit proposal had gained 598 people. How many read bitcointalk? I am sure thousands, so don't describe 598 highly opinionated people as a "consensus". A wolf pack has a consensus, but it is just a pack of wolves. This poll is deficient because there are too few choices-better poll with many choices is needed.

Edit: if you describe 1 XBT as a unit (instead of 1BTC), then call XBT a xib or xi, then 1XBT=0.000001 BTC instead or current understanding that XBT=BTC.
Since XBT is not approved yet, it could be modified to represent 0.000001 of BTC value, case closed.

+1
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May 23, 2014, 08:50:06 PM
 #291

If we could accomplish just this one thing:

    1 BTC = 1000000 XBT
    1 XBT = 0.000001 BTC

I would be very happy.

What people call one XBT in common usage: bit, ubit, xi does not matter to me as much.

I am still firmly in the "bit" camp:

    1 BTC = 1 bitcoin
    1 XBT = 1 bit (the X just means it is not assigned to any one country like XAU, XAG, etc.)

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May 23, 2014, 09:23:10 PM
 #292

If we could accomplish just this one thing:

    1 BTC = 1000000 XBT
    1 XBT = 0.000001 BTC

I would be very happy.

What people call one XBT in common usage: bit, ubit, xi does not matter to me as much.

I am still firmly in the "bit" camp:

    1 BTC = 1 bitcoin
    1 XBT = 1 bit (the X just means it is not assigned to any one country like XAU, XAG, etc.)

You posted similar thought to what I posted just before picking up my kid from school. I think that many people would agree.
Now that I am back, it is crystal clear as far as 1XBT=0.000001 BTC
This is much more important then slang terms.

Edit: see new poll to validate this proposal
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May 24, 2014, 11:00:03 AM
 #293

I think your voting is closed. I was trying to vote bits but there is no option to submit my vote.

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May 24, 2014, 11:16:06 AM
 #294

I think your voting is closed. I was trying to vote bits but there is no option to submit my vote.

Once your activity hits 30 you should be able to vote. I won't be closing it as I consider this issue really crucial to Bitcoin's future. At the beginning I was unsure, but all the feedback has made it clear.

As an aside, 600 voters is a milestone for bitcointalk and I doubt that any poll here has received half as much interest before!

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May 24, 2014, 11:22:12 AM
 #295

Except your poll is flawed because many people vote for bit just because 1/1000000 btc is more convenient than 1 btc or 1/1000 btc. So the poll is really about what unit we should use and not about how we should name it.

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May 24, 2014, 11:32:26 AM
 #296

Except your poll is flawed because many people vote for bit just because 1/1000000 btc is more convenient than 1 btc or 1/1000 btc. So the poll is really about what unit we should use and not about how we should name it.

I know you are not happy with the name, but no single name is perfect and would satisfy everyone. That is a side-issue. What is far more important is moving to a two decimal place currency. Maybe the poll could be improved in hindsight, but once it was started it needed to remain untouched.

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May 24, 2014, 01:37:32 PM
 #297

the thing is you and some others claim there is a majority vote for the name 'bit' while this simply is not true. The majority vote is for using µBTC rather than a full bitcoin.
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May 24, 2014, 02:02:20 PM
 #298

the thing is you and some others claim there is a majority vote for the name 'bit' while this simply is not true. The majority vote is for using µBTC rather than a full bitcoin.
'Bit' has already caught on as the most popular name. You're fighting a lost cause.
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May 24, 2014, 02:07:10 PM
 #299

'bit' already implemented. new standard is on the way.   Wink

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https://wallet.quickcoin.co
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May 24, 2014, 02:11:58 PM
 #300

the thing is you and some others claim there is a majority vote for the name 'bit' while this simply is not true. The majority vote is for using µBTC rather than a full bitcoin.

My mother, like the majority of people in this world, wouldn't know how to pronounce µBTC or even type µ on a keyboard. You people have lost - accept it, and just be happy that bitcoin is now a tiny bit easier to understand and use.
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