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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 56182 times)
Stevenrm87
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May 02, 2014, 06:32:29 PM
 #41

I like the bits idea for sure.

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May 02, 2014, 06:40:35 PM
 #42

Agreed. Bits looks good and doesn't need another change down the way (like from mili to micro).
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May 02, 2014, 06:43:09 PM
 #43

NOOOOOOOOOOOOOOOOOOOOOPE,  satoshies that is what we will use.

1 bitcent is 1 satoshi. Good enough for me.
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May 02, 2014, 07:10:18 PM
 #44

We (BitPay) like moving to "bits" …Jeff has written a blog post articulating how we intend to make the transition if we feel there is a consensus to go in this direction.

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

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May 02, 2014, 07:38:31 PM
 #45

We (BitPay) like moving to "bits" …Jeff has written a blog post articulating how we intend to make the transition if we feel there is a consensus to go in this direction.

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

This is excellent news! I can say for myself and the Finnish Bitcoin community that the community over here is very much on board with the change. Some are pressuring us to make the change before anyone else and we have used mBTC in some situations where it works especially well but we're still looking at overall community consensus.

For the change to be permanent and future proof it would need to be µBTC or "bits" as they are now called, not mBTC.

After reading Jeff's blog post I have to say my hopes of this change actually happening just went up 100x. This will be really good for Bitcoin as one of the key psychological advantages that altcoins have over Bitcoin will be gone.

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100 satoshis -> ISO code


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May 02, 2014, 07:39:17 PM
 #46

User 101111 on reddit made this mock-up wallet.
I wish I could take credit for that mock-up. I can't remember who made it but it was someone on reddit.

Thanks for mentioning. OP is corrected.

that's gonna destroy bitcoin.
No it won't.  Silly polls like this have come and gone for years.  Nothing happens, ever.

Yep. Consensus works by discussing something until people are sick of the subject, although it will then be obvious where most people stand. Change can't be forced but it can be encouraged. A glacier builds from singular snowflakes.  Smiley  IMHO Bitcoin would benefit from having a widely recognized unit with 2dp precision.

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May 02, 2014, 07:57:05 PM
 #47

We (BitPay) like moving to "bits" …Jeff has written a blog post articulating how we intend to make the transition if we feel there is a consensus to go in this direction.

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

Best news I have heard all day Cheesy


 
 
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cozk
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May 02, 2014, 08:23:46 PM
 #48

Yes.
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May 02, 2014, 08:30:31 PM
 #49

how to change mBTC and uBTC to bits? who can do that, bitcoin developer?

one of ALTcoin is BITS Grin
https://bitcointalk.org/index.php?topic=574652.0
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May 02, 2014, 08:58:46 PM
 #50

1 bit is also 1/8 of one USD.

Seeing all the hoopla over BTC versus XBT I would support the following:

1 BTC = 1 Bitcoin = same as it ever was

1 XBT = 1 Bit = 0.000001 BTC

1000000 XBT (Bit) = 1 BTC (Bitcoin)

I would be behind this 100% as it "fixes" the whole BTC/XBT issue and give those who have been worried about the size of the BTC something to use.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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May 02, 2014, 09:02:29 PM
 #51

PLUS

1 BTC = 1 BiTCoin

1 XBT = 1 BiT

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May 02, 2014, 09:07:17 PM
 #52

We (BitPay) like moving to "bits" …Jeff has written a blog post articulating how we intend to make the transition if we feel there is a consensus to go in this direction.

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

Best news I have heard all day Cheesy

I like the transition suggested: go to 6 decimals first (1 coffe = 0.009138 BTC), then just drop the "0." (1 coffee = 9138 bits).

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May 02, 2014, 09:08:44 PM
 #53

1 bit is also 1/8 of one USD.

Seeing all the hoopla over BTC versus XBT I would support the following:

1 BTC = 1 Bitcoin = same as it ever was

1 XBT = 1 Bit = 0.000001 BTC

1000000 XBT (Bit) = 1 BTC (Bitcoin)

I would be behind this 100% as it "fixes" the whole BTC/XBT issue and give those who have been worried about the size of the BTC something to use.

wow, we're really cleaning up now Wink. like it.


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May 02, 2014, 09:21:32 PM
 #54

Microbitcoins are best.

Please add the uBTC (micro Bitcoin) to the voting list!
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May 02, 2014, 09:22:36 PM
 #55

100 satoshis (no more than 2 digits after the decimal point) is the right unit size... but all variants of 'microbitcoin' are awkward names: "microbitcoin", "µBTC", "microbits", "crobits", "eubits", "mubits", "mics".

Unfortunately "bit" is also a problematic name. Some reasons are listed here:

http://zibcoin.org/faq#why-not-bits-to-mean-microbitcoins

The best bet would be to make-up another distinctive one-syllable word that doesn't have any conflicting meanings inside the Bitcoin system.

My proposal is 'zib', chosen to be very similar to 'bit' – usable in all the same places – with even-better options for abbreviation and no meaning-collisions. More info is at:

http://zibcoin.org

...and discussion thread....

https://bitcointalk.org/index.php?topic=529301

zib is the word. it's got groove, it's got meaning
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May 02, 2014, 09:27:48 PM
 #56

1 uBTC = 1 microbitcoin = 1 bit = 1 XBT

Unless something better sounding is suggested, and zib is not it, bit is it. 

We can simply take it over from all previous meanings including 1/8th of a USD.

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May 02, 2014, 09:28:56 PM
 #57

Look, any change, other than a move to satoshis (no decimals), is arbitrary and therefore unnecessary. Call THOSE bits if you like, but moving the decimal around seems silly.

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May 02, 2014, 09:30:48 PM
 #58

Maybe use qbit in preparing for the coming days of quantum miners

1 qbit = 10000 satoshi
1 BTC = 10000 qbit

4 zeroes is a major step in Japanese math system, not like 3 zeroes in western

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May 02, 2014, 09:39:52 PM
 #59

100 satoshis (no more than 2 digits after the decimal point) is the right unit size... but all variants of 'microbitcoin' are awkward names: "microbitcoin", "µBTC", "microbits", "crobits", "eubits", "mubits", "mics".

Unfortunately "bit" is also a problematic name. Some reasons are listed here:

http://zibcoin.org/faq#why-not-bits-to-mean-microbitcoins

The best bet would be to make-up another distinctive one-syllable word that doesn't have any conflicting meanings inside the Bitcoin system.

My proposal is 'zib', chosen to be very similar to 'bit' – usable in all the same places – with even-better options for abbreviation and no meaning-collisions. More info is at:

http://zibcoin.org

...and discussion thread....

https://bitcointalk.org/index.php?topic=529301


Of all the many, many proposals (all of which seem to me to be solutions in search of a problem) "Zib" is the only one I've seen where there's been a real effort to provide the tools and information to make the change - most times the issue is presented as either "all we need to do is... [non trivial thing]" (social problem) or "all the developers need to do is... [non trivial thing]" (technical problem).

Incidentally, the names you say are variants of "microbitcoin" - strictly they're variants of BTC itself, the same way gigabyte is a variant of byte, millilitre is of litre, microgram of gram, etc. Well, the familiar ones are - "crobits" and "eubits" are new to me, and I can't determine scale from the names (which, incidentally, is one thing I do dislike about "Zib" - it uses a new name to replace familiar names).

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May 02, 2014, 09:46:54 PM
 #60

So

100 satoshis = 1 bit

and

1 million bits = 1 coin?


am i right?

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