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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 56240 times)
e1ghtSpace
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August 08, 2014, 03:33:46 AM
 #461

This sounds so much better. I hope bits have as much value as cents in the future.

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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August 08, 2014, 11:52:22 AM
 #462

This sounds so much better. I hope bits have as much value as cents in the future.
Not quite.

The idea is that when we use bits for prices the prices will have this familiar format:  1,234.56 bits

The partial part of the bits (the 0.56 part) is in satoshis so in the future bits will be analogous to the "dollars" part and the fractional part, the satoshis, will have the value of "cents". 

People would eventually say something like "That will be one thousand two hundred thirty-four bits and fifty-six satoshis."

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August 08, 2014, 11:53:49 AM
 #463

Is this going to happen soon? Im sure if this is a standard feature of the bitcoin core other developments will follow suit like electrum and mycelium etc.
Some web sites have already started using bits as an option for displaying bitcoin values.

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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August 08, 2014, 08:17:28 PM
 #464

I endorse this proposition as well. Nice to See Coinbase in on it early.

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August 08, 2014, 10:12:58 PM
 #465

Great idea. It will make it easier to understand for noobs.
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August 17, 2014, 12:44:00 PM
 #466

Bitcoin needs to become known as a 21 billion cap coin. The sooner, the better.
It already is:

Bitcoin has a cap of 21 million BTC.
Bitcoin has a cap of 21 billion mBTC.
Bitcoin has a cap of 21 trillion uBTC.
Bitcoin has a cap of 21 trillion bits.

Take your pick.

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August 17, 2014, 12:45:15 PM
 #467

I don't like the idea of this bits thing I'm seeing it around more now and it is just confusing things.

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August 17, 2014, 01:02:53 PM
 #468

I don't like the idea of this bits thing I'm seeing it around more now and it is just confusing things.
Just use uBTC then.

And when you do see bits just remember 1 bit = 1 uBTC = 100 satoshis and translate it to something you find less confusing.

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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August 17, 2014, 01:16:43 PM
 #469

I think uBTC can solve this problem Cool Cool

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August 17, 2014, 01:19:13 PM
 #470

I think uBTC can solve this problem Cool Cool
Yes.  1 uBTC = 1 bit.  Use either one because they mean the same thing.

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August 17, 2014, 01:19:42 PM
 #471

It is hard to think in uBTC (or bits) today. More natural is mBTC, and I already think in mBTC when I receiving mining payments...

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October 03, 2014, 09:53:03 AM
 #472

Looks like 75% of people here agree: use the "bits" unit! Here are some tools that already use "bits"...

BreadWallet.com - iOS's first and only true bitcoin client.

WallofCoins.com - peer-to-peer cash-based instant trading.

https://WallofCoins.com * A peer-to-peer market for buying and selling decentralized, Digital Currencies. Intelligent, trustworthy, and secure.
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October 03, 2014, 12:03:18 PM
 #473

The poll is biased. 75% want a smaller unit. That doesn't mean at all that “bits” is the preferred word for such unit.

An economy based on endless growth is unsustainable.
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October 03, 2014, 12:38:01 PM
 #474

It helps in a way or another. Plus it gives a psychological advantage which lets you have the feeling that you actually own something. 100 bits certainly sound better than 0.001mbtc. However with so many terms around, sometimes i get confused.

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October 03, 2014, 05:16:38 PM
 #475

This sounds so much better. I hope bits have as much value as cents in the future.
Not quite.

The idea is that when we use bits for prices the prices will have this familiar format:  1,234.56 bits

The partial part of the bits (the 0.56 part) is in satoshis so in the future bits will be analogous to the "dollars" part and the fractional part, the satoshis, will have the value of "cents". 

People would eventually say something like "That will be one thousand two hundred thirty-four bits and fifty-six satoshis."

This is a great idea I think. Using the traditional two places behind the decimal place as satoshis.

So it would break down to traditional units as:

1 cent = 1 satoshi
1 dollar = 1 bit
...
1 bar of gold = 1 bitcoin
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October 03, 2014, 05:37:38 PM
 #476

This sounds so much better. I hope bits have as much value as cents in the future.
Not quite.

The idea is that when we use bits for prices the prices will have this familiar format:  1,234.56 bits

The partial part of the bits (the 0.56 part) is in satoshis so in the future bits will be analogous to the "dollars" part and the fractional part, the satoshis, will have the value of "cents". 

People would eventually say something like "That will be one thousand two hundred thirty-four bits and fifty-six satoshis."

This is a great idea I think. Using the traditional two places behind the decimal place as satoshis.

So it would break down to traditional units as:

1 cent = 1 satoshi
1 dollar = 1 bit
...
1 bar of gold = 1 bitcoin
At the point 1 bit = 1 USD then 1 BTC would be one million dollars.  So are you predicting that one bar of gold will be one million USD at that time?  Could be.

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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October 03, 2014, 05:43:32 PM
 #477

This sounds so much better. I hope bits have as much value as cents in the future.
Not quite.

The idea is that when we use bits for prices the prices will have this familiar format:  1,234.56 bits

The partial part of the bits (the 0.56 part) is in satoshis so in the future bits will be analogous to the "dollars" part and the fractional part, the satoshis, will have the value of "cents". 

People would eventually say something like "That will be one thousand two hundred thirty-four bits and fifty-six satoshis."

This is a great idea I think. Using the traditional two places behind the decimal place as satoshis.

So it would break down to traditional units as:

1 cent = 1 satoshi
1 dollar = 1 bit
...
1 bar of gold = 1 bitcoin
At the point 1 bit = 1 USD then 1 BTC would be one million dollars.  So are you predicting that one bar of gold will be one million USD at that time?  Could be.

Fair point. Maybe a kilo of platinum then. You get the very rough analogy though.
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October 03, 2014, 05:49:28 PM
 #478

We should start using bits already. It is natural since there is room for 2 decimals (like on cents) and sounds cool  Cheesy
The exact opposite of the mbit which is lame and ridiculous and that's why the community has never liked it.
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October 03, 2014, 05:59:16 PM
 #479

The poll is biased. 75% want a smaller unit. That doesn't mean at all that “bits” is the preferred word for such unit.

That's me, I want a smaller unit but I don't like bits.
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October 03, 2014, 07:43:16 PM
 #480

The poll is biased. 75% want a smaller unit. That doesn't mean at all that “bits” is the preferred word for such unit.

That's me, I want a smaller unit but I don't like bits.

The market adopting a convention of two decimal places is much more important than what the unit is actually called. The poll is already split to allow those who prefer mBTC to select their preference, splitting the millionths option would have also biased the poll.

When I did the OP I was unsure of whether bits was the best idea. Since then I am coming to the conclusion that Satoshi starting Bitcoin with an eight decimal place unit was his biggest mistake.

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