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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 56190 times)
thms
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October 03, 2014, 08:20:29 PM
 #481


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.


Changing a convention must be performed with caution and picking the wrong name could ruin it all, so in my POV, what we call the unit is very important.
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October 03, 2014, 08:41:21 PM
 #482

+1 for ƀ for 1/1,000,000

You could use mibits sound catchy Tongue

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October 03, 2014, 08:56:46 PM
 #483

I try not to confuse myself but 1 bit is actually similar to 1 microBitcoin or 0.000001btc. So we have 2 units of measurement referring to the same thing

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October 03, 2014, 11:42:59 PM
 #484

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.


The problem is that the poll automatically assumes that (bit = 0.000001) is a single thing, when there is the name and then there is the value. This should have been two polls, not one.

An economy based on endless growth is unsustainable.
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October 03, 2014, 11:47:53 PM
 #485

this thread alone shows you how confusing btc is and how its going to be very difficult to understand the fractions. At least with USD there is the penny nickel dime etc.

but I like the idea of bits. Its much easier than trying to say .005 etc. instead just say this costs x many bits



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Heutenamos
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October 03, 2014, 11:53:26 PM
 #486

The only problem is: bit is too small value, so you end using thousand to milion of bits to value common things. I know some countries are used to these crazy numbers, but only because of their fiat hyperinflation  Sad

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October 04, 2014, 12:10:20 AM
 #487

The only problem is: bit is too small value, so you end using thousand to milion of bits to value common things. I know some countries are used to these crazy numbers, but only because of their fiat hyperinflation  Sad

Works fine with the Japanese.

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October 04, 2014, 12:17:27 AM
 #488

Yeah this is really starting to get on the confusing side of things.
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October 04, 2014, 07:41:56 AM
 #489

I think 'bits' makes the most common cents.
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October 16, 2014, 10:48:55 AM
 #490

LOL are you guys still wasting your time on this?  It's like watching a dog chase it's tail, funny to watch but a complete waste of time.
So what did you guys conclude? "that it is too confusing to make any changes"
Unbelievable!
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October 19, 2014, 07:34:42 PM
 #491

LOL are you guys still wasting your time on this?  It's like watching a dog chase it's tail, funny to watch but a complete waste of time.
So what did you guys conclude? "that it is too confusing to make any changes"
Unbelievable!

FYI, companies have been switching over to "bits" for some time now. Here are a few off the quick top of my head:

https://bitpay.com
http://breadwallet.com
https://wallofcoins.com

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November 02, 2014, 07:30:54 PM
 #492

A new perspective on the heartbeat of the Bitcoin network:

https://blockchain.info/home?currency=UBC

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November 02, 2014, 08:58:43 PM
 #493

A lot of Americans hate or don't understand fractions and decimals. Bits is a great idea to make it easier for people to adopt Smiley.
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November 03, 2014, 12:00:43 AM
 #494

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.

Ditto
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November 03, 2014, 12:26:33 AM
 #495

I try not to confuse myself but 1 bit is actually similar to 1 microBitcoin or 0.000001btc. So we have 2 units of measurement referring to the same thing

It's exactly the same, not just similar. So....why two names is a good question.

I think the answer is that it's mostly USA who want 'bit's coz:
1) it's a word they are familiar with in the currency context. Believe it or not, it was 1/8 of a dollar (12.5 cents). For the rest of the world it's just confusing.
2) they have a definite bias against using SI units (microbitcoins, which would abbreviate to 'micros' or 'mikes' for example). After screwups like losing a Mars Orbiter because of this bias, I believe things are changing tho.

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November 03, 2014, 05:37:14 AM
 #496

With the steadily declining price of Bitcoins, this is now a non-problem.
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November 03, 2014, 12:19:52 PM
 #497

Who would have thought the 8 decimals would become so useful which is made by the price increase

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November 03, 2014, 12:34:04 PM
 #498

With the steadily declining price of Bitcoins, this is now a non-problem.

I don't believe its in a steady decline.. It might be declining at times, but it is also going up other times.
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November 04, 2014, 08:35:09 PM
 #499

Who would have thought the 8 decimals would become so useful which is made by the price increase

satoshi?

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November 04, 2014, 08:39:24 PM
 #500

With the steadily declining price of Bitcoins, this is now a non-problem.

Implementation of the solution is already happening. 'bit' is used a lot on reddit with /u/changetip, many wallets offer the unit.

It's a good thing the change is happening now while we're in bear territory, not when loads of newbs flock in.

Enter Nagle telling me it wont happen in 3, 2, 1...

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