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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 56961 times)
glennmatthew
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November 05, 2014, 07:54:58 AM

I'd much prefer to say 20k bits over 0.02 btc, I'll start switching over to using this Cool

So do we become bit-millionaires if we hold a bitcoin?


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November 05, 2014, 08:24:27 PM

I'd much prefer to say 20k bits over 0.02 btc, I'll start switching over to using this Cool

So do we become bit-millionaires if we hold a bitcoin?

Yes. But it won't mean much until around 2020...

In this OP I will always post the last updated charts:

Calculate today's trendline price HERE



pereira4
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November 05, 2014, 08:35:04 PM

Bits is the most marketable one, it sounds better, but its too difficult to use. I only understand satoshi and BTC.
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December 26, 2014, 05:11:03 PM

A simple tool to help convert BITS


≛≛≛BTC  BEST BITCOIN CASINO  BTC≛≛≛
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mocacinno
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December 26, 2014, 06:47:25 PM

coins are interesting and very tolerable for the collection
I'm going to start trying to coin this one..
thanks  Grin Grin

LiteCoinGuy
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December 26, 2014, 08:49:51 PM


its more natural than 0.003529 bitcoin in my view.

i love bits! go go bits   Smiley

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December 26, 2014, 09:26:53 PM

It will be a matter of time before the Bitcoin Core wallets will display balances in Bits by default.

As far as I see some places already do work with Bits. Other services and merchants will follow.

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December 26, 2014, 10:36:21 PM

Please do submit the results of this poll to the developers. It's one (of many) things that Bitcoin is just lagging behind with. Make it more useable already!!

By the way, I do not see much development going in with BTC. Other coins are developing interesting features. And usually they're working on getting their coin accepted by merchants. With BTC I see no development (I see nothing changing, am I mistaken?)  other then from copmpanies who are doing development on products based on BTC. Why is that?

=P
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December 27, 2014, 04:38:14 AM

21 million bitcoins FOREVER!

Satoshi recognized that 21 million currency units are not enough for a global currency. His solution was to support eight decimal places on amounts, which also allows the reward halving process to continue for about 140 years. Internally the Bitcoin software recognizes 2,100 million million currency units (now known as satoshis) but they are divided by 100 million before presentation to users. So the block reward is currently 2,500 million satoshis or 25 bitcoins. Bitcoin units were fine for the first few years, but during the last 12 months the question keeps arising "Is another unit best for common usage?"

Inertia of existing systems

All modern fiat currencies have a major currency unit which has 100 minor units: e.g. $1 = 100 cents.
Everyone is used to this system from childhood. Many people are not comfortable with scientific notation or with small decimals such as 0.001234 which will be seen more and more often as the unit value of 1 bitcoin rises. Most people are happier dealing with 100,000 than 0.00001

Further, 99.99% of the world's financial and accounting systems do not support more than 2 decimal places on currencies, let alone as many as eight. It is arguable that Bitcoin has a very real handicap upon its growth by disregarding modern conventions in currencies.

Enter the "bit"

1 bitcoin = 1,000,000 bits
1 bit = 100 satoshis


User 101111 on reddit recommended this mock-up wallet. The current Bitcoin Core wallet does allow the selection of millibitcoins and microbitcoins but not with such a user friendly presentation, and not by default.

Is it time to consider using "bits" as standard? All balances become 1 million times larger, the block reward as 25 million bits, the exchange rate as 0.04 cents to a bit, a cup of coffee as 7000 bits instead of 0.007 BTC
Is this an improvement?  If the bitcoin value increases into the thousands of dollars which unit is easiest to use for pricing goods and services?


.

its only really awkward for people in the U.S.A. everywhere else knows what micro means.



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ETFbitcoin
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December 27, 2014, 06:33:05 AM

BTC & mBTC is the best  Smiley
bits & satoshi is too small for now  Sad

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December 28, 2014, 12:21:08 AM

BTC & mBTC is the best  Smiley
bits & satoshi is too small for now  Sad

We really have to think long term as well.  Smiley
Guido
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December 29, 2014, 12:32:50 AM

yes, bits

for a millionth of a bitcoin

voted
bensam123
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March 15, 2015, 03:00:31 AM

I feel like bits sound too casual and bitcoin should be used.

Anyways voted bitcoins.
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March 15, 2015, 03:05:06 AM

Oh God, not this again.

An economy based on endless growth is unsustainable.
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March 15, 2015, 07:16:27 AM

I like the mBTC , 1 BTC = 1000 mBTC.

[XMR] Monero
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March 15, 2015, 02:51:40 PM

Plus the prices will look a bit hilarious =12 612 651 bits?  A bit like the Zimbabwe dollar.

You are free to write it as 0,12BTC. The same way as you are not paying someone 1250 cents, but 12,5 $ Smiley

I like the idea and

ƀ

symbol is great idea.
Only problems may arise from the huge difference in nominal values between BTC and bit, but it is still better than weird decimal notation.
The Chainmaker
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March 15, 2015, 02:56:52 PM

bits

If it can be digitized, it should be decentralized
Frost
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March 15, 2015, 03:20:07 PM

I really like bits anyhow... easy to remember, easy to use anyhow.

You dick
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March 15, 2015, 06:41:47 PM

Yeah bits are best for me tho, I would be happy if every faucet and other things use it  Wink

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March 15, 2015, 07:54:11 PM

bits

Very insightful opinion. Try using more words next time, explaining why you like or don't like the option you chose.

An economy based on endless growth is unsustainable.
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