1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE

[El Cabron]

So

100 satoshis = 1 bit

and

1 million bits = 1 coin?


am i right?

That appears to be the idea in this thread.

I very much like this idea, but unless a coin is worth 1 million then that is still way too many numbers for:
Idiots- (yes mean but we all know them), average joes, older persons(not all), and electronically handicapped(mother) will still have difficulties and they account for a big number of the population currently.

Idiots and Joes have much less of a problem with a price like 12 thousand bits or even 120 million bits than with a price like 0.0012 BTC. Me included.

agree, fractions take a while to get used to.

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[molecular]

Dollars and cents
Bitcoins and millies and micros (or mics)

easy, really.

I have a problem with the bolded part. Wouldn't

bits and satoshis

be even better?

I was opposed to "bits" first, but changed my mind.

The icing on the cake was when I heard gavin say the block reward was "25 thousand millibitcoins" in a recent panel discussion.

"25 million bits" is so much better and as many here point out: future-proof.

[molecular]

[ranlo]

I voted for the Bits, because it's a smaller denomination and I feel that at some point it's going to be required anyways. It's better to make the change once than to keep doing it.

[harrymmmm]

Dollars and cents
Bitcoins and millies and micros (or mics)

easy, really.

I have a problem with the bolded part. Wouldn't

bits and satoshis

be even better?

I was opposed to "bits" first, but changed my mind.

The icing on the cake was when I heard gavin say the block reward was "25 thousand millibitcoins" in a recent panel discussion.

"25 million micros" is so much better and as many here point out: future-proof.

FTFY

[101111]

I was opposed to "bits" first, but changed my mind.

The icing on the cake was when I heard gavin say the block reward was "25 thousand millibitcoins" in a recent panel discussion.

"25 million bits" is so much better and as many here point out: future-proof.

Agreed. "25 million bits" is so much better than "25 thousand millibitcoins".

Another icing on the cake example, the recent Glen Beck interview where Elizabeth Ploshay sent iirc "point zero zero two" bitcoin to Jeffery Tucker as a demo, I think she was embarrassed just saying it, and there was some comment about how small an amount it seemed/sounded. (sorry video is down atm https://www.youtube.com/watch?v=eADNt9lfaDU)

[phillipsjk]

The confusing "bits" term for 1µBTC appears to have been coined Just over 2 weeks ago, It is confusing because the Bitcoin base-unit (Satoshies) are represented as bits.
Edit: apparently it was coined 5 months ago by somebody who does not like the metric system. Relevant.

The less confusing "Mikes" term for 1µBTC was coined at least 3 years ago.


There is no need for stores to standardize on a specific order of magnitude. For example, Engineering notation demands between 1 and 3 digits ahead of the decimal place. That is:

• A house may be priced in BTC
• Rent may be priced in mBTC
• Coffee may be priced in µBTC
• Mirco-payments may be priced in nBTC (keeping in mind 1 satoshi= 10 nBTC)

It would be silly to force houses to be priced in
2,999,000 Mikes, when 3.00 BTC conveys the same information more concisely.

Note: Financial software often explicitly stores integers internally (which is what the Bitpay post was about). For display purposes, we may not care about the full precision. Though, I suspect some would be upset to learn 3.00 BTC ~= 3,004,999 Mikes.

[zimmah]

this poll is extremely missleading.

The options are either a bitcoin, a millibit or a microbit, however the microbit is named a bit in this poll.

Many people agree that the value of 100 satoshi should have a name of its own, but a "bit" is a terrible name. And this poll is tricking people into beleiving the consensus is that it should be named a bit.

[Koko]

this poll is extremely missleading.

The options are either a bitcoin, a millibit or a microbit, however the microbit is named a bit in this poll.

Many people agree that the value of 100 satoshi should have a name of its own, but a "bit" is a terrible name. And this poll is tricking people into beleiving the consensus is that it should be named a bit.

100 satoshi = 1 Karpeles

Seriously though, I'm not a huge fan of the milli, micro, nano, prefixes. It would be better if these units had their own distinct names. Bitdollars or something.

[Plankowner]

None of this makes sense to me What I see are people losing satoshi's (You will lose those two decimal places) if they're transacted in bits, only to move to the standard unit which is the "satoshi"!!  I guess it's a good thing that bitcoins increase in value exponentially, because I will hold onto them even if they go beyond the satoshi!

Summing it all up.....The idea of moving to bits is a scam on getting units from people  before moving to the satoshi!!

[BurtW]

"scam" is a bit harsh don't you think?  Why is everything a "scam".  If you use that to describe everything it loses all meaning.  Kind of like "The marklar marklared the marklar".  Anyway...

I happen to like:

1 bitcoin|BTC = 1000 millibitcoins|mBTC = 1000000 microbitcoins|uBTC = 100000000 satoshis = 1000000 bits|XBT

1 bit|XBT = 100 satoshis = 0.000001 bitcoin|BTC

A very small part of a bitcoin is a bit.

Bit has already been used in the past as a measurement of money (1/8 of a dollar) so there is that.

Let's start selling bits to noobs.  They can get a lot of bits for a dollar(!) and when denominated in bits they get the familiar XXXX.XX form they are used to so they feel all warm and fuzzy.  And that is all this about, making newbies feel warm and fuzzy inside.

I have a consensus of one!

Remember our new saying:  Eventually a shave and a haircut will cost two bits!

[Plankowner]

"scam" is a bit harsh don't you think?  Why is everything a "scam".  If you use that to describe everything it loses all meaning.  Kind of like "The marklar marklared the marklar".  Anyway...

I happen to like:

1 bitcoin|BTC = 1000 millibitcoins|mBTC = 1000000 microbitcoins|uBTC = 100000000 satoshis = 1000000 bits|XBT

1 bit|XBT = 100 satoshis = 0.000001 bitcoin|BTC

A very small part of a bitcoin is a bit.

Bit has already been used in the past as a measurement of money (1/8 of a dollar) so there is that.

Let's start selling bits to noobs.  They can get a lot of bits for a dollar(!) and when denominated in bits they get the familiar XXXX.XX form they are used to so they feel all warm and fuzzy.  And that is all this about, making newbies feel warm and fuzzy inside.

I have a consensus of one!

Remember our new saying:  Eventually a shave and a haircut will cost two bits!

Maybe a noob to the forum, but certainly not to bitcoin, cryptography or common sense.  As much as it may seem, like its a good idea to use bits, to help (increase adoption or whatever) , it's not. This idea has no other use or purpose other than getting people to transact in a unit above the standard unit, all while masking it as the standard unit -sounds to me like a scam!!

Since bitcoin can't be attacked, we will attack the minds of the people into believing this B.S. The satoshi or "bit" has been established already, it's in the protocol, and we will be using it for our transactions. No explanation further necessary.

One thing I've learned from Satoshi Nakamoto is that anonymity is closer to the truth than recognition.

[ranlo]

The confusing "bits" term for 1µBTC appears to have been coined Just over 2 weeks ago, It is confusing because the Bitcoin base-unit (Satoshies) are represented as bits.
Edit: apparently it was coined 5 months ago by somebody who does not like the metric system. Relevant.

The less confusing "Mikes" term for 1µBTC was coined at least 3 years ago.


There is no need for stores to standardize on a specific order of magnitude. For example, Engineering notation demands between 1 and 3 digits ahead of the decimal place. That is:

• A house may be priced in BTC
• Rent may be priced in mBTC
• Coffee may be priced in µBTC
• Mirco-payments may be priced in nBTC (keeping in mind 1 satoshi= 10 nBTC)

It would be silly to force houses to be priced in
2,999,000 Mikes, when 3.00 BTC conveys the same information more concisely.

Note: Financial software often explicitly stores integers internally (which is what the Bitpay post was about). For display purposes, we may not care about the full precision. Though, I suspect some would be upset to learn 3.00 BTC ~= 3,004,999 Mikes.

The problem with this is how many people don't know the metric system. You'd be amazed at how many people have to use calculators to see how many mBTC equals a BTC or how many uBTC equals a mBTC. This is something we have to work around, by creating a single unit.

[zimmah]

Dollars and cents
Bitcoins and millies and micros (or mics)

easy, really.

I have a problem with the bolded part. Wouldn't

bits and satoshis

be even better?

I was opposed to "bits" first, but changed my mind.

The icing on the cake was when I heard gavin say the block reward was "25 thousand millibitcoins" in a recent panel discussion.

"25 million bits" is so much better and as many here point out: future-proof.

you know, there are over 2.5 trillion other 3 letter words you could use instead of 'bit' and over 4.5 quaddrillion 4 letter words.

Why in the world use that one specific word that causes the most confusion out of all those possible words?

[101111]

Why in the world use that one specific word that causes the most confusion out of all those possible words?

This confusion argument is silly. The mass adopters of the future, 2, 10, 20 years from now, perhaps 100's of millions of people who will have never heard of eg a microbitcoin, compared to ... well truly I have yet to see a genuine example of where a reasonably intelligent person would get confused by 'bits', and I've seen lot's of contrived and very unconvincing examples, but if there is someone who actually finds it confusing I feel sincerely sorry for them.

[phillipsjk]

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

[101111]

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?'

[DeathAndTaxes]

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?

[juju]

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.

[franky1]

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

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

right?