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

[BurtW]

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."

[1713546667]

1713546667

[BurtW]

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.

[cdog]

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

[mrcashking]

Great idea. It will make it easier to understand for noobs.

[BurtW]

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.

[MakeBelieve]

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

[BurtW]

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.

[bornil267645]

I think uBTC can solve this problem

[BurtW]

I think uBTC can solve this problem

Yes.  1 uBTC = 1 bit.  Use either one because they mean the same thing.

[zendantom]

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...

[rgenito]

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.

[R2D221]

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

[Q7]

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.

[ethought]

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

[BurtW]

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.

[ethought]

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.

[Skoupi]

We should start using bits already. It is natural since there is room for 2 decimals (like on cents) and sounds cool  
The exact opposite of the mbit which is lame and ridiculous and that's why the community has never liked it.

[thms]

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.

[solex]

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.

[thms]

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.