How much is 1 bit?

[Aswan]

Having two decimal points is something a lot of financial software has come to expect…

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

A bit is a micro-bitcoin. This leaves two decimal places...

From link above:

"Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software."

It's not at all compatible with an already existing word used in the tech world as well. I am pretty sure it's just an occurrence we'll get rid of eventually.

[kokojie]

Having two decimal points is something a lot of financial software has come to expect…

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

A bit is a micro-bitcoin. This leaves two decimal places...

From link above:

"Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software."

Thanks, so the "bit" unit is invented by Bitpay? there's increasingly adoption of this unit everywhere from what I've been seeing.

[yayayo]

Having two decimal points is something a lot of financial software has come to expect…

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

A bit is a micro-bitcoin. This leaves two decimal places...

From link above:

"Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software."

It's not at all compatible with an already existing word used in the tech world as well. I am pretty sure it's just an occurrence we'll get rid of eventually.

I don't know who came up with the idea. I don't think it's very clever to introduce "bit" as another unit. It's simply confusing. Satoshi and Bitcoin are enough.

ya.ya.yo!

[DannyHamilton]

A bit is a micro-bitcoin. This leaves two decimal places...

Now that's just silly.

I don't know anybody that uses the word in that way. That seems like a great way to cause confusion.

With that usage you can't shorten the word "microbitcoin" to "microbit" in conversation, since microbit would apparently actually mean micromicrobitcoin? Bah, that's just ridiculous.

I think I'll stick with the usage I hear regularly.

[Peter R]

There's increasingly adoption of this unit [bits] everywhere from what I've been seeing.

Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits.  

[Aswan]

There's increasingly adoption of this unit [bits] everywhere from what I've been seeing.

Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits.  

My hardware vendor says you can get a lot more bits for one dollar. The word is already taken. I agree with Danny, I will stick with what people actually use and where I live, I never heard "bit" for bitcoin.

[Peter R]

There's increasingly adoption of this unit [bits] everywhere from what I've been seeing.

Yesterday you could get 2200 bits for a dollar, today you can only get 2050 bits.  

My hardware vendor says you can get a lot more bits for one dollar. The word is already taken.

Wikipedia says that it was used for money before your hardware vendor was born: http://en.wikipedia.org/wiki/Bit_(money)

The word "bit" has several meanings, as do many words.  These are examples of homonyms.  Humans are quick to interpret the correct definition from the context in which the word was used.  

I agree with Danny, I will stick with what people actually use and where I live, I never heard "bit" for bitcoin.

It is important for communication for words to have consistent meaning, so, like you said, it would make sense to use words that your audience understands.  Language naturally evolves so that words used frequently tend to be short and simple and words used less frequently tend to be longer and more complex.  I believe our language will evolve to use "bits," and only time will tell.

[dillpicklechips]

Thanks, so the "bit" unit is invented by Bitpay? there's increasingly adoption of this unit everywhere from what I've been seeing.

They may have boosted it's popularity but I've seen it mentioned prior: http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

[zimmah]

I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.

The bit is a hyped up name for uBTC or 1/1000000th of a bitcoin. Or 100 satoshi.

It's in my opinion a terrible name though because it only causes confusion.

I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.

Not sure. It's not on here: https://en.bitcoin.it/wiki/Units

You sure it's not just an abbreviation of Bitcoin. Ie 1 bitcoin equals 1 bit?

This is exactly why I strongly voted against using the name 'bit' for anything other than bitcoin itself.

It's 100 Satoshis. So a bitcoin is 1,000,000 bits.

I think it's going to take a while for it to become an automatic conversion for most.

Because it's a stupid and counterintuitive name in the first place, and only used by people who don't think and just go with the hype instead of using clever nicknames. Even 'ubit' would be a million times better.

To be perfectly clear: I do see the benefit if having a nickname for the micro-bitcoin, however I do NOT agree with the name 'bit' because as this topic shows the name 'bit' can mean many things. If we want to give it a name we need a name that is unambiguous. Everyone knows what a satoshi is, everyone knows what a bitcoin is. Everyone knows what a cent is, or a dime etc. personally I would go with an abbreviation of micro, like cent is an abbreviation of centi. So something like mic or mike will do. But ubit or unit or something could do (as the symbol for micro is often replaced by a u)

[zimmah]

Here you go: http://en.wikipedia.org/wiki/Bit

A bit is either 0 or 1.

[ijmolder93]

If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin

[dillpicklechips]

If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin

Nope. 1 bit = 100 satoshi

[windpath]

People, get it together....

BTC1 Bitcoin = 1,000,000 Bits
BTC 0.000001 Bitcoin = 1 Bit
BTC 0.00000001 Bitcoin = 1 Satoshi
0.01 Bits = 1 Satoshi

Bit is solid because in the current protocol it leaves 1 Satoshi (the smallest possible increment) as 0.01 Bits.

This makes "Bits" or "Bit" compatible with every existing accounting system/shopping cart out there....

edit: DOH! added correct 0's

[dillpicklechips]

BTC 0.0001 Bitcoin = 1 Bit
BTC 0.000001 Bitcoin = 1 Satoshi

Missing 0's.

BTC 0.000001 Bitcoin = 1 Bit
BTC 0.00000001 Bitcoin = 1 Satoshi

[windpath]

Missing 0's.

lol, "get it together".... added 0's

[dillpicklechips]

Missing 0's.

lol, "get it together".... added 0's

Yup it was funny. You demonstrated why decimals suck and bits just seems more natural.

[windpath]

Missing 0's.

lol, "get it together".... added 0's

Yup it was funny. You demonstrated why decimals suck and bits just seems more natural.

100% agreed!

[DannyHamilton]

If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin

Nope. 1 bit = 100 satoshi

Nope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi

100 satoshi is a mike ( abbreviation for microbitcoin) 

[dillpicklechips]

Nope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi

100 satoshi is a mike ( abbreviation for microbitcoin) 

WAY more people use bit to be 1/millionth of a BTC than 1 bit = 1 BTC. Why fight the emerging lingo when it adds to the confusion?  Sure it might not be ideal but compared to the rest of the English language it fits right in!

[BitTrade]

Even 'ubit' would be a million times better.

How many marketing firms do you think would tell you that "ubit" is a better brand than "bit" for a unit of currency?

In order to gain adoption, a "startup currency" relies in large part on its brand.  see: every shitcoin.  If bitcoin had been called humbuggers or some random shitty name, nobody would use it.  And since we clearly will be using units much smaller than 1 bitcoin for every day purchases, that smaller unit needs a good brand.