How much is 1 bit?

[Ron~Popeil]

They will develop organically like most other things. We could put together a standard nomenclature but it would give way to whatever terms become popularized.

[solomon]

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.

More people are using 1 bit = 1 uBTC than 1 bit = 1 BTC. Have a look at r/Bitcoin. It makes more sense if we make the assumption that bitcoin gets popular in the future and practically no one will have a whole bitcoin.

It's a good solution to quite a few problems.

[giszmo]

My cousin has an "mp3" and it makes me shiver every time he uses that abbreviation for his media player but who am I to educate him on the correct use of language?

Oh and by the way who are you to educate me on the correct use of language when it comes to bitcoin? Could we not just consider this question as sufficiently answered and go on with our lives as long as there is no actual confusion about concrete values? If you tell me that a bit stands at about $500 now, I get it. If 20 people tip an average of 30bits on reddit, I get it, too (now). So where is the problem? I assume all can figure out if I keep using micro, milli and maybe sometimes kilo together with the not 100% consensus based symbol of Ƀ.

[bg002h]

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.

Overloading terms is very common in English.  I'm not so sure about other languages.  With native English speakers, I'm not the least bit worried that context will be insufficient to make obvious the type of "bit" being discussed. 

I do think the psychological effect of "wow, I bought 40,000 bits for $20" will be beneficial to the exchange price.  It's semantics, but, I think it'll make a difference.

[101111]

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.

Overloading terms is very common in English.  I'm not so sure about other languages.  With native English speakers, I'm not the least bit worried that context will be insufficient to make obvious the type of "bit" being discussed. 

I do think the psychological effect of "wow, I bought 40,000 bits for $20" will be beneficial to the exchange price.  It's semantics, but, I think it'll make a difference.

Agreed.

BTC1 = 1,000,000 bits

Simple.

[101111]

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

There's been quite a lot of threads on this, both here eg this https://bitcointalk.org/index.php?topic=592691.0 and at r/bitcoin.

The main aim of this proposal is for bitcoin amounts to be more readily cognizable to (possibly) millions of new adopters over the coming years.

[zimmah]

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

the fact that this tread exists means bit is a terrible name, although having a name for the 100 satoshi unit is a nice thing, 'bit' is just a very stupid name.

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) 

there, that's logical.

1 dollar = 1 dollar
1/100 dollar = 1 cent (short for centi)
so 1/1000000th of a bitcoin = mike (short for micro)

[julius]

1 Bitcoin = 1 000 000 bits
1 bit = 100 Satoshis.

[Daniel007]

1 BTC = 1,000,000 bits

[Aswan]

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

the fact that this tread exists means bit is a terrible name, although having a name for the 100 satoshi unit is a nice thing, 'bit' is just a very stupid name.

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) 

there, that's logical.

1 dollar = 1 dollar
1/100 dollar = 1 cent (short for centi)
so 1/1000000th of a bitcoin = mike (short for micro)

+1

This guys actually came up with something that is not confusing and just as short plus it has an actual meaning that comes from the unit it represents. I am gonna start using this immediately.

[bitsmichel]

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

The 'bit' unit has not been around so long. There was a thread on this forum about it earlier.   https://bitcointalk.org/index.php?topic=592691.0;topicseen    Its much much less than 1 BTC, I think 0.000001 BTC per bit.

You should not confuse it with computer bits, which are simply a model for high (1) / low (0).

[Cryptopher]

When I hear 'bit' in the cointext of Bitcoin I think of it as a satoshi, i.e. the smallest denomination. I know a lot of people tend to use it to refer to a bitcoin as it rolls of the tongue a little easier in conversation.

[Trashbat]

When I hear 'bit' in the cointext of Bitcoin I think of it as a satoshi, i.e. the smallest denomination. I know a lot of people tend to use it to refer to a bitcoin as it rolls of the tongue a little easier in conversation.

Same. A bit just sounds like a tiny piece of a coin. All the denominations are confusing though.

[Cryptopher]

When I hear 'bit' in the cointext of Bitcoin I think of it as a satoshi, i.e. the smallest denomination. I know a lot of people tend to use it to refer to a bitcoin as it rolls of the tongue a little easier in conversation.

Same. A bit just sounds like a tiny piece of a coin. All the denominations are confusing though.

Tell me about it, I'm only familiar with satoshis due to dice games, I never reference things in mBTC as I've never really needed to.

[Gimpeline]

Bit is one or zero, so I guess it can be used if you are broke and have zero bitcoins

[serenitys]

Thanks for the clarification  and I did understand that part, but somewhere it blurred with all the UK people talking about it so it's clarified.

The way I understood bitcoin is: bit = the bits of data and coin = the unit of value so bitcoin are data bits that are units of value.

[knightcoin]

on bitcoin island wires ...

[bluemeanie1]

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

the most basic unit of information.  YES or NO.  1 or 0.  good or evil.

-bm

[shawshankinmate37927]

A millimeter is 1/1,000th of a meter, and a micrometer is 1/1,000,000th of a meter.

A millivolt is 1/1,000th of a volt, and a microvolt is 1/1,000,000th of a volt.

A millibit is 1/1,000th of a bit, and a microbit is 1/1,000,000th of a bit.

I have only seen the terms "millibit" and "microbit" used to refer to .001 BTC and .000001 BTC.  Therefore, logic dictates that one bit is equal to one bitcoin.

[knightcoin]

so ... 1 bytecoin is  ........... hang on

The term byte was coined by Werner Buchholz in July 1956, during the early design phase for the IBM Stretch computer.[5][6] It is a deliberate respelling of bite to avoid accidental mutation to bit.[1]

Early computers used a variety of 4-bit binary coded decimal (BCD) representations and the 6-bit codes for printable graphic patterns common in the U.S. Army (Fieldata) and Navy. These representations included alphanumeric characters and special graphical symbols. These sets were expanded in 1963 to 7 bits of coding, called the American Standard Code for Information Interchange (ASCII) as the Federal Information Processing Standard which replaced the incompatible teleprinter codes in use by different branches of the U.S. government. ASCII included the distinction of upper and lower case alphabets and a set of control characters to facilitate the transmission of written language as well as printing device functions, such as page advance and line feed, and the physical or logical control of data flow over the transmission media. During the early 1960s, while also active in ASCII standardization, IBM simultaneously introduced in its product line of System/360 the 8-bit Extended Binary Coded Decimal Interchange Code (EBCDIC), an expansion of their 6-bit binary-coded decimal (BCDIC) representation used in earlier card punches.[7] The prominence of the System/360 led to the ubiquitous adoption of the 8-bit storage size, while in detail the EBCDIC and ASCII encoding schemes are different.

In the early 1960s, AT&T introduced digital telephony first on long-distance trunk lines. These used the 8-bit µ-law encoding. This large investment promised to reduce transmission costs for 8-bit data. The use of 8-bit codes for digital telephony also caused 8-bit data octets to be adopted as the basic data unit of the early Internet.[citation needed]

The development of 8-bit microprocessors in the 1970s popularized this storage size. Microprocessors such as the Intel 8008, the direct predecessor of the 8080 and the 8086, used in early personal computers, could also perform a small number of operations on four bits, such as the DAA (decimal add adjust) instruction, and the auxiliary carry (AC/NA) flag, which were used to implement decimal arithmetic routines. These four-bit quantities are sometimes called nibbles, and correspond to hexadecimal digits.

The term octet is used to unambiguously specify a size of eight bits, and is used extensively in protocol definitions

8 bitcoins

I am billionaire ...guys  https://bitcointalk.org/index.php?topic=512747.0