How much is 1 bit?

[HashBTC]

Simply means 1 BITcoin

[Bitcoinpro]

A lot less than a US dollar and a lot more than a Zimbabwean Dollar and bout the same as a Russian Ruble

[DrBitcoin]

I love bits. Clean and simple.
I hate that there are 1 million bits in a Bitcoin. That makes no sense.

A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin.
Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream.

Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin.

Something like:

1 BTC = 1million bites = 100million bits

[dillpicklechips]

I love bits. Clean and simple.
I hate that there are 1 million bits in a Bitcoin. That makes no sense.

A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin.
Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream.

Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin.

Something like:

1 BTC = 1million bites = 100million bits

The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call "bit"

[phillipsjk]

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."

I thought it was settled 3 years ago that the "cute" name for 1µBTC is the "Mike". "Bit" makes me think Satoshi, since that is the base-unit that one bit represents.

I have no problem with BitPay trying to popularize 1µBTC as the most common unit for accounting. However, their choice of short name leaves something to be desired.

[DannyHamilton]

I have no problem with BitPay trying to popularize 1µBTC as the most common unit for accounting. However, their choice of short name leaves something to be desired.

This.

The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call bit a "mike"

FTFY.

[harrymmmm]

I love bits. Clean and simple.
I hate that there are 1 million bits in a Bitcoin. That makes no sense.

A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin.
Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream.

Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin.

Something like:

1 BTC = 1million bites = 100million bits

The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call "bit"

I wish the 'bit = micro' proponents would stop conflating the arguments about 2 decimal places and the 'bit' name
Noone is arguing that two decimal places is a reasonable idea.
The argument is about what to call a microbitcoin, and that calling it a 'bit' is confusing everyone.
Call it a micro and be done with it.

[snakus44]

I like the name "kiss", not so much the band, just the name.  100 kisses=1 bit.  send some one some kisses.  give them a kiss.  I really don't like the satoshi name either. 

[zimmah]

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."

I thought it was settled 3 years ago that the "cute" name for 1µBTC is the "Mike". "Bit" makes me think Satoshi, since that is the base-unit that one bit represents.

I have no problem with BitPay trying to popularize 1µBTC as the most common unit for accounting. However, their choice of short name leaves something to be desired.

this Mike or STFU

bit is not unambigious and counter-intuitive as i have been repeatedly saying and is proven time and time again.

a bit could mean:
1/8th dollar
1 satoshi
100 satoshi
1 million satoshi
various other objects

Mike (short for micro = 1/1.000.000) is just like cent (short for centi = 1/100)

[zimmah]

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.

don't use logic here, there might be Americans among us. Everyone knows Americans are allergic to logic. Proof: the imperial unit system.

I propose the imperial bitcoin measurements

1 bit = 1/8th bitcoin
1 fahrenheit = 237 bits
1 mile = 281.3 yards
1 yard = 3 fahrenheit
1 banana = 839.2 yards

[Ludi]

I propose the imperial bitcoin measurements

1 bit = 1/8th bitcoin
1 fahrenheit = 237 bits
1 mile = 281.3 yards
1 yard = 3 fahrenheit
1 banana = 839.2 yards

1 Banana lol.

I've never heard anyone use bit.

[yatsey87]

Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin.

[shawshankinmate37927]

Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin.

In the world of computing, the term "bit" refers to a "binary digit".  Outside the world of computing, a "bit" refers to a "small amount" of something.  I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles.  I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits".

[neighborrr]

it's my first time seeing someone use the "bit" unit. Thanks for this post! Now I know what it means

[yatsey87]

Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin.

In the world of computing, the term "bit" refers to a "binary digit".  Outside the world of computing, a "bit" refers to a "small amount" of something.  I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles.  I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits".

I always thought the 'bit' bit was derived from bittorrent, ie being a decentralized network and being a similar process.

[hilariousandco]

Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin.

In the world of computing, the term "bit" refers to a "binary digit".  Outside the world of computing, a "bit" refers to a "small amount" of something.  I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles.  I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits".

I think the confusion lies with people just referring to bitcoin as bit when naturally one would assume it's a smaller piece of a coin.

[shawshankinmate37927]

In the world of computing, the term "bit" refers to a "binary digit".  Outside the world of computing, a "bit" refers to a "small amount" of something.  I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles.  I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits".

I think the confusion lies with people just referring to bitcoin as bit when naturally one would assume it's a smaller piece of a coin.

That's where the metric prefixes come in.  They allow us to specify the exact amount when referring to smaller pieces.  The metric system was designed to simplify things and eliminate the confusion of converting between units.  Proposing that "microbit" be renamed to "bit" would be like saying that "microsecond" be renamed to "second".  Like others, I'm for making the microbitcoin the standard unit.  I'm also for renaming it something else to allow for even more simplicity.  But calling it a "bit" is only complicating things.

[windpath]

I propose the imperial bitcoin measurements

1 bit = 1/8th bitcoin
1 fahrenheit = 237 bits
1 mile = 281.3 yards
1 yard = 3 fahrenheit
1 banana = 839.2 yards

Is that an 832.2 yard banana in your pocket or are you just happy to see me?

[shawshankinmate37927]

Are people really just too lazy to say bitcoin so they say bit? Just say btc or coin if you cant be bothered rather than bit because it's confusing. It obviously seems to imply a smaller denomination or part of a coin.

In the world of computing, the term "bit" refers to a "binary digit".  Outside the world of computing, a "bit" refers to a "small amount" of something.  I think that might be why there is so much confusion for those who are not familiar with the terminology used in computing circles.  I've always assumed that Satoshi chose the name "Bitcoin" to represent "a form of money made out of binary digits".

I always thought the 'bit' bit was derived from bittorrent, ie being a decentralized network and being a similar process.

I've always thought of BitTorrent as meaning "a fast flowing stream of binary digits".

[e4xit]

Like it or not 1 bit refers to 100 satoshis (1 millionth of a bitcoin), currently.

Even if there are trusted members here saying otherwise, or that people call them "mikes" (I've never heard anybody actually say that myself), the OP here has probably come from reddit, where everyone is tipping in bits; i.e. 100 satoshi-multiples (or millionths of a bitcoin).

On another note I would love to see a citation of somebody calling a bitcoin a "bit" because to be honest, I have never heard that!

The usage that I see as common (almost accepted) as it stands today is:

1 BTC - 1 bitcoin - (a) coin
0.001 BTC - a millibit - a millibitcoin
0.000001 BTC - a microbit - a microbitcoin - a bit
0.00000001 - a satoshi

I am well aware that millibit, microbit and bit do not work that well together from a purely scientific POV, but most current users seem to understand what is what; I think the varying orders of magnitude give it away really, as you are not going to pay 1000 bits for a coffee, and think that you owe 1000 bitcoins