How much is 1 bit?

[shawshankinmate37927]

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

Perhaps we should think of a bitcoin as being equal to one megabit from now on.  We can say that there will never be more than 21 million megabits or 21 billion kilobits in existence.

[1715137417]

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[hashman]

It's one half of a "shave and a haircut".

[zimmah]

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

how can a microbit be a bit

that's like saying a micrometer is a meter

this is exactly the reason why bit should not be used as a name.

Also, they only use it on reddit, but reddit is just a small group of people that go with whatever the guy with the biggest mouth shouts. And some genius implemented it in the tipping bot and that's why everyone uses it because a handful of people keeps spamming tips in 'bits' (they used to tip in satoshies and internets before that)

If the bot would just rename bits to mikes or something else that's unambiguous than within a few days no one will even remember the 'bit' epidemic

[singularity]

I think people are really missing the point here.

We are not looking for a scientific/mathematically perfect new name for a denomination of bitcoin. It does not need to fit into these rules. Just because we are tech people and feel the need for everything to be logical, does not mean that our concept of what is 'correct' is applicable to the average person.

What we are looking to do is essentially rename/rebrand the currency and simultaneously move the standard unit of the currency to something that can be considered by the average person to be more 'affordable'. The amount of times I have heard people tell me they could never buy bit coins now because it is "too late" or it is "too expensive" is unbelievable. This is a significant problem for bitcoin.

It needs a good, simple and effective name to represent it. "bit" seems like the obvious choice for a number of reasons.

• It is a single syllable and relatively aesthetically pleasing to the ear.
• Even non technical people perceive it to be a technological based word but likely one that they do not find threatening due to a large amount of exposure to it.
• It is the first 3 letters of the word "Bitcoin" therefore it already has an association.
• "Bit" is already relatively widely used as 100 Satoshis.
• "Bit" is likely easy to say in practically any language.
• "Bit" already has the meaning of 'one something' in the english language.

It is important to have a unit made up of 100 Satoshis for the reason's other people have given. It would end up progressing this way anyway over time so it make sense to prepare for this now. One reason that I haven't seen anyone else give is that; we are naturally able to deal with 100's 1000's and 1,000,000s of something
rather than decimals of something. You never hear "that ice cream cost 0.000099 gold bars" but you do hear "That house costs $175,500".

It's all about making things as easy as possible for the average, non-techie, non-mathematician, non-engineer. In fact scrap that. We have to make bitcoin accessible to even the most uneducated people in the world. It has to work for EVERYONE. People fear what they do not understand therefore we must get rid of every possible barrier to entry, no matter how silly or small it might seem.

As much as I admire Satoshi I do not know if I would want 0.01 Bits to be named "Satoshis". Again, this would likely be something people would not understand and then fear. I personally think simply 'cent' or 'bit cent' should be used. A large portion of the planet already use the word cent to mean the lowest divisible unit of a currency (or have heard of it through western film and TV) therefore it is already somewhat of an international word. People are already comfortable with it and understand it.

In my opinion the most practical and coherent solution is;

0.000000001 = 1 cent or bit cent
0.0000001 = 1 Bit

[phillipsjk]

• It is a single syllable and relatively aesthetically pleasing to the ear.
• Even non technical people perceive it to be a technological based word but likely one that they do not find threatening due to a large amount of exposure to it.
• It is the first 3 letters of the word "Bitcoin" therefore it already has an association.

Why does the abbreviation have to be techie sounding?

Millies or mills (representing milibitcoins) are already used for calculating property tax.
Mikes (representing mircobitcoins) sound downright non-technical: and may make Bitcoin seem less threatening.

• "Bit" is already relatively widely used as 100 Satoshis.
• "Bit" is likely easy to say in practically any language.
• "Bit" already has the meaning of 'one something' in the english language.

The first item in that sub-list contradicts the last. If a "bit" is one of something, why is there 100 smaller parts in each one?

[ijmolder93]

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

Nope. 1 bit = 100 satoshi

Oh damn, I guess I got the wrong memo, or read it wrong. Thanks for letting me know

[101111]

If a "bit" is one of something, why is there 100 smaller parts in each one?

For stronger correlation to peoples mental model of what a currency is, eg $'s and cents. It 'maps' better to the way they think. That makes it far easier to understand, and consequently to want, and to use.

[zimmah]

I think people are really missing the point here.

We are not looking for a scientific/mathematically perfect new name for a denomination of bitcoin. It does not need to fit into these rules. Just because we are tech people and feel the need for everything to be logical, does not mean that our concept of what is 'correct' is applicable to the average person.

What we are looking to do is essentially rename/rebrand the currency and simultaneously move the standard unit of the currency to something that can be considered by the average person to be more 'affordable'. The amount of times I have heard people tell me they could never buy bit coins now because it is "too late" or it is "too expensive" is unbelievable. This is a significant problem for bitcoin.

It needs a good, simple and effective name to represent it. "bit" seems like the obvious choice for a number of reasons.

• It is a single syllable and relatively aesthetically pleasing to the ear.

There are many other 3 or 4 letter single syllable words

• Even non technical people perceive it to be a technological based word but likely one that they do not find threatening due to a large amount of exposure to it.
• It is the first 3 letters of the word "Bitcoin" therefore it already has an association.

That is exactly the problem, and one of the mean reasons it's confusing, because it's simply an abbreviation of the word bitcoin. Which will guarantee people WILL use it as an abbreviation to mean bitcoin.

• "Bit" is already relatively widely used as 100 Satoshis.

Only on reddit and only because a small group with a big mouth keeps chanting it. It's not to late to change course

• "Bit" is likely easy to say in practically any language.

There are many more words we could think of that are easy to say in any language

• "Bit" already has the meaning of 'one something' in the english language.

A bit has too many meanings, that's the problem
[/list]

It is important to have a unit made up of 100 Satoshis for the reason's other people have given. It would end up progressing this way anyway over time so it make sense to prepare for this now. One reason that I haven't seen anyone else give is that; we are naturally able to deal with 100's 1000's and 1,000,000s of something
rather than decimals of something. You never hear "that ice cream cost 0.000099 gold bars" but you do hear "That house costs $175,500".

No one discussed this, and many people voted for this, but the name bit is just the worst name you can imagine. If bit was such a good name like you claim there would not be this many topics AGAINST it, his many topics have you seen AGAINST satoshi? That's right, none.

It's all about making things as easy as possible for the average, non-techie, non-mathematician, non-engineer. In fact scrap that. We have to make bitcoin accessible to even the most uneducated people in the world. It has to work for EVERYONE. People fear what they do not understand therefore we must get rid of every possible barrier to entry, no matter how silly or small it might seem.

As much as I admire Satoshi I do not know if I would want 0.01 Bits to be named "Satoshis". Again, this would likely be something people would not understand and then fear. I personally think simply 'cent' or 'bit cent' should be used. A large portion of the planet already use the word cent to mean the lowest divisible unit of a currency (or have heard of it through western film and TV) therefore it is already somewhat of an international word. People are already comfortable with it and understand it.

In my opinion the most practical and coherent solution is;

0.000000001 = 1 cent or bit cent satoshi
0.0000001 = 1 Bit a new name has to be found for this

Also, not just scientists use micro, milli, centi and nano etc. it's used in everyday life.

For example:

Centimeters are used all around the world (except America) to measure length.
Kilometers are used all around the world (except America) to measure distance
Kilograms (or kilos) or used all around the world (except America) to measure mass
Milliliters are used all around the world (except America) to measure volume of mostly drinks
The word 'cent' itself is derived from 'centi' which means 1/100th of something. -> with this logic 'mike' (short for micro' would make the most sense.


Milligrams and micrograms are used to measure the mass of vitamins or additives in food

All you Americans stop refusing to use the metric system or just invest your own coin and make denominations in your imperial system and call it freedom coin or something.

[101111]

All you Americans stop refusing to use the metric system.

Americans represent less than 5% of the world's population so I don't know why you keep singling them out. Also, their currency is metric: 100 cents = $1.

[singularity]

It is quite astounding people's lack of ability to comprehend things out of their own sphere.

"Micro bitcoin" is horrible to say. "How much is that coffee?" "1000 micro bitcoins please."

"Mike" is possibly even worse. "Mike" is a male western name. You might as well call bitcoin "Stephen" or "Dave". It is just ridiculous.

The new unit name of bitcoin does not need to work especially well for people who are already using bitcoin. They aren't going to get confused since they likely already understand it. We are renaming the bitcoin unit so that anyone can understand it.

"There are many other 3 or 4 letter single syllable words".
Yep. I didn't say there wasn't. This isn't an argument against it though.

"That is exactly the problem, and one of the mean reasons it's confusing, because it's simply an abbreviation of the word bitcoin. Which will guarantee people WILL use it as an abbreviation to mean bitcoin."
Except that most people have already abbreviated "Bitcoins" to "coins". I have never heard anyone say "bits" in place of "bitcoins".

"Only on reddit and only because a small group with a big mouth keeps chanting it."
No. Just no.

"A bit has too many meanings, that's the problem".
Bit has two meanings, both of which are HIGHLY relevant to the new meaning.

"There are many more words we could think of that are easy to say in any language"
Yes but again this is not actually an argument against it, is it? This reasoning could be applied to any word we use.

"No one discussed this, and many people voted for this"
Well that was probably the quickest contradiction ever.

"but the name bit is just the worst name you can imagine."
Err right. What about "Flabeldigoogeldiguk"?

"If bit was such a good name like you claim there would not be this many topics AGAINST it"
Except that every thread I have read recently discussing it, most people agree that "bit" is the best solution.

"his many topics have you seen AGAINST satoshi? That's right, none."
This is not an argument though. Just because something has never been discussed before does not mean it should not be.

[windpath]

tip 100 Flabeldigoogeldiguk to singularity

I'll take the Bits...

[zimmah]

tip 100 Flabeldigoogeldiguk to singularity

I'll take the Bits...

what about ubits, zibs, mikes?

there's plenty of other possible names.

[tertius993]

tip 100 Flabeldigoogeldiguk to singularity

I'll take the Bits...

what about ubits, zibs, mikes?

there's plenty of other possible names.

Of course there are but bits works just fine, and, in my view, certainly better than those three.

I think singularity makes an excellent argument.

[zimmah]

except bits don't work fine because bits are not unambigious

[tertius993]

except bits don't work fine because bits are not unambigious

Why is that a problem?

Thousands of words have multiple meanings, it's really not an issue.

[zimmah]

well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem.

[singularity]

"well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem."

Your reasoning skills are terrible.

1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin.

I am perfectly willing to listen to reasonable arguments but I haven't heard a single one come from you.

[phillipsjk]

1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin.

I think he adequately showed in this post that there was confusion.

The 1 bit = 1µ BTC appears to be a reddit/bitpay thing. It is by no means universally accepted.

[zimmah]

"well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem."

Your reasoning skills are terrible.

1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin.

I am perfectly willing to listen to reasonable arguments but I haven't heard a single one come from you.

that's what you say, but i have seen others swearing they would be that much, and https://en.wikipedia.org/wiki/Bit_(money) proves a bit is actually already 12.5 cents.

just because you think a bit means 1 millionth of a bitcoin does not make it so.

also, that article proves that 'bit' in the currency world also was used for different purposes, it also meant 6 pence. and a short bit was $0.10 and a long bit was $0.15

i have actually already quoted some persons who used bit to mean something other than 1 millionth of a bitcoin. and on top of that you can't deny you haven't heard some people use 'millibit' or 'microbit' before. And if microbit means 1/1000th of a bit(coin), than it implies that 1 bit = 1 bitcoin (even though very few people actually use 1 bit = 1 bitcoin directly, the very use of microbit/millibit and centibit imply 1 bit = 1 bitcoin. also since bit is an abbreviation of bitcoin, it only makes sense to use it to mean bitcoin.

What do we call 1/100th of a dollar? a cent, from the latin word centi (which means 1/100th)
what do we call 1/100th of a euro? a cent, from the latin word centi (which means 1/100th)
what do we call 1/100th of any other currency? a cent, from the latin word centi (which means 1/100th)
what would we name 1/100th of a bitcoin? A cent, (or a bitcent or a centibit)

what do we call 1/1000th of a dollar? (mostly used at gas stations and sometimes in finance?), a mill (https://en.wikipedia.org/wiki/Mill_(currency)), from the latin word 'milli' which mean 1/1000th
what should we name a 1/1000th of a bitcoin? a mill (or millibit, or bitmill even though the last one does not really sound all that great to me)

we don't really have 1/millionth of a dollar because the dollar is not valuable enough for that but if we apply the same logic we used above, what would we call 1 millionth of a bitcoin?
that's right, we create a name derived from the latin word for 1/millionth which is a micro. Hence, 'mike'

perfect logic.

Imagine if literally thousands of new members will sign up in the next couple of weeks/months (which could totally happen if bitcoin enters another bull run) and they see people use 'millibits' (1/1000 bit) they would immediately know they mean 1/1000th of a bit(coin) and immediately associate the word bit with bitcoin, meaning 1 bit = 1 bitcoin. Then, a while later they see someone talking about bits, now what value would they think a bit is? Most likely 1 bitcoin.

[singularity]

If you actually bothered to read that wiki article (which you actually might have) you would see that "bit" as 12.5 cents hasn't been used for decades if no centuries.

"just because you think a bit means 1 millionth of a bitcoin does not make it so."
Actually it does. A word can mean anything. That is the point of this whole discussion. Your using backhanded tactics to get your way, therefore I have no respect for your opinion.