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Poll
Question: How much is 1 bit?
1 BTC - 5 (9.4%)
1 uBTC - 27 (50.9%)
neither - 21 (39.6%)
Total Voters: 53

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Author Topic: Let's decide how much is 1 bit  (Read 1433 times)
Wary
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May 21, 2014, 06:03:11 AM
 #1

Some people use bit as synonym for bitcoin. Others use it as synonym for microbitcoin. Still others are against either usage. Let's decide!

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How does one bitcoin?


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May 21, 2014, 06:13:25 AM
 #2

Calling 1 Bitcoin 1 bit is pretty confusing to me. It's not that difficult to just say 1 Bitcoin or coin or BTC etc. A bit to me implies a smaller denomination.

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May 21, 2014, 06:32:35 AM
 #3

It's already pretty much a standard:

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

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Wary
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May 21, 2014, 06:37:16 AM
 #4

DannyHamilton at this thread https://bitcointalk.org/index.php?topic=617549.0  says that everybody he knows use bit for bitcoin. Others disagree with him. That's why I set this poll.

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hilariousandco
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May 21, 2014, 06:52:47 AM
 #5


I'd hardly say standard, but all these different units are likely to become very confusing for people in the future. I prefer referring to things in Satoshis. I hope it doesn't hinder adoption.

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May 21, 2014, 07:19:12 AM
 #6

Some people use bit as synonym for bitcoin.

Who are these people?

http://www.bitpools.com
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May 21, 2014, 07:21:48 AM
 #7

Some people use bit as synonym for bitcoin.

Who are these people?
Never heard of it...why bit?
Malin Keshar
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May 21, 2014, 07:35:39 AM
 #8

1 bit is 1 if setted to high, and 0 if setted to low.

dont make things confuse, bits can be all sort of things and will cause confusion if widespread
turtlerabbit
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May 21, 2014, 07:36:12 AM
 #9

1 bit is either 0 or 1. so it should be the smallest digit.
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May 21, 2014, 08:48:38 AM
 #10

1 bit is 1 if setted to high, and 0 if setted to low.

dont make things confuse, bits can be all sort of things and will cause confusion if widespread

This. A bitcoin is commonly referred to as a "coin" where I live and a microbitcoin is commonly referred to as 100 satoshi.
Theres no other name for 100 dollars either. If at all, then there should be a name for 1000 satoshi. Lots of people say "1 grand" or something to 1000 USD while 100 USD are just... 100 USD, same for Satoshi.

Is doesn't even matter for financial software, bookkeeping or anything either, just use satoshis, neither of those things need a decimal.

How some of you might say "there is 1 cent at well, not only 1 dollar". Yes, but what if we one day need to increase decimals due to widespread adoption? Woudn't if be more useful to then be able to use the decimal point after the 8th decimal place (the satoshi?). If sure would, and since bitcoin will become deflationary eventually, why not think about the future.
Wary
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May 21, 2014, 10:56:14 AM
 #11

Some people use bit as synonym for bitcoin.

Who are these people?
DannyHamilton at this thread: https://bitcointalk.org/index.php?topic=617549.0

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yayayo
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May 21, 2014, 12:37:00 PM
 #12

1 bit is either 0 or 1. so it should be the smallest digit.

Yes, but the most common use of bit is in the binary number system - so it seems awkward to me applying it to a currency that is expressed in decimal.

We already have Satoshi as the smallest denomination. Why not just keep that? Bitcoin and Satoshi are enough.

ya.ya.yo!
DannyHamilton
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May 21, 2014, 12:42:32 PM
 #13

- snip -
Theres no other name for 100 dollars either . . . Lots of people say "1 grand" or something to 1000 USD while 100 USD are just... 100 USD
- snip -

Where I live, people can be heard referring to 100 USD as any of the following:

  • C note
  • C's
  • Benjamin
  • Benny
  • Black
  • hundred
  • hundo
  • hunnerd

Also, the word hundred is frequently just dropped entirely.  As an example, $453 might be pronounced:
"Four fifty-three".

DannyHamilton
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May 21, 2014, 12:46:08 PM
 #14

Note, this poll won't accomplish anything.  It is flawed in design, since it has a significant selection bias towards people who read forums and participate in discussions in places such as reddit.

The number of people who will see this poll at all is very small compared to the number of people using the word "bits" in conversations.  The number of people who will respond to this poll is very small compared to the number of people actually responding to this poll.

Razick
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May 21, 2014, 01:00:46 PM
 #15

1 bit is a unit in computer science that has nothing to do with Bitcoin (as a unit of measure). Because we use mB (millibitcoins or "em-bits" for short) the best thing to call a bit would be one Bitcoin, which I think we should just call one Bitcoin. Using bit for anything else could be confusing and messy.



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grahvity
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May 21, 2014, 01:24:32 PM
 #16

                    1
1 bit   =  ----------- X 1 BTC
             1,000,000   
       

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Wary
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May 21, 2014, 07:02:04 PM
 #17

Note, this poll won't accomplish anything.
You are saying this because you are outvoted  Grin (Just joking).

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Mr Tea
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May 21, 2014, 07:03:24 PM
 #18

Definitly not 1 whole bitcoin. It needs to be for a smaller denomination.

DannyHamilton
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May 21, 2014, 07:12:18 PM
 #19

Note, this poll won't accomplish anything.
You are saying this because you are outvoted  Grin

Of course.  Wink

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May 21, 2014, 08:50:23 PM
 #20

yet another thread..

1bit=100 satoshi

all those arguing that bit is either binary digit etc.

1 pound of beef is not a measurement of UK currency. yet they share the name.. so get over it
Apple is not only a fruit, but a technology company.. so get over it
AA is not only a known gold-fiat ranking standard, but also a place alcoholics go.. so get over it
hives is not only a skin condition, but also a home for honeybee's.. so get over it

we have already moved passed the arguments of what is a bit. the consensus is that it is 100satoshi's and people and businesses are already using it..

so get over it.

and have a nice day

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