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Author Topic: What to call 0.001 BTC? (5 BTC Bounty)  (Read 26149 times)
BitcoinBonus
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May 14, 2011, 03:52:22 PM
 #1

So now that prices have risen and transaction amounts will be smaller in numerical value for exchanges,
I feel we need to have a word for 0.001 of a Bitcoin.    Bitcent, BitNick and BitDime  work well for 0.01, 0.05 and 0.10 BTC, respectively,
but what should we call a milli-Bitcoin  ?

I've been thinking a little.   I tried saying Milli-Bitcoin really fast a few times (ok it was more than a few)
and came up with   Milbice  -- or perhaps we just call it a "Bice"

Then I thought how its nice in numismatics for money to have a cultural identity,
perhaps we should call 0.001 BTC a "Sat" or a "Nak" in honour of Satoshi Nakamoto

Then we could call a micro BTC a "Gav" (for Gavin!)  

Anyhow I need a name to use for some upcoming Bonus Programs.  

What do you think should be the name?  Bitcoin Bonus will send 5 Bitcoins to the person who is the first to submit the winning term
which will be what we end up choosing to use for our site.  We'll issue a full report of all the terms submitted and the number of votes they received.  Multiple entries permitted (each must have a different term per person), submit any term you'd feel comfortable using.

Submit your entries here


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--Darrell

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May 14, 2011, 04:02:15 PM
 #2

How about just a Bit?

EDIT: to also propose the suggestion Bbit (pronounce "bee bit") and to second the suggestion of bitbit.

And just a random suggestion, perhaps the new unit name should belong to the 0.0001 denomination (cent of a cent).  We'll go through fewer names that way, less confusion.  The most useful significant digits will all remain near the decimal point (four to the left, four to the right of it), it could be the only new name we ever need.

I am not sure that SI patterns or prefixes are the way to go.  I occasionally use SI in regular speech just to be geeky (example, I like to say 5 "kilodollars" instead of 5 "grand"), and people look at me like I'm nuts and often don't even know what I mean, even though it should be obvious.  No one seems to expect to see money measured like kilograms or millimeters.

Beyond the currently accepted "satoshi", I don't feel fond of honorary names ("gav" etc.), these seem like they could be a turnoff.

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May 14, 2011, 04:02:56 PM
 #3

singular - milli
plural - millies

1milli
10 millies
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May 14, 2011, 04:04:03 PM
 #4

I always liked btch (h == hecto)

h on the end becasue it is sub hecto, h in the front would imply a hecto of them.

1 btch == 00.001 btc
1 hbtc == 100 btc

Make sense?

kilo is next up the ladder from hecto so...

1btck == 00.0001 btc

For some reason I don't like the sound of milli bitcoin.

My $00.02


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May 14, 2011, 04:07:20 PM
 #5

And just a random suggestion, perhaps the new unit name should belong to the 0.0001 denomination (cent of a cent).  We'll go through fewer names that way, less confusion.

I am not sure that SI prefixes are the way to go.  I occasionally use SI in regular speech just to be geeky (example, I like to say 5 "kilodollars" instead of 5 "grand"), and people look at me like I'm nuts and often don't even know what I mean, even though it should be obvious.  No one seems to expect to see money to be measured like kilograms or millimeters.

Great point.  I don't think we'll know until this all shakes out in a few years.  I hope to have future contests as needed.

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May 14, 2011, 04:07:33 PM
 #6

I always liked btch (h == hecto)
Make that a "bitch" so it's easier to pronounce.
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May 14, 2011, 04:08:35 PM
 #7

Cent is from centum means hundred in latin, and mille means thousand so

1 Bitcoin = 100 Bitcents = 1000 Bitmils

My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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May 14, 2011, 04:16:19 PM
 #8

Millies, as a friendly form of millibitcoins.

I like it because it goes with Mikes, a friendly form of microbitcoins, and someone is sure to do a nice logo of Millie and Mike.
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May 14, 2011, 04:24:05 PM
 #9

Millies, as a friendly form of millibitcoins.

I like it because it goes with Mikes, a friendly form of microbitcoins, and someone is sure to do a nice logo of Millie and Mike.

Millies have a nice sound to it. Mikes - I'm not so sure about
I would call 1/1000th a Millibit for business (semi-official of Millibitcoin) and Millies in casual dealings
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May 14, 2011, 04:24:38 PM
 #10

Another idea to give names basing on how many times you have to divide Bitcoin by 10:

1 Bitcoin = Bitcoin
1/10/10 = 0.01 Bitcoin = Dibit
1/10/10/10 = 0.001 Bitcoin = Tribit

Use greek prefixes mono, di, tri, tetra, penta, hexa, hepta, octa, nona, deca

My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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May 14, 2011, 04:25:54 PM
 #11

1 satoshi = 1 credit (bitcred?)
1 BTC = 100M credits
edit: 1 bitcent = 1 megacred
.001 BTC = "100k credits, 100 kilocreds"
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May 14, 2011, 04:45:19 PM
 #12

millicoin
0.001 BTC = 1 mBTC

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May 14, 2011, 04:47:38 PM
 #13

Millies, as a friendly form of millibitcoins.

I like it because it goes with Mikes, a friendly form of microbitcoins, and someone is sure to do a nice logo of Millie and Mike.

Millie and Mike could even be friends with Bob and Alice
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May 14, 2011, 05:39:33 PM
 #14

The problem is that none of us probably have enough influence to get a unique name like 'Gav' to really catch on (unless it was especially catchy), so it would have to be immediately intuitive to anyone who saw it that you mean 0.001 Bitcoins. Using milli- is the most obvious, but milliBitcoins doesn't exactly roll off the tongue. I would recommend shortening it to something like "mCoins", and then abbreviate as mBTC until perhaps mC catches on. But, that's just my two Bitcents. Someone will probably have a better idea and we'll end up using that instead.

Check out the results from my Bitcoin Survey Project!
https://bitcointalk.org/index.php?topic=88927.0
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May 14, 2011, 05:56:34 PM
 #15

Well we're gonna have to do this again when we get down to microbitcoins... the advantage of defining 1 satoshi = 1 credit now, is that we never have to deal with this again
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May 14, 2011, 06:21:07 PM
 #16

the advantage of defining 1 satoshi = 1 credit now, is that we never have to deal with this again

Why use the confusing term credits?  Facebook uses that term already, as do many others.  Satoshis aren't used anywhere else.

I could see that term becoming more widely used.

The equivalent to a $9.75 USD online purchase of a movie ticket would be 114.7 mSats  (megasatoshis)  (at today's  BTC/USD exchange rate of $8.50)

To send a micropayment to a blogger using YouTipIt, for instance, 3 msats (worth just about $0.25 USD)

After some more bitcoin deflation, micropayments will be priced in terms of hundreds of kSats (kilosatoshis) while more significant amounts still can use mSats.

That could work!

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May 14, 2011, 06:27:41 PM
 #17

the advantage of defining 1 satoshi = 1 credit now, is that we never have to deal with this again

Why use the confusing term credits?  Facebook uses that term already, as do many others.  Satoshis aren't used anywhere else.

I could see that term becoming more widely used.

The equivalent to a $9.75 USD online purchase of a movie ticket would be 114.7 mSats  (megasatoshis)  (at today's  BTC/USD exchange rate of $8.50)

To send a micropayment to a blogger using YouTipIt, for instance, 3 msats (worth just about $0.25 USD)

After some more bitcoin deflation, micropayments will be priced in terms of hundreds of kSats (kilosatoshis) while more significant amounts still can use mSats.

That could work!

As much as I am a fan of SI, mega, milli and micro might be a bit confusing for general public. Why not just call it - millies, mikes and satoshis?
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May 14, 2011, 06:28:03 PM
 #18

1 MilBit, 2 MilBits

In the hopes that there will never be such inflation, so that the term should rather stand for 1 Million BTC.
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May 14, 2011, 07:01:15 PM
 #19

Millie and Mike could even be friends with Bob and Alice
...and enemies of Fannie and Freddie.
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May 14, 2011, 07:12:58 PM
 #20

.001 or .0001 BTC could be empowering.

I resist a psychological argument for any changes in bitcoin. Most of the time such are proposed by elitists who wish to insult the community by suggesting that there is no self-motivation (MOJO) in the culture or the community.

A small contribution can be amplified if others feel little resistance to contributing in small amounts.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
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