What to call 0.001 BTC? (5 BTC Bounty)

[D.H.]

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

• Bitcoin sounds like a small amount.
• While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
• No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.

[1714175826]

1714175826

[MoonShadow]

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

• Bitcoin sounds like a small amount.
• While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
• No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.

I would have to agree, but if we are going to move the decimal point, we need to do it sooner rather than later.

[mobydick]

Instead of milbit, what about: milfbit

[MoonShadow]

Instead of milbit, what about: milfbit

The standard going rate, then?

[defxor]

While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe.

I hate having to agree with you, but the recent accident in Fukushima is a good example. Both mass media and the general public were completely unable to understand and communicate the difference between micro and milli - leading to headlines that there had been increases in radiation because TEPCO stated "14 microsievert" when they had previously said "0.6 millisievert" etc.

Falkvinge expressed similar views:

{amount}[k|m|u]

The amount 0.00141 could have been better written as 1.41m (1.41 millibitcoin), or 1410u for those who prefer (1,410 microbitcoin). It makes it much more readable. Readability is strongly preferable. (The k prefix works similarly for kilo and will probably only be used to buy mansions and luxury sports cars. I do not foresee a need for a mega prefix.)


http://falkvinge.net/2011/06/06/bitcoins-four-hurdles-part-two-transactions/

[Findeton]

0.000001 old btc = 1 btc (so we'll still use "bitcoin", we'll just have  1e6 times more bitcoins)
0.001 old btc  =  1 000 btc = 1K bt = kilobit
1 old btc = 1 000 000 btc  = 1M bt =  megabit
1 000 old btc = 1 000 000 000 btc = 1G bt = gigabit
1 000 000 old btc = 1 000 000 000 000 btc= 1T bt = terabit

You use bitCOINS when it's a small number, but when it's a big number you don't use coins.

[spiccioli]

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

• Bitcoin sounds like a small amount.
• While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
• No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.

I'm completely with D.H.

all these prefixes and suffixes are a mess to handle by average Joe.

I've never seen a currency with more than two decimal places; how are you supposed to pay for you daily loaf of bread or newspaper?

How much for that .... (you name it)? 

You need to answer such a question with something which can be spelled easily; try to ask your grandma for some coins, are you going to ask her a few milli/nano something (not to mention a few btches)?

So, the bitcoin HAS to be equivalent to 100 satoshis (or 1000, if we want to use some of those decimal places), and from there we simply go up until we reach 1 million (new) bitcoins where we simply remove the decimal place which is there now and keep going up.

1 billion new bitcoins == 1,000.00 current bitcoins
1 trillion new bitcoins == 1,000,000.00 current bitcoins

and so on .

my 2s  (satoshis)

[MoonShadow]

0.000001 old btc = 1 btc (so we'll still use "bitcoin", we'll just have  1e6 times more bitcoins)
0.001 old btc  =  1 000 btc = 1K bt = kilobit
1 old btc = 1 000 000 btc  = 1M bt =  megabit
1 000 old btc = 1 000 000 000 btc = 1G bt = gigabit
1 000 000 old btc = 1 000 000 000 000 btc= 1T bt = terabit

You use bitCOINS when it's a small number, but when it's a big number you don't use coins.

I'm sure that's what the guy who bought the 10K BTC pizza was thinking, too.

[marcus_of_augustus]

2.1 quadrillion satoshis is a lot of supply ... what if we have inflation? (just kidding folks)

my money is on the satoshi ... 100 satoshis to the bitbuck and go from there.

Although it doesn't really matter what joe average thinks or if he eve needs to, the computer does it all for him.

[d.james]

1 Coin = 10 bents = 100 cents = 1,000 dents = 10,000 fents = 100,000 gents

[Urquan]

Bitbit.

[lacedwithkerosene]

Bitbit.

thanks for the vote of confidence. As I said when I posted it, it has the advantage of sounding like toddler food or a baby dinosaur.

[Urquan]

Bitbit.

thanks for the vote of confidence. As I said when I posted it, it has the advantage of sounding like toddler food or a baby dinosaur.

yeah. It' s also very simple.

[drst]

throwing my hat in the ring: bitprom. or bithou.

(cause it's a thousandth)

just my 00.2 btc's (;

[someotherguy]

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

• Bitcoin sounds like a small amount.
• While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
• No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.

D.H. nailed it here.  This should be the new standard.

+1

[ZombieDeity]

Just call it what it is -- a tenth of a Bitcent.  Why does it have to be dumbed down?  I don't want to trade in BTC with morons anyway.  If you can't understand decimal places, gtfo imho.

[garyrowe]

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

• Bitcoin sounds like a small amount.
• While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
• No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.

D.H. nailed it here.  This should be the new standard.

+1

Perhaps the Wiki should be updated to reflect this approach? https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_denominations_of_Bitcoins?

[niemivh]

It should be called an "ibbit" or "ibit".

Pronounced ib-et, rhymes with ribbit - the sound a frog makes.

[mewantsbitcoins]

No! It should be called litllebit
http://www.youtube.com/watch?v=GllEDACUbNo

Damn baby all I need is just a littlebit

[Kolbas]

"cent" or "milli" sound like something small. People may feel uncomfortable buying 1 bit"cent" for 5 dollars, for example.
I like "Gavin" (not "Gav", Gav sounds a little funny in Russian). Or maybe think about some other human names. First of all, it must be beautiful and human-oriented, not necessarily compared with some bitcoiner.