Bitcoin Fractional Units

[MakingMoneyHoney]

I'm just somewhat new to Bitcoins and cryptocurrency and trying to learn everything I can. From that perspective, I'm seeing a lot of websites newer people would look at, like faucets. I think newer people to Bitcoins might dabble in those before they put their foot in and actually buy some. So my thoughts are, Bitcoins for larger amounts, and Satoshis for smaller amounts.

For example: 10,000 Satoshi or 10k Sat.

BTW: Is there a Satoshi sign like there is BTC symbol or ¢ symbol for dollars?

[1714720371]

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[1714720371]

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[1714720371]

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[bitsmichel]

I'm just somewhat new to Bitcoins and cryptocurrency and trying to learn everything I can. From that perspective, I'm seeing a lot of websites newer people would look at, like faucets. I think newer people to Bitcoins might dabble in those before they put their foot in and actually buy some. So my thoughts are, Bitcoins for larger amounts, and Satoshis for smaller amounts.

For example: 10,000 Satoshi or 10k Sat.

BTW: Is there a Satoshi sign like there is BTC symbol or ¢ symbol for dollars?

I like this proposition. Satoshi makes sense for small amounts, whereas it does not make sense for very large amounts . Bits is an interesting idea because it makes sense to get 'bits' when you buy bitcoin.

[marhjan]

For example: 10,000 Satoshi or 10k Sat.

+1 to using sat and ksat for amounts less than 1btm (0.001btc)

[opossum]

This is essentially the "system" that is used now. The symbols are really even the same (with the exception of satoshi as I have never seen that symbol before).

As of now, I really don't see any real need to measure bitcoin in any unit of measurement smaller then mBTC as bitcoin is not valuable enough for one additional .1 mBTC to make a difference in the actual price of something.

[adamstgBit]

This is essentially the "system" that is used now. The symbols are really even the same (with the exception of satoshi as I have never seen that symbol before).

As of now, I really don't see any real need to measure bitcoin in any unit of measurement smaller then mBTC as bitcoin is not valuable enough for one additional .1 mBTC to make a difference in the actual price of something.

there is a definite need for these different Fractional Units...

for pricing shitcoins poeple use satoshis.
for small ticket items some sites already display prices in bits or mills

the problem is there is no clear definition of what is what, for example on bitcoin qt 1/1,000,000th of a bitcoin is called a micro-bitcoin, on blockchain.info's wallet they call'm bits

who's correct?
what's what?
these are the things that keep me up at night! ( not really  )

[pitham1]

This looks good!

Do we need to call the fractional units as mills and bits? Why not stick with milli-bitcoins and micro-bitcoins?
People all over the world use the metric system. We should adopt it too. 

[adamstgBit]

http://www.reddit.com/r/Bitcoin/comments/2kjtsr/because_no_one_wants_their_coffee_to_cost_000347/

[solex]

Do we need to call the fractional units as mills and bits? Why not stick with milli-bitcoins and micro-bitcoins?
People all over the world use the metric system. We should adopt it too.  

Because people don't use full metric prefixes for money. No salesman puts a sticker price of 17 kilodollars on a car. No one says BillG is worth 40 gigadollars.
You might use an abbreviation and say a car cost 17 "k", just as you can say 17 "grand". It is a shorthand which is in common usage.

Mil has been used historically before e.g.

[jbreher]

http://www.reddit.com/r/Bitcoin/comments/2kjtsr/because_no_one_wants_their_coffee_to_cost_000347/

Stupid argument is stupid. Nobody wants their coffee to cost 3470.00, either.

[teukon]

http://www.reddit.com/r/Bitcoin/comments/2kjtsr/because_no_one_wants_their_coffee_to_cost_000347/

Stupid argument is stupid. Nobody wants their coffee to cost 3470.00, either.

I like the whole numbers myself (I'd drop the ".00") but I see your point.  Indeed, this is just the classic "bits" false dichotomy: Either you're with us, or you want everything to be priced in bitcoins for all time.

I wouldn't mind seeing this price displayed as:

• 3.47 mBTC (0.003 47 BTC)
• 3.47 mills (0.003 47 BTC)

or even

• 3.47₥ (0.003 47 BTC)

Whole numbers are good though:  "3470µ" (read: "three-four-seventy mikes") and "Ƶ3470" (read: "three-four-seventy zibs") seem fine to me.  With so many simple options I see no reason at this point to rally behind the backwards-compatibility-breaking nonsense promoted by this graphic ("bit" is too close to "bitcoin", e.g. "millibit"; XBT already unofficially means 1 bitcoin).