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Question: What does the term "millibit" mean to you today?
0.001 BTC - 18 (64.3%)
0.001 bits (10th of a satoshi) - 5 (17.9%)
Other/Unknown/Ambiguous/Nonsensical - 5 (17.9%)
Total Voters: 28

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Author Topic: What is a millibit?  (Read 3771 times)
teukon
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October 23, 2014, 12:28:40 PM
 #1

I'm trying to gauge the current state of Bitcoin's nomenclature from a different angle.
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dserrano5
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October 23, 2014, 12:32:09 PM
 #2

I was thinking of a slightly different poll: How would you name 0.001 BTC? a) millibit b) kilobit. But meh.

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October 23, 2014, 12:33:09 PM
 #3

I have absolutely no idea. I just name everything in satoshis up until about anything before 0.0001.

teukon
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October 23, 2014, 12:52:06 PM
 #4

I was thinking of a slightly different poll: How would you name 0.001 BTC? a) millibit b) kilobit. But meh.

Yeah, I thought about this one too but decided against it as I feared a huge number of posts explaining how both names are terrible.  I also thought about asking for "bitcent" to avoid the inevitable "A 10th of a satoshi doesn't exist." posts but didn't want to fan flames in the direction of the satoshi.
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October 23, 2014, 02:22:34 PM
 #5

i understood wrong before about "millbit" , i have thinked it 0.001BTC

marhjan
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October 23, 2014, 02:32:29 PM
 #6

A bitmill (btm) or millibit = 0.001btc

Good luck convincing me otherwise  Grin

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October 23, 2014, 02:53:56 PM
 #7

mBTC is a millibitcoin

who is using millibit?

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teukon
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October 23, 2014, 03:09:23 PM
 #8

i understood wrong before about "millbit" , i have thinked it 0.001BTC

Ah, I knew I should have checked the "allow people to change their votes" box.  I can't fix that now I'm afraid.

I have absolutely no idea. I just name everything in satoshis up until about anything before 0.0001.

mBTC is a millibitcoin

who is using millibit?

I've extended the "other" option to catch these cases.
solomon
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October 23, 2014, 03:23:16 PM
 #9

Less divisibility than a satoshi doesn't exist in the protocol so if someone says millibit they must mean 0.001 BTC, regardless of if people are using bits as nomenclature for uBTC. This is why the argument that there will be confusion between the two makes no sense.

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teukon
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October 23, 2014, 04:08:52 PM
 #10

Less divisibility than a satoshi doesn't exist in the protocol so if someone says millibit they must mean 0.001 BTC, regardless of if people are using bits as nomenclature for uBTC. This is why the argument that there will be confusion between the two makes no sense.

A single nanobitcoin cannot be handled by the protocol (yet) but it certainly exists as a concept.  Amounts smaller than a satoshi can be handled by exchanges and third-party payment systems.

A tenth of a US cent (also known as a mill) certainly exists as a concept.  I do believe that various gas stations in the US quote prices accurate to tenths of a cent.
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October 23, 2014, 08:31:20 PM
 #11

mBTC is a millibitcoin

who is using millibit?

exactly. unless coin at end is used, this have nothing to do with crypto currencies.

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marhjan
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October 23, 2014, 08:51:15 PM
Last edit: October 23, 2014, 11:36:04 PM by marhjan
 #12

bit mill (btm) not millibit - but again I don't see this as worth spending time on.  There will not ever likely be agreement on this - as long as we can all deduce what people are talking about it shouldn't much matter.  Some people (moreso in the past than now) used to call $0.25 'two bits.'  If you here that today (in USA at least) pretty much everyone knows what the person is talking about.  Stop worrying so much about the naming conventions.  If we need XBT for the ISO currency code and that is to be 0.000001btc that's fine - beyond that we'll figure it out in time

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October 23, 2014, 09:43:36 PM
 #13

Any nomenclature between a full bitcoin and a satoshi pisses the fuck off of me. Easier just to write 0.001 or whatever.

Saying that you don't trust someone because of their behavior is completely valid.
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October 24, 2014, 08:39:14 AM
 #14

millibit = mBTC = 0.001 BTC

simple

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October 24, 2014, 09:51:06 AM
 #15

What it means for me? At least for now it is a form of positive psychological encouragement that tells me i own quite an amount of stash. Grin

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October 24, 2014, 10:46:37 AM
 #16

Any nomenclature between a full bitcoin and a satoshi pisses the fuck off of me. Easier just to write 0.001 or whatever.

same.
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October 24, 2014, 11:32:48 AM
 #17

nice information so far.
teukon
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October 24, 2014, 11:37:54 AM
 #18

Any nomenclature between a full bitcoin and a satoshi pisses the fuck off of me. Easier just to write 0.001 or whatever.

same.

Lol.  Maybe I should have added "Infuriating" to "Other/Unknown/Ambiguous/Nonsensical".
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October 24, 2014, 02:30:17 PM
 #19

A bitmill (btm) or millibit = 0.001btc

Good luck convincing me otherwise  Grin

Recently a whole army of people has managed to get 'bit' into the mainstream as 100 satoshi, and I am worried it will not stop there.

Bitcoin will get american imperial system of measurements.

Now let me count how many gallons of bitcoin i have, or is it miles, or nautical miles?

Can any american help me counting?
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October 27, 2014, 11:47:28 AM
 #20

Who made millibit an official term?
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