Bits vs. Satoshi

[bitcoinsavior]

Hi there,

How  is everyone doing?

Please please, when you respond, dumb down your explanation using layman's terms. Math is not my forte unless it's simple basic math (add/subtract/multiply/division).

So I just recently started with the faucets, & all of the sites give you satoshi, but one site pays out in bits.

Questions:

1. What is the difference between a satoshi & a bit?
2. How many satoshies do I need to get $1 or $1 bitcoin? Is there some sort of easy mathematical equation you can give me?
3. I'm guessing bits are worth less than satoshies, but I could be wrong. I know that 60k bits equals a measly penny.
4. What is the plural of sathoshi btw?

Thanks a ton


Michelle

[erikalui]

I basically got an idea when I received bits in my Xapo wallet. I had earned 10000 Satoshis and received 100 bits in my Xapo wallet which I had counted so basically you can do the calculation for 1 Satoshi. The total price of the bits can be seen in the Xapo wallet in terms of dollars.

Plural of Satoshi is Satoshis? I'm just guessing here.

[bitcoinsavior]

Hi guys,

Thanks for this.

So when I say bits, I mean bits, not a bit coin.

So when a site says I'm making bits & not satoshis, I should concentrate on those more than the satoshis sites?

B/c 60.00 bits is only one penny, so WTH is 60 satoshis? 1/2 a penny? LOL

[Coef]

Hi guys,

Thanks for this.

So when I say bits, I mean bits, not a bit coin.

So when a site says I'm making bits & not satoshis, I should concentrate on those more than the satoshis sites?

B/c 60.00 bits is only one penny, so WTH is 60 satoshis? 1/2 a penny? LOL

The bitcoin price is ~$280 at this moment, so 60 satoshis (0.00000060 btc) is just worth 0.0168 cents ($0.000168)
That's why it is a very bad idea to waste your time on faucets collecting tiny amount of money.

[bitcoinsavior]

I understand it's peanuts, but I'm doing it while doing other things. Times are tough for me.

Thanks

[tspacepilot]

Hi guys,

Thanks for this.

So when I say bits, I mean bits, not a bit coin.

So when a site says I'm making bits & not satoshis, I should concentrate on those more than the satoshis sites?

B/c 60.00 bits is only one penny, so WTH is 60 satoshis? 1/2 a penny? LOL

Indeed, I find the use of "bits" to be very confusing and obnoxious, yet a few people persist in doing so.  When you see "bits" you have to think uBTC (micro-BTC) or 100 Satoshis.  You are absolutely correct that bits is not a bitcoin and if you want to be a good person, don't use "bits" say "uBTC" or "Satoshis" instead.

[Paul Revere]

Hi there,

How  is everyone doing?

Please please, when you respond, dumb down your explanation using layman's terms. Math is not my forte unless it's simple basic math (add/subtract/multiply/division).

So I just recently started with the faucets, & all of the sites give you satoshi, but one site pays out in bits.

Questions:

1. What is the difference between a satoshi & a bit?
2. How many satoshies do I need to get $1 or $1 bitcoin? Is there some sort of easy mathematical equation you can give me?
3. I'm guessing bits are worth less than satoshies, but I could be wrong. I know that 60k bits equals a measly penny.
4. What is the plural of sathoshi btw?
Thanks a ton
Michelle

Nothing associated with the questions posed goes beyond what you call "simple basic math".

[cazkooo]

Hi there,

How  is everyone doing?

Please please, when you respond, dumb down your explanation using layman's terms. Math is not my forte unless it's simple basic math (add/subtract/multiply/division).

So I just recently started with the faucets, & all of the sites give you satoshi, but one site pays out in bits.

Questions:

1. What is the difference between a satoshi & a bit?
2. How many satoshies do I need to get $1 or $1 bitcoin? Is there some sort of easy mathematical equation you can give me?
3. I'm guessing bits are worth less than satoshies, but I could be wrong. I know that 60k bits equals a measly penny.
4. What is the plural of sathoshi btw?

Thanks a ton


Michelle

1. actually this is just a simple math
where 1 bit = 100 satoshis, 1 multiply 100 so it wont be hard

2. Depending on the current rate of BTC/USD , cant define it since the rate is fluctuative

3. Bits is alot more than a satoshi, 1 bit = 100 satoshis

4. Plural of satoshi is satoshis i guess?

[Bizmark13]

Neither 60k bits, 6,000 bits, nor 60 bits are worth one penny. One US penny is currently worth about 3,500 satoshis according to Preev. To convert that to bits, just chop off the two zeroes at the end - i.e. 35 bits.

[maku]

I will give you definitive answer:

1 Satoshi   = 0.00000001 ฿   
10 Satoshi   = 0.00000010 ฿   
100 Satoshi   = 0.00000100 ฿   = 1 Bit / μBTC (you-bit)
1,000 Satoshi   = 0.00001000 ฿   
10,000 Satoshi   = 0.00010000 ฿   
100,000 Satoshi   = 0.00100000 ฿   = 1 mBTC (em-bit)
1,000,000 Satoshi   = 0.01000000 ฿   = 1 cBTC (bitcent)
10,000,000 Satoshi   = 0.10000000 ฿   
100,000,000 Satoshi   = 1.00000000 ฿   


$1 USD = 341,460 Satoshi = 0.00341460 BTC (as of 17 Mar 2015)

You can find this info on http://www.btcsatoshi.com/

[TheButterZone]

Any expression other than BTC:

[Bizmark13]

Any expression other than BTC:

If Bitcoin is to ever succeed, then denominating everything in BTC won't work. I mean, can you imagine how awkward it would be?

Person 1: "How much does that cost over there?"
Person 2: "Oh that? Um... Let me see. Uhh.. It's zero point zero zero zero zero five bitcoins."
Person 1: "Wow! That's cheap!"
Person 3: "Actually the store down the road is selling it for zero point zero zero zero zero zero nine bitcoins."
Person 2: "Wait... It's actually zero point zero zero zero zero zero five bitcoins. So our store is actually cheaper."
Person 1: "Oh damn! Looks like I only have zero point zero zero zero zero zero three bitcoins! Hey can I borrow zero point zero zero zero zero two bitcoins?"
Person 3: "You mean zero point zero zero zero zero zero two bitcoins right?"
Person 1: "Um... Isn't that what I just said?"

vs.

Person 1: "How much does that cost over there?"
Person 2: "Oh that? Um... Let me see. Uhh.. It's 50 bits."
Person 1: "Wow! That's cheap!"
Person 3: "Actually the store down the road is selling it for 9 bits."
Person 2: "Wait... It's actually 5 bits. So our store is actually cheaper."
Person 1: "Oh damn! Looks like I only have 3 bits! Hey can I borrow 2 bits?"
Person 3: "Sure!"

[TheButterZone]

Everyone who uses BTC can be expected to know what BTC1 is. The same cannot be said of these ridiculous names for decimal places that are too easily confused with one another by business and consumer alike, and may shift in and out of common use (and memory) depending on the fiat/BTC exchange rate.

0) Fixing rates/prices will help
1) QR codes will help
2) Rounding will help
3) As of now, 1 US cent=BTC0.00003423. For that same cent to equal BTC0.00000001, BTC will have to equal $1 million USD.
4) I think I'm going to propose right now that we A) read prices <BTC1 either as "point single/double/triple/quad-zero {then the last digits}" (as it's common to say point at the beginning of a sub-whole number), or B) keeping with the 8 decimal place standard, that we have a directional shift button and all trailing zeroes be displayed. If the price is BTC1 or more, entry will be left to right. If <BTC1, hit the button, and the entry starts from right, the 8th decimal place, and goes to the left. So for 0.00015310 you would hit the button, and enter 0-1-3-5-1, the spaces would fill in the last 5 digits, and then you hit enter and it fills the remaining zeroes in, goes fullscreen for easy comparison to the price source, and enter again to confirm.

[tspacepilot]

Everyone who uses BTC can be expected to know what 1 BTC is. The same cannot be said of these ridiculous names for decimal places that are too easily confused with one another by business and consumer alike, and may shift in and out of common use (and memory) depending on the fiat/BTC exchange rate.
[snip]

I agree wholeheartedly about the ridiculous name of "bits" however, in fact, everyone with a secondary education can also be expected to know what SI prefixes are because they aren't ridiculous and are quite standardized across the globe.  milli means 10^-3 micro means 10^-6 and the standard abbreviations for these of m and u (actually, a lowercase mu but people use 'u' in ascii).  These are not ridiculous at all and if I speak of KBTC (thousands of btc) or mBTC (thousandths of a btc) I expect anyone with basic education to understand or to take it upon themselves to understand.