1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE

BurtW

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Quote from: iram1011 on January 17, 2016, 04:49:37 AM

Bits (millionths) are best !

Yes absolutely true... When I send or receive payments (small) I enjoy bits than mBit..
For example 0.00234 [no units, assuming BTC]
234k bits [should be 234 kBits?]
0.234 mbit [mBits makes no sense, perhaps you meant mBTC?]

Well I prefer bits form Wink

Confusing... Correcting your example:

   0.00234 BTC = 2.34 mBTC = 2,340 uBTC = 2,340 Bits = 2.34 kBits

Or, maybe you meant:

  0.234 BTC = 234 mBTC = 234,000 uBTC = 234 kBits?

Or, maybe:

  0.000234 BTC = 0.234 mBTC = 234 uBTC = 234 Bits?

The units of mBits makes no sense because:

0.234 mBits = 0.000234 Bits = 0.0234 Satoshis which is currently undefined.

iram1011

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Bits (millionths) are best !

Yes absolutely true... When I send or receive payments (small) I enjoy bits than mBit..
For example 0.00234
234k bits
0.234 mbit

Well I prefer bits form Wink

s@toshiClaims

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Sounds better then satoshis so yes BITS

gracewacth

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That good idea

mtnsaa

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Bits are definitely more user friendly, do you guys think we could ever see the day of 1 bit = $1? I know the question about 1 satoshi = $1 has been asked and it seems too ridiculous but I feel 1 bit could be close to it.

Anyway decimals is just one of the many problems of BTC adoption by the mainstream, but I think something like this could definitely be a step forward. Exchanges and stores should denominate values this way, I think Xapo is a good candidate since their business is based on making Bitcoin as user friendly as possible.

BurtW

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Quote from: NorrisK on January 03, 2016, 07:48:14 AM

I like the sound of bits much more than mBTC though, but I'm afraid the value needs to increase substantially to be able to use bits in daily life.

Just to be clear 1 bit = 1 uBTC, not 1 mBTC.

teukon

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Quote from: NorrisK on January 03, 2016, 07:48:14 AM

Bits are currently worth too little to be used in daily life. We are used to spend values in the order of magnitude from 1 to hundreds on a daily basis, not tens of thousands.

Not so. Not only is the unit size perfectly workable there are millions of people used to prices of this order. Consider South Korea (1 USD is worth about 1000 KRW).

Quote from: NorrisK on January 03, 2016, 07:48:14 AM

I like the sound of bits much more than mBTC though, but I'm afraid the value needs to increase substantially to be able to use bits in daily life.

This rather depends on how you read "mBTC". I created a poll about a year ago to investigate and was stunned by the number of people that were actually thinking "em-bee-tee-see". I wonder if this is still the case today.

Denker

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Quote from: rickadone on January 03, 2016, 02:27:00 AM

I believe we need to change the Unit for bitcoin time to time. Only the better understanding will decide the suitable unit. So, bits may become difficult when one bits will value $100, then satoshi will be a convenient at that time.

Before this will happen we will be all grand daddies I believe.
1 bit is 100 satoshi.So 1 bit worth $100 would mean 1 satoshi is worth $1.
1 BTC would make you either rich or the USD will be hyperinflated!

NorrisK

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Bits are currently worth too little to be used in daily life. We are used to spend values in the order of magnitude from 1 to hundreds on a daily basis, not tens of thousands.

I like the sound of bits much more than mBTC though, but I'm afraid the value needs to increase substantially to be able to use bits in daily life.

BurtW

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Quote from: xmax on January 02, 2016, 09:13:44 PM

Why are people so dug into the change of the common unit that we are identifying bitcoin by. There are a lot of numbers, but why would you want to divide that by 100??? That just does not make much sense to me. Someone please explain the benefit to me.

The divide by 100 you are asking about is because there are 100,000,000 Satoshis per BTC giving us 100 Satoshis per microBitcoin [=uBTC=Bits=XBT]:

Code:

Bits (XBT) [Bitcents]
Bitcoins (BTC) milliBitcoins (mBTC) microBitcoins (uBTC) Satoshis
-------------- -------------------- -------------------- -----------
  1.0 1,000.0 1,000,000.00 100,000,000
  0.001 1.0 1,000.00 100,000
  0.000 001 0.001 1.00 100
  0.000 000 01 0.000 01 0.01 1

bearex

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Yes, something along this way would work great, because noone likes decimal places. It is better to see the price as 7 something or 700 something than 0.007. So i think it would be good.

the_poet

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Bitcoin accepted here

Quote from: molecular on January 02, 2016, 06:53:01 PM

Quote from: PakistanHockeyfan on January 02, 2016, 06:11:10 PM

I don't understand why we need bits though. It is unnecessary. Bitcoin by itself is fine. It is like comparing it with Satoshi's or mbtc.

human psychology. It's was easier to handle 10,000 for a coffe than 0.00001.

Believe it or not: A decimal point and many zeroes are hard to handle in practice.

Exactly. And this is going to be a key factor to the success of Bitcoin.

guoyu78

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why not using instead the mbtc for this moment ?
it could be more easy than bits or bitcoin......

rickadone

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I believe we need to change the Unit for bitcoin time to time. Only the better understanding will decide the suitable unit. So, bits may become difficult when one bits will value $100, then satoshi will be a convenient at that time.

xmax

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Why are people so dug into the change of the common unit that we are identifying bitcoin by. There are a lot of numbers, but why would you want to divide that by 100??? That just does not make much sense to me. Someone please explain the benefit to me.

HardcoreSuperstar

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If Bitcoin does become a global currency, this indeed sounds great. It's assuring that my 1 bitcoin now can be worth $1,000's down the road.

molecular

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Quote from: PakistanHockeyfan on January 02, 2016, 06:11:10 PM

I don't understand why we need bits though. It is unnecessary. Bitcoin by itself is fine. It is like comparing it with Satoshi's or mbtc.

human psychology. It's way easier to handle 10,000 for a coffe than 0.00001.

Believe it or not: A decimal point and many zeroes are hard to handle in practice.

PakistanHockeyfan

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I don't understand why we need bits though. It is unnecessary. Bitcoin by itself is fine. It is like comparing it with Satoshi's or mbtc.

AncilVTwo

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Quote from: Hugroll on January 02, 2016, 05:17:05 PM

Quote from: croato on March 15, 2015, 06:43:56 PM

Bits sounds like best option to me cause it is easy to work with and it is most accepted option right now. I have tried other options but i can visualise bits and count them lot easier. Maybe cause i am more familiar with fiat system where allmost any currency have 100 units, idk, but from my point of wiew bits are best option.

i agree, bits is also easier to say than "bitcoin" its a simple unit of bitcoin. its big enough that it holds a bit of value (100 satoshi). a hundred bits is around 4cents right now.

hmm honestly id kinda prefer satoshis over bits, its the smallest unit of bitcoin right now and using it would just make everything more precise.

Hugroll

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Quote from: croato on March 15, 2015, 06:43:56 PM

Bits sounds like best option to me cause it is easy to work with and it is most accepted option right now. I have tried other options but i can visualise bits and count them lot easier. Maybe cause i am more familiar with fiat system where allmost any currency have 100 units, idk, but from my point of wiew bits are best option.

i agree, bits is also easier to say than "bitcoin" its a simple unit of bitcoin. its big enough that it holds a bit of value (100 satoshi). a hundred bits is around 4cents right now.

Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE (Read 57122 times)