1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE - page 16.

harrymmmm

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Quote from: teukon on May 04, 2014, 07:48:13 PM

Quote from: Arghhh on May 03, 2014, 02:27:20 AM

~~A. "That'll be 0.00005 BTC please."~~
~~B. "That'll be 0.05 mBTC please."~~
C. "That'll be 50 uBTC please."
D. "That'll be 50 bits please."

A and B are eliminated right off the bat because nobody wants to recall how many zeroes they've put after the decimal.

This leaves us with reasonable C and D, but the word "bit" is far more marketable than "micro-BTC". Micro-BTC just doesn't roll off the tongue like bits does.

I agree that "microbitcoin" is cumbersome to say. However, the natural way of dealing with a long, frequently used word is to shorten it, not replace it. Some examples:

application -> app
information -> info
laboratory -> lab
maximum -> max
university -> uni

"That'll be 50 microbitcoins please." -> "That'll be 50 mics please."

Left alone, this is what will happen automatically and all will be right with the world

If there's a push to rename ubtc to 'bit', we're just setting ourselves up for confusion.

2_Thumbs_Up

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Quote from: Technomage on May 05, 2014, 10:45:44 AM

Nobody should or can impose people to use a certain unit. You can use whatever you wish. However I'm in the camp of promoting the use of bits and want it available in most major wallets and services. As I myself am part of running the largest Bitcoin website in Finland I can contribute on my end. However it needs to be a community effort.

The real potential for confusion comes from using different units. Right now there is already use of BTC and mBTC and now we're bringing in the rebranded µBTC. From my point of view this will simply replace the use of mBTC and perhaps become the default unit instead of just an alternative.

IMO it doesn't have to be a coordinated community effort. That will just end with everybody waiting for everybody else to do something (kind of like how everyone has just waited for others to start using mBTC). If you like 'bits' you should just start using it, and soon others follow your example.

Quote your prices in both bits and BTC to avoid initial confusion such as:
2 345 bits (0,002 345 BTC)

That way you show off the advantage of using bits, while still making it easy for anyone with wallet that uses BTC. Just take the lead and show everyone else how simple it really is.

boumalo

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Quote from: Technomage on May 05, 2014, 10:45:44 AM

Nobody should or can impose people to use a certain unit. You can use whatever you wish. However I'm in the camp of promoting the use of bits and want it available in most major wallets and services. As I myself am part of running the largest Bitcoin website in Finland I can contribute on my end. However it needs to be a community effort.

The real potential for confusion comes from using different units. Right now there is already use of BTC and mBTC and now we're bringing in the rebranded µBTC. From my point of view this will simply replace the use of mBTC and perhaps become the default unit instead of just an alternative.

µBTC=uBTC and it is not entirely clear for everyone at first

1bitcoin=1,000,000bits, it is convenient and bit&bitcoin have the same root

101111

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Quote from: BurtW on May 05, 2014, 01:03:56 PM

If we combine zib and bit we get "zits"

zits was my first choice, but got squeezed out

BurtW

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All paid signature campaigns should be banned.

If we combine zib and bit we get "zits"

101111

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Although it is the smallest unit (so far!) Satoshi is great in a respectful and formal sense, but how about 'tidbit' as a colloquial alternative.

1 bit = 100 tidbits

Technomage

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Affordable Physical Bitcoins - Denarium.com

Nobody should or can impose people to use a certain unit. You can use whatever you wish. However I'm in the camp of promoting the use of bits and want it available in most major wallets and services. As I myself am part of running the largest Bitcoin website in Finland I can contribute on my end. However it needs to be a community effort.

The real potential for confusion comes from using different units. Right now there is already use of BTC and mBTC and now we're bringing in the rebranded µBTC. From my point of view this will simply replace the use of mBTC and perhaps become the default unit instead of just an alternative.

boumalo

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426/539 79% of the voters agree that bits is better than milibitcoins or bitcoins as the main unit; I like the idea but I am a bit divided wether it should be impose or not; we don't even know what will Bitcoin be mainly used for

A305732903

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Beliathon

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https://youtu.be/PZm8TTLR2NU

I support bits as a reasonable alternative to 0.0000_ BTC

teukon

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Quote from: Technomage on May 05, 2014, 05:15:20 AM

Bit is the new unit, period.

You asserting a thing does not make it so.

Quote from: Technomage on May 05, 2014, 05:15:20 AM

It is simple and mainstream proof. It works. The confusion argument has been debunked thoroughly in my opinion. Many words have different meanings to them without it being a problem, that is not a reason to fight this change.

Roughly yes. However, I'm not arguing against "bit" for this reason, I'm arguing against it because it's worse than what we currently have.

Quote from: Technomage on May 05, 2014, 05:15:20 AM

This solves many issues at the same time. For one, bitcoins will no longer be thought of as too expensive. We won't need to use decimals with the exception of the 2 that are still available after the change. As was explained before, it's actually good to have some decimals.

This is not an argument for adopting the term "bits", this is an argument for shifting from quoting prices in bitcoins, to quoting them in millibitcoins, microbitcoins, and/or satoshis.

Quote from: Technomage on May 05, 2014, 05:15:20 AM

We will also be able to fully separate the technology / network from the currency units. The units themselves can be called coins (BTC) and bits (µBTC) while the network is called Bitcoin.

It's true that reducing the load on the word "bitcoin" is a plus. However, where this is an argument for calling microbitcoins "bits", it is an even greater argument for calling microbitcoins "mics"/"mikes" (which is what we already have).

Quote from: Technomage on May 05, 2014, 05:15:20 AM

Now we need not discussion but action. Wallets and services need to start working on enabling bits, otherwise this is all talk.

Action? Natural language evolution does not require pressure groups; it happens automatically with time.

fryarminer

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That being said and growing up with Metric, Millibit might work, but not the other names. They are NOT catchy and who are we kidding?

fryarminer

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Quote from: zimmah on May 05, 2014, 05:38:01 AM

Quote from: fryarminer on May 04, 2014, 09:10:33 PM

I guess the problem with an open source item is that everyone has to have their opinion and their opinion has to be better than anyone else's.

bits works. Implement it!

I have explained so many times that bit is a terrible name and yet a vocal majority still managed to push it through somehow.

Since the coin itself is already called bitcoin, having any part of a bitcoin called a bit will only cause confusion.

Also the terms millibit and microbit are often heard, but if you rename 100 satoshi to a bit now a kilobit would be the same as a microbit which would be extremely confusing and inconvienient.

Just come up with a better name that does not include the word bit. They don't call fractions of a dollar a doll nor do they call fractions of euro a eur. Why should we call fractions of bitcoin a bit.

Ok, Yeah I've been vocal and yeah, I'm listening. I guess why I'm listening is because "a bit of a bitcoin" works in English but not-so-much in other languages.
How do you explain to someone in Spanish: "Yeah, "bit" means "poquito" so it's a "poquito" of a "bitcoin" but "bitcoin" doesn't mean "poquitocoin" but the whole coin".
That wouldn't work.
So I see your point about not calling part of a dollar a doll, etc.

When it comes down to it, we DO need to start using the measurement though, with a catchy name, because a smaller measurement will push the value of bitcoin higher, while looking at bitcoins as the full entity will drive the price of a bitcoin lower.

jubalix

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I like satoshis

but bits is a pretty good idea

it flows with Bitcoin, you buy Bits.....

so wont jar main stream.

either that or use some outrageous name like...."jams" or "jjs"

Coin_Master

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Quote from: calme on May 05, 2014, 12:00:14 AM

Smaller denominations will drive the value up IMO. And I don't like "satoshi" b/c it doesn't sound global.

Quote from: Technomage on May 05, 2014, 05:15:20 AM

This solves many issues at the same time. For one, bitcoins will no longer be thought of as too expensive.

Here we have an example of University Graduates with Economics Degrees. The price of Bitcoin will not be affected in the slightest by changes made to the client. The price is determined by "Supply and Demand" not how the client displays the balance. Total Noobs!!!
Supply is "fixed" by the parameters of the block reward.
Demand needs to increase (customers buying from retailers) for the price to go up.
Economics 101

The assertion that Bitcoin is too expensive is ludicrous, we want to see a $10,000 US Dollar Bitcoin by the end of next year.
Get with the program people!!!

CoinRocka

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Quote from: zimmah on May 05, 2014, 05:40:29 AM

Quote from: Technomage on May 05, 2014, 05:15:20 AM

Bit is the new unit, period. It is simple and mainstream proof. It works. The confusion argument has been debunked thoroughly in my opinion. Many words have different meanings to them without it being a problem, that is not a reason to fight this change.

This solves many issues at the same time. For one, bitcoins will no longer be thought of as too expensive. We won't need to use decimals with the exception of the 2 that are still available after the change. As was explained before, it's actually good to have some decimals.

We will also be able to fully separate the technology / network from the currency units. The units themselves can be called coins (BTC) and bits (µBTC) while the network is called Bitcoin.

Now we need not discussion but action. Wallets and services need to start working on enabling bits, otherwise this is all talk.

Yes of course no one will confuse tho word with a different meaning if the words are not related. But if a dollar and a cent were both called a dollar, than by 1 dollar one could mean either 1 dollar or 0,01 dollar. Now by a bit someone could mean either 1 bitcoin or 1/1.000.000th of it. And that is just wrong

No one will confuse a tiny bit with a whole bitcoin. Cool

zimmah

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Quote from: Technomage on May 05, 2014, 05:15:20 AM

Bit is the new unit, period. It is simple and mainstream proof. It works. The confusion argument has been debunked thoroughly in my opinion. Many words have different meanings to them without it being a problem, that is not a reason to fight this change.

This solves many issues at the same time. For one, bitcoins will no longer be thought of as too expensive. We won't need to use decimals with the exception of the 2 that are still available after the change. As was explained before, it's actually good to have some decimals.

We will also be able to fully separate the technology / network from the currency units. The units themselves can be called coins (BTC) and bits (µBTC) while the network is called Bitcoin.

Now we need not discussion but action. Wallets and services need to start working on enabling bits, otherwise this is all talk.

Yes of course no one will confuse tho word with a different meaning if the words are not related. But if a dollar and a cent were both called a dollar, than by 1 dollar one could mean either 1 dollar or 0,01 dollar. Now by a bit someone could mean either 1 bitcoin or 1/1.000.000th of it. And that is just wrong

zimmah

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Quote from: fryarminer on May 04, 2014, 09:10:33 PM

I guess the problem with an open source item is that everyone has to have their opinion and their opinion has to be better than anyone else's.

bits works. Implement it!

I have explained so many times that bit is a terrible name and yet a vocal majority still managed to push it through somehow.

Since the coin itself is already called bitcoin, having any part of a bitcoin called a bit will only cause confusion.

Also the terms millibit and microbit are often heard, but if you rename 100 satoshi to a bit now a kilobit would be the same as a microbit which would be extremely confusing and inconvienient.

Just come up with a better name that does not include the word bit. They don't call fractions of a dollar a doll nor do they call fractions of euro a eur. Why should we call fractions of bitcoin a bit.

zimmah

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Out of all possible names you just had to use the worst possible name.

RIP bitcoin

Technomage

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Affordable Physical Bitcoins - Denarium.com

Bit is the new unit, period. It is simple and mainstream proof. It works. The confusion argument has been debunked thoroughly in my opinion. Many words have different meanings to them without it being a problem, that is not a reason to fight this change.

This solves many issues at the same time. For one, bitcoins will no longer be thought of as too expensive. We won't need to use decimals with the exception of the 2 that are still available after the change. As was explained before, it's actually good to have some decimals.

We will also be able to fully separate the technology / network from the currency units. The units themselves can be called coins (BTC) and bits (µBTC) while the network is called Bitcoin.

Now we need not discussion but action. Wallets and services need to start working on enabling bits, otherwise this is all talk.

Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE - page 16. (Read 57142 times)