Very nice to see that this is getting solved
Trading with decent numbers is just so much more attractive
Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE - page 20. (Read 57137 times)
May 03, 2014, 01:48:33 PM
May 03, 2014, 01:45:41 PM
Seriously though, 1 bit = 100 satoshis is perfectly fine.
1 bit is {like} $1.00
1 satoshi is {like} $0.01
so 50 satoshis is half a bit like 50 Cents is Curtis James Jackson III, oh no wait i think i screwed something up there... oh hell you understand what i mean it makes sense...
now i am just waiting for a nerdcore rapper named "fity satoshi"...
May 03, 2014, 01:22:06 PM
So the term "bit" is used everywhere in technology and of course in the name Bitcoin itself.
But what about a slightly alternate spelling
like
byt
or
biit
or
bbit
But what about a slightly alternate spelling
like
byt
or
biit
or
bbit
I propose "tit". Immediately appeals to about 50% of the world's population.
Seriously though, 1 bit = 100 satoshis is perfectly fine.
May 03, 2014, 01:02:54 PM
I really like bits. For one, you can have a conversation with bits. mBTC and uBTC is awkward; mBTC is worse as it doesn't roll off the tongue well, uBTC isn't as bad. But bits is 1 syllable, rather than 4. It's also easier to type, as it's all lowercase. And you get two decimal spots, which everyone's already accustomed to. Not that we'd need them anytime soon but perhaps someday.
Perhaps we could make a lowercase bitcoin symbol to represent bits.
Perhaps we could make a lowercase bitcoin symbol to represent bits.
Great! You are a guru artist so I would like to see your conception of such a symbol.
To represent bits (one millionth of a bitcoin), we could just use unicode character 0x0180 which produces the symbol ƀ.
This would keep all the people who like BTC happy, and make all the people who wanted to switch to Ƀ happy too.
Really good idea! +1
May 03, 2014, 01:01:06 PM
I preffer Bitcoin or Satoshi for small amounts. I hear about bits first time, so Im surprised it is exactly uBTC, btw micro=milionth 
May 03, 2014, 12:54:06 PM
So the term "bit" is used everywhere in technology and of course in the name Bitcoin itself.
But what about a slightly alternate spelling
like
byt
or
biit
or
bbit
Certainly distinguishable thing and something our effort's marketing gurus can leverage as something distinct.
Thoughts?
But what about a slightly alternate spelling
like
byt
or
biit
or
bbit
Certainly distinguishable thing and something our effort's marketing gurus can leverage as something distinct.
Thoughts?
May 03, 2014, 12:02:29 PM
Bit is fine. In fact there is already a very famous song about it "shave and a haircut, two bits". That should be our goal. Bitcoin acceptance to the level that a shave and a haircut costs two bits.
Everyone who agrees just needs to start using it, explaining it, publishing it, correcting other (anoying them), etc. It will either catch on or it won't. This is what I hope catches on:
1 satoshi = smallest unit, pretty much in general use today
= "bitcents" also makes some sense and may catch on and evolve back into cents (1/100th)
1 bit = 100 satoshi, eventually every day use, coffee, sandwiches, etc.
1 XBT = 1 bit, should be the official symbol on all exchanges, forex, etc.
1 BTC = 1000000 bits = kept for dealing with larger amounts, may fade
1 Bitcoin/bitcoin as a currency unit fades away
Bitcoin = the Bitcoin protocol
Everyone who agrees just needs to start using it, explaining it, publishing it, correcting other (anoying them), etc. It will either catch on or it won't. This is what I hope catches on:
1 satoshi = smallest unit, pretty much in general use today
= "bitcents" also makes some sense and may catch on and evolve back into cents (1/100th)
1 bit = 100 satoshi, eventually every day use, coffee, sandwiches, etc.
1 XBT = 1 bit, should be the official symbol on all exchanges, forex, etc.
1 BTC = 1000000 bits = kept for dealing with larger amounts, may fade
1 Bitcoin/bitcoin as a currency unit fades away
Bitcoin = the Bitcoin protocol
May 03, 2014, 10:54:43 AM
What might happen:
1. BitPay introduces bits
2. Everyone follows (somehow they are forced)
2. All prices converted to bits
3. People start calling bits bitcoins
4. Original bitcoin value gradually forgotten
5. Bit "officially" renamed to bitcoin
Maybe this is the only way to keep bitcoin name for (everyday) currency unit.
1. BitPay introduces bits
2. Everyone follows (somehow they are forced)
2. All prices converted to bits
3. People start calling bits bitcoins
4. Original bitcoin value gradually forgotten
5. Bit "officially" renamed to bitcoin
Maybe this is the only way to keep bitcoin name for (everyday) currency unit.
5. bit remains 100sat and bitcoin remains the name of the protocol and measurement of 100,000,000sats.
May 03, 2014, 10:42:12 AM
What might happen:
1. BitPay introduces bits
2. Everyone follows (somehow they are forced)
2. All prices converted to bits
3. People start calling bits bitcoins
4. Original bitcoin value gradually forgotten
5. Bit "officially" renamed to bitcoin
Maybe this is the only way to keep bitcoin name for (everyday) currency unit.
1. BitPay introduces bits
2. Everyone follows (somehow they are forced)
2. All prices converted to bits
3. People start calling bits bitcoins
4. Original bitcoin value gradually forgotten
5. Bit "officially" renamed to bitcoin
Maybe this is the only way to keep bitcoin name for (everyday) currency unit.
May 03, 2014, 10:37:00 AM
I've been lurking here for almost 4 years... I registered to vote for bits.
Nobody wants .01 of something. I've witnessed it with almost everyone I introduce bitcoin to.
Nobody wants .01 of something. I've witnessed it with almost everyone I introduce bitcoin to.
May 03, 2014, 09:41:11 AM
Yes please introduce "bits" asap.
It has all the advantages as mentioned. Since it does not contain the word "coin" I think it even reduces confusion when you talk about "Bitcoin" the network vs. "bits" the unit of value.
Also, even me being a programmer, I don't see too much potential for confusion because of "bits" being already used in different contexts: If you talk a bit about bits and bytes with a fellow person and want to give him a tip of 5 bits ... what's the big deal?
And finally, yeah also mentioned over and over already, reading "100,000 bits" is just so familiar that I immediately know this is a hundred thousand bits instead of ten thousand or a million, while reading "0.00001 btc" is much harder to decipher. I usually have to concentrate, take a long look and actually have to count the digits in order to verify it is really a 1/100000 and not 1/10000 or 1/1000000 and this gives me headaches. I don't like headaches!
It has all the advantages as mentioned. Since it does not contain the word "coin" I think it even reduces confusion when you talk about "Bitcoin" the network vs. "bits" the unit of value.
Also, even me being a programmer, I don't see too much potential for confusion because of "bits" being already used in different contexts: If you talk a bit about bits and bytes with a fellow person and want to give him a tip of 5 bits ... what's the big deal?
And finally, yeah also mentioned over and over already, reading "100,000 bits" is just so familiar that I immediately know this is a hundred thousand bits instead of ten thousand or a million, while reading "0.00001 btc" is much harder to decipher. I usually have to concentrate, take a long look and actually have to count the digits in order to verify it is really a 1/100000 and not 1/10000 or 1/1000000 and this gives me headaches. I don't like headaches!
May 03, 2014, 09:36:05 AM
the second i saw this i groked the necessity of it right away. it makes perfect logical sense. current accounting software will deal with it nicely. people can say it and remember it easier and it scales well especially as bitcoin prices rise... when we have a $1M/BTC then we will be paying for things with 1 or 2 bits... i like it.
The average Joe on the street will easily understand when we explain the units. "The Bitcoin price went up so much that it wasn't a convenient unit any more, so we divided the bitcoin into a million bits. And if that gets to be too big, each bit is further divided into a hundred satoshi. So if you want to invest today, a nice initial investment of one million bits will cost you only $439.90."
May 03, 2014, 09:21:39 AM
the second i saw this i groked the necessity of it right away. it makes perfect logical sense. current accounting software will deal with it nicely. people can say it and remember it easier and it scales well especially as bitcoin prices rise... when we have a $1M/BTC then we will be paying for things with 1 or 2 bits... i like it.
May 03, 2014, 09:20:20 AM
above is proof of poor people that want to shout to the world "i finally have one bitcoin"
No, your post is the proof of poor people that want to shout to others "I have one bitcoin and you don't!"
May 03, 2014, 09:15:20 AM
Dollars and cents
Bitcoins and millies and micros (or mics)
easy, really.
Bitcoins and millies and micros (or mics)
easy, really.
May 03, 2014, 09:09:18 AM
can we all realise mBTC and uBTC are not FUTURE PROOFING.. they are just temporary. we need to think about FUTURE-PROOFING
so please get with the program.. the mbtc and ubtc arguments are futile and repeated to death, move on and evolve passed the old stuff and think of the future..
so lets think about RELEVANT names for 100sat's that have NOT been used, but show some relevance to bitcoin ecosystem
so please get with the program.. the mbtc and ubtc arguments are futile and repeated to death, move on and evolve passed the old stuff and think of the future..
so lets think about RELEVANT names for 100sat's that have NOT been used, but show some relevance to bitcoin ecosystem
Wait - µBTC is 100 Satoshi (I guess really I should say 100 Satoshi is 1 µBTC, since we started with BTC and Satoshi came later). So if µBTC isn't future-proof, then new-name-for-100-satoshi won't be either, surely?
May 03, 2014, 09:02:13 AM
So 1 bit equals 100 satoshis, in the future, it's quite possible for 1 bit worthing 1dollar.
I don't see why you find it is "quite possible" to have 1 btc = 1 mil USD.
If you add up all the money supplies in all the currencies around the world, it's totals about 1 x 10^14 U.S. dollars. The total number of XBT that will ever exist is about 2 x 10^15 satoshis. So if you replaced all the fiat currencies with XBT today, each USD would be covered by about 20 satoshis, and each BTC would be worth about $5 million USD.
And while it seems like some people would be content just to have XBT just be one of many competing currencies around the world, I'd like to see it totally replace all the debt-based, fractional reserve, government-abused fiat currencies. Money creation is just too important to be left in the hands of governments!
May 03, 2014, 08:54:43 AM
Actually we have MicroBitcoin (μBTC) already. Why change it to Bits?
I prefer μBTC (spelled: uBit)
I prefer μBTC (spelled: uBit)
Why change it to bits? Because you just explained the same thing in 3 different ways, μBTC, MicroBitcoin and uBit.
You're right. 3 ways is simply not enough. We must introduce a 4th!
can we all realise mBTC and uBTC are not FUTURE PROOFING.. they are just temporary. we need to think about FUTURE-PROOFING
so please get with the program.. the mbtc and ubtc arguments are futile and repeated to death, move on and evolve passed the old stuff and think of the future..
so lets think about RELEVANT names for 100sat's that have NOT been used, but show some relevance to bitcoin ecosystem
May 03, 2014, 08:50:18 AM
Actually we have MicroBitcoin (μBTC) already. Why change it to Bits?
I prefer μBTC (spelled: uBit)
I prefer μBTC (spelled: uBit)
Why change it to bits? Because you just explained the same thing in 3 different ways, μBTC, MicroBitcoin and uBit.
You're right. 3 ways is simply not enough. We must introduce a 4th!
May 03, 2014, 08:41:52 AM
1 BTC = 100 satoshis (instead of 100M)
Lunatic.
If this become consensus, I'm out and lost confidence in crypto community.
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