1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE - page 23.

101111

hero member

Activity: 525

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Quote from: Aditya on May 03, 2014, 12:28:21 AM

Actually we have MicroBitcoin (μBTC) already. Why change it to Bits?

I prefer μBTC (spelled: uBit)

No we don't, we have microbitcoin. I think you've answered you're own question. Using those tiny fractional units is confusing and error prone.

Aditya

full member

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Actually we have MicroBitcoin (μBTC) already. Why change it to Bits?

I prefer μBTC (spelled: uBit)

101111

hero member

Activity: 525

Merit: 500

Quote from: gojomo on May 02, 2014, 07:15:24 PM

'Zib' was the result of a search for a word that was .... unburdened with any prior English definition

I don't think that is quite the burden you imagine. The word 'run' has 645 meanings (see http://www.npr.org/2011/05/30/136796448/has-run-run-amok-it-has-645-meanings-so-far).

c0inwhale

newbie

Activity: 12

Merit: 4

I vote for bits. I have a bitcoin store that only accepts bitcoins. I can't list the prices in bitcoins for items with small prices because Woocommerce does not support more than 3 or 4 decimal places. I put in a bug request but maybe the bug is not Woocommerce but the default value for bitcoin being so high. Bits is perfect.

DeathAndTaxes

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Gerald Davis

Quote from: bpd on May 02, 2014, 09:13:56 PM

Price quoting could move to inverted, similar to USDJPY. We would have USDXBT = 2222. Would just mean when you want to convert from bits to USD, you have to divide by the price, rather than multiplying.

I think I am going to add that to BitSimple as an experiment (keeping traditional pricing as well).

thecoinjournal

hero member

Activity: 490

Merit: 500

So 1 bit equals 100 satoshis, in the future, it's quite possible for 1 bit worthing 1dollar.

solomon

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Quote from: jzcjca00 on May 02, 2014, 06:02:17 PM

Quote from: BurtW on May 02, 2014, 03:58:46 PM

1 bit is also 1/8 of one USD.

Seeing all the hoopla over BTC versus XBT I would support the following:

1 BTC = 1 Bitcoin = same as it ever was

1 XBT = 1 Bit = 0.000001 BTC

1000000 XBT (Bit) = 1 BTC (Bitcoin)

I would be behind this 100% as it "fixes" the whole BTC/XBT issue and give those who have been worried about the size of the BTC something to use.

+1

This is no time for half measures. We need to adopt a solution today that will serve us well for centuries to come, and "bits" (worth 100 Satoshi each) are the right size.

The scale is usable today, when a gasoline costs around 8,000 bits per gallon, and even something as expensive as a house uses understandable numbers like $500 million bits.

Once we achieve global adoption, I estimate that one bit will have roughly the same value as $1 in today's dollars, so having 2 decimal places should be just right. Of course, specialized applications might use three or four decimal places in calculations, as is done today in investing and other places, even if the protocol is never updated to allow transfers of fractional Satoshi.

The abbreviation BTC is already widely established as 100,000,000 Satoshi, and it would be difficult to change its definition now. However, XBT is not yet widely used and could easily be redefined as 100 Satoshi, as long as we do it quickly, before too many people start using it as a synonym for BTC.

Let's get rid of this annoying problem now!

I'm looking forward to the time when a shave and a haircut actually costs 2 bits again!

This also works really well where in financial software where bitcoin is represented as XBT anyway and the price has to be denominated in uBTC/bits + 2 decimal places (satoshis).

boshk21

newbie

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The milli- micro- prefixes are nice and proper and all, but they wont work for the layman, which a unit of currency needs to be. I can completely understand the prefixes, and even I fear a world where I'd have to say "microbitcoins" regularly.

The only other feasible option I've seen outside of "bit" was "moto".

It has a good, concise ring to it and comes from -Nakamoto-

PublicP2poolNode

sr. member

Activity: 347

Merit: 252

With the block rewards diminishing as more blocks are discovered, over time miners will be forced to raise fees for their services.

If 1,000,000 bits = 1 bitcoin, then wouldn't the lowest amount miners could charge for their services be 1%

italeffect

sr. member

Activity: 255

Merit: 250

I was all for mBTC but it's just to techie.

I agree with bits and now is the time to make the change. It's only going to get harder to change the more time goes on.

megashira1

legendary

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This is a MUST. When I tell my friends that for $450 you get 1 bitcoin, their reply is always "what?!?! that's it???".

Psychologically people want to feel that when they purchase something they are getting something substantial in return. The 0's infront of the decimal place make the average Joe feel he's actually getting "something" for his $ rather than "nothing".

dabura667

sr. member

Activity: 475

Merit: 252

I think bits is great... but we need to get rid of the name "bitcoin" and change it to bits.

Having the network with the name Bitcoin, this could keep everyone in the same boat still, negating the benefits of switching to bits.

Quote

How much is a bitcoin I've been hearing of on the news.

Oh, we don't use bitcoins, we use bits.

Oh, so you don't use bitcoins anymore? They die or something?

Oh no no no, 1 bitcoin is 1 million bits!

So how much is a bitcoin?

it's 2200 bits for a dollar.

Which is how many dollars for a bitcoin?

We don't use bitcoins as a unit anymore.

ad nauseum

The only way bits will be a viable solution to the "omg this bitcoin thing is too expensive" is if we change the name of the network too to eliminate the bitcoin "brand" and completely "re-brand" it. Otherwise, people will get even more confused imo

adi

newbie

Activity: 28

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Lets do this > CoinDesk, Bitstamp, btc-e, Blockchain, miners, wallets

bpd

member

Activity: 114

Merit: 10

ACK on bits.
ACK on bit = XBT.

Price quoting could move to inverted, similar to USDJPY. We would have USDXBT = 2222. Would just mean when you want to convert from bits to USD, you have to divide by the price, rather than multiplying.

duduqa

sr. member

Activity: 303

Merit: 250

I vote for bits. Better sooner than later.

renee25

member

Activity: 80

Merit: 12

i can't wait for the misleading headlines on major newspapers

bitcoin divided in 1 million bits

bitcoin stock split gives users 1 million times more coins

bitcoin adds 6 zeros to the right

bitcoin now renamed bits will trade like a penny stock

and the best

bitcoin crash? trading at 0.00048 $ now Cheesy

subSTRATA

legendary

Activity: 1288

Merit: 1043

:^)

"Bitcoin best as the common unit. 0.001234 is ok"

mxisaac

newbie

Activity: 19

Merit: 0

Yeah, bits is such a logical extension. It would have been interesting to keep going with the SI units, but it clearly will not work for people. Uphill battle that isn't worth it.

+1 bits

sprot

newbie

Activity: 14

Merit: 0

Quote from: pening on May 02, 2014, 05:53:45 PM

The principle is fine, but the name "bit" isnt going to help acceptance, it has too much meaning already, in common language (i'll have a bit of cake), technical IT especially networks and colloquially. Need to come up with a better name (shame Satoshi already seems defined)

It's good enough. Language is fuzzy anyway.

buzybit

sr. member

Activity: 275

Merit: 250

i vote for bits too Shocked

i believe it will be easier Cheesy

Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE - page 23. (Read 57144 times)