So do we become bit-millionaires if we hold a bitcoin?
Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE - page 3. (Read 57137 times)
November 05, 2014, 02:54:58 AM
I'd much prefer to say 20k bits over 0.02 btc, I'll start switching over to using this
So do we become bit-millionaires if we hold a bitcoin?
So do we become bit-millionaires if we hold a bitcoin?
November 04, 2014, 03:39:24 PM
With the steadily declining price of Bitcoins, this is now a non-problem.
Implementation of the solution is already happening. 'bit' is used a lot on reddit with /u/changetip, many wallets offer the unit.
It's a good thing the change is happening now while we're in bear territory, not when loads of newbs flock in.
Enter Nagle telling me it wont happen in 3, 2, 1...
November 04, 2014, 03:35:09 PM
Who would have thought the 8 decimals would become so useful which is made by the price increase
satoshi?
November 03, 2014, 07:34:04 AM
With the steadily declining price of Bitcoins, this is now a non-problem.
I don't believe its in a steady decline.. It might be declining at times, but it is also going up other times.
November 03, 2014, 07:19:52 AM
Who would have thought the 8 decimals would become so useful which is made by the price increase
November 03, 2014, 12:37:14 AM
With the steadily declining price of Bitcoins, this is now a non-problem.
November 02, 2014, 07:26:33 PM
I try not to confuse myself but 1 bit is actually similar to 1 microBitcoin or 0.000001btc. So we have 2 units of measurement referring to the same thing
It's exactly the same, not just similar. So....why two names is a good question.
I think the answer is that it's mostly USA who want 'bit's coz:
1) it's a word they are familiar with in the currency context. Believe it or not, it was 1/8 of a dollar (12.5 cents). For the rest of the world it's just confusing.
2) they have a definite bias against using SI units (microbitcoins, which would abbreviate to 'micros' or 'mikes' for example). After screwups like losing a Mars Orbiter because of this bias, I believe things are changing tho.
November 02, 2014, 07:00:43 PM
The poll is biased. 75% want a smaller unit. That doesn't mean at all that “bits” is the preferred word for such unit.
That's me, I want a smaller unit but I don't like bits.
Ditto
November 02, 2014, 03:58:43 PM
A lot of Americans hate or don't understand fractions and decimals. Bits is a great idea to make it easier for people to adopt 
.
. 
November 02, 2014, 02:30:54 PM
October 19, 2014, 02:34:42 PM
LOL are you guys still wasting your time on this? It's like watching a dog chase it's tail, funny to watch but a complete waste of time.
So what did you guys conclude? "that it is too confusing to make any changes"
Unbelievable!
So what did you guys conclude? "that it is too confusing to make any changes"
Unbelievable!
FYI, companies have been switching over to "bits" for some time now. Here are a few off the quick top of my head:
https://bitpay.com
http://breadwallet.com
https://wallofcoins.com
October 16, 2014, 05:48:55 AM
LOL are you guys still wasting your time on this? It's like watching a dog chase it's tail, funny to watch but a complete waste of time.
So what did you guys conclude? "that it is too confusing to make any changes"
Unbelievable!
So what did you guys conclude? "that it is too confusing to make any changes"
Unbelievable!
October 04, 2014, 02:41:56 AM
I think 'bits' makes the most common cents.
October 03, 2014, 07:17:27 PM
Yeah this is really starting to get on the confusing side of things.
October 03, 2014, 07:10:20 PM
The only problem is: bit is too small value, so you end using thousand to milion of bits to value common things. I know some countries are used to these crazy numbers, but only because of their fiat hyperinflation 
Works fine with the Japanese.
October 03, 2014, 06:53:26 PM
The only problem is: bit is too small value, so you end using thousand to milion of bits to value common things. I know some countries are used to these crazy numbers, but only because of their fiat hyperinflation
October 03, 2014, 06:47:53 PM
this thread alone shows you how confusing btc is and how its going to be very difficult to understand the fractions. At least with USD there is the penny nickel dime etc.
but I like the idea of bits. Its much easier than trying to say .005 etc. instead just say this costs x many bits
but I like the idea of bits. Its much easier than trying to say .005 etc. instead just say this costs x many bits
October 03, 2014, 06:42:59 PM
The poll is biased. 75% want a smaller unit. That doesn't mean at all that “bits” is the preferred word for such unit.
That's me, I want a smaller unit but I don't like bits.
The market adopting a convention of two decimal places is much more important than what the unit is actually called. The poll is already split to allow those who prefer mBTC to select their preference, splitting the millionths option would have also biased the poll.
When I did the OP I was unsure of whether bits was the best idea. Since then I am coming to the conclusion that Satoshi starting Bitcoin with an eight decimal place unit was his biggest mistake.
The problem is that the poll automatically assumes that (bit = 0.000001) is a single thing, when there is the name and then there is the value. This should have been two polls, not one.
October 03, 2014, 03:56:46 PM
I try not to confuse myself but 1 bit is actually similar to 1 microBitcoin or 0.000001btc. So we have 2 units of measurement referring to the same thing
October 03, 2014, 03:41:21 PM
+1 for ƀ for 1/1,000,000
You could use mibits sound catchy
You could use mibits sound catchy
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