Bitcoin Denominations / Re-Denomination

dreamsorcerer

member

Activity: 72

Merit: 10

Quote from: bitcoinpreneur on December 17, 2013, 09:54:31 AM

Actually a KiloBit would be 1000 bits i.e. 100 satoshis.

A KiloBitcoin would be 1000 XBT

Your table says 1 MegaBit which means 1,000,000 bits, and 1 MXBT meaning 1,000,000 bitcoins, on the same line. Which is where this makes no sense.

100 MXBT == XBT is really confusing. If MXBT means MegaBit, then XBT should mean Bit. This is why nobody can make sense of the shorthand markup.

bitcoinpreneur

newbie

Activity: 30

Merit: 0

Quote from: zimmah on December 17, 2013, 06:15:43 AM

Quote from: bitcoinpreneur on December 15, 2013, 02:21:55 PM

Quote from: Cryptolator on December 15, 2013, 01:16:42 PM

Using Kilobit and Megabit is, in my opinion, a bad idea, it will be confusing.

I'd be interested to know why you think this. In most cases people are already familiar with this scale and terminology so applying the numeric values to a digital currency doesn't seem too much of a stretch.

If you are so familiar with the scale, than how do you not know that a kilobit would be 1000 XBT and a megabit (which would be MXBT, note the capital M) would be a million XBT.

The correct SI units you were looking for would be centi (hence, cents) milli and micro.

And milli and micro are already commonly used.

Actually a KiloBit would be 1000 bits i.e. 100 satoshis.

A KiloBitcoin would be 1000 XBT

Quote from: zimmah on December 17, 2013, 07:26:14 AM

Quote from: integrity42 on December 17, 2013, 04:17:21 AM

According to the highest ever upvoted reddit article on this topic, the best solution was to call 0.000 0100 a 'bit'

100 satoshis in a bit
1 million bits in a bitcoin.

calling any fraction of a bitcoin a bit is a terrible idea, it's extremely easy to confuse 'bit' with 'bitcoin', it should therefore be avoided calling any fraction of a bitcoin a bit.

Someone once did propose to use names for denominations, in particular 2 syllable japanese words like:

Quote

Hoshi (star) = 1,000,000 bitcoins
Bara (rose) = 1,000 bitcoins
Genshi (atom) = 1 bitcoin
Ringo (apple) = 0.001 bitcoins
Tora (tiger) = 0.000001 bitcoins
Satoshi (originator) = 0.00000001 bitcoins

I do agree that Bit and Bitcoin could get confusing so if there were community consensus on a name for the individual unit to work up from something like a KiloSatoshi (bit of a mouthful) could work.

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: integrity42 on December 17, 2013, 04:17:21 AM

According to the highest ever upvoted reddit article on this topic, the best solution was to call 0.000 0100 a 'bit'

100 satoshis in a bit
1 million bits in a bitcoin.

calling any fraction of a bitcoin a bit is a terrible idea, it's extremely easy to confuse 'bit' with 'bitcoin', it should therefore be avoided calling any fraction of a bitcoin a bit.

Someone once did propose to use names for denominations, in particular 2 syllable japanese words like:

Quote

Hoshi (star) = 1,000,000 bitcoins
Bara (rose) = 1,000 bitcoins
Genshi (atom) = 1 bitcoin
Ringo (apple) = 0.001 bitcoins
Tora (tiger) = 0.000001 bitcoins
Satoshi (originator) = 0.00000001 bitcoins

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: empoweoqwj on December 16, 2013, 06:56:19 AM

Quote from: forbun on December 16, 2013, 04:04:54 AM

1,000 mBTC = 1 BTC = 1 XBT.

mBTC is pronounced "embit" and 1,000 mBTC is pronounced "one thousand embits". Currently, one embit is worth about one dollar.

Problem solved.

So you decide how to pronounce it and the next poster says thats the wrong way to pronounce it. See how silly this is.

A bitcoin is a bitcoin is a bitcoin. Every you granny can get her teeth round that.

Do you wanna start talking microbitcoins to your gran, or even you mom? Conversation killer right there.

in Europe (at least in the Netherlands, but i'm pretty sure this counts for most of Europe) we use milli, centi, kilo, micro, etc. in everyday live.

All our food is measured and labeled in grams, kilograms, centiliters, etc. Even something as simple as cooking requirs basic knowledge of SI units. Why would it be hard to use the same system for bitcoin?

Maybe Americans will have a hard time, but that's their problem for using sticks, thumbs, stones and feet to measure things.

bitpop

legendary

Activity: 2912

Merit: 1060

People will get scammed like that

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: bitcoinpreneur on December 15, 2013, 02:21:55 PM

Quote from: Cryptolator on December 15, 2013, 01:16:42 PM

Using Kilobit and Megabit is, in my opinion, a bad idea, it will be confusing.

I'd be interested to know why you think this. In most cases people are already familiar with this scale and terminology so applying the numeric values to a digital currency doesn't seem too much of a stretch.

If you are so familiar with the scale, than how do you not know that a kilobit would be 1000 XBT and a megabit (which would be MXBT, note the capital M) would be a million XBT.

The correct SI units you were looking for would be centi (hence, cents) milli and micro.

And milli and micro are already commonly used.

integrity42

full member

Activity: 476

Merit: 100

According to the highest ever upvoted reddit article on this topic, the best solution was to call 0.000 0100 a 'bit'

100 satoshis in a bit
1 million bits in a bitcoin.

bitpop

legendary

Activity: 2912

Merit: 1060

Quote from: empoweoqwj on December 17, 2013, 03:37:01 AM

Quote from: bitpop on December 17, 2013, 03:15:00 AM

Quote from: empoweoqwj on December 17, 2013, 03:04:10 AM

Quote from: bitpop on December 17, 2013, 03:02:46 AM

I stay

My you are an interesting fellow, got any views on world peace?

Make love

not war

two words.

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: bitpop on December 17, 2013, 03:15:00 AM

Quote from: empoweoqwj on December 17, 2013, 03:04:10 AM

Quote from: bitpop on December 17, 2013, 03:02:46 AM

I stay

My you are an interesting fellow, got any views on world peace?

Make love

not war

bitpop

legendary

Activity: 2912

Merit: 1060

Quote from: empoweoqwj on December 17, 2013, 03:04:10 AM

Quote from: bitpop on December 17, 2013, 03:02:46 AM

I stay

My you are an interesting fellow, got any views on world peace?

Make love

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: bitpop on December 17, 2013, 03:02:46 AM

I stay

My you are an interesting fellow, got any views on world peace?

bitpop

legendary

Activity: 2912

Merit: 1060

I stay

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: bitpop on December 17, 2013, 02:52:19 AM

Well I'm not a fan of satoshis in public

Very happy for you. Stay in the satoshi closet.

bitpop

legendary

Activity: 2912

Merit: 1060

Well I'm not a fan of satoshis in public

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: bitpop on December 17, 2013, 02:23:05 AM

Very nice

So we are only going to get two words out of you. You must be a teenager Wink

bitpop

legendary

Activity: 2912

Merit: 1060

Very nice

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: bitpop on December 16, 2013, 09:06:07 AM

I like

This isn't facebook dude

what do you like?

bitpop

legendary

Activity: 2912

Merit: 1060

I like

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: forbun on December 16, 2013, 04:04:54 AM

1,000 mBTC = 1 BTC = 1 XBT.

mBTC is pronounced "embit" and 1,000 mBTC is pronounced "one thousand embits". Currently, one embit is worth about one dollar.

Problem solved.

So you decide how to pronounce it and the next poster says thats the wrong way to pronounce it. See how silly this is.

A bitcoin is a bitcoin is a bitcoin. Every you granny can get her teeth round that.

Do you wanna start talking microbitcoins to your gran, or even you mom? Conversation killer right there.

teukon

legendary

Activity: 1246

Merit: 1011

Quote from: bryant.coleman on December 16, 2013, 04:30:44 AM

"embit" is such an ugly name. I don't want to use that. There was a proposal to use the term "Gox". Sounds great.

I still find email ugly but it stuck. Future convention will be what it will be. For now, I'm enjoying the freedom and pronouncing "mBTC" "mill" (or "mills" for the plural).

Topic: Bitcoin Denominations / Re-Denomination (Read 4002 times)