Topic: Good news! Gavin Andresen: I think everybody should switch to talking in "bits" (Read 3910 times)
November 04, 2014, 03:52:16 PM
This is a year too late. When "Bitcoin was going to the moon", maybe it mattered. Now, not so much.
November 04, 2014, 10:22:56 AM
Next time when walmart have buy1get1free deal why dont u call that a good news too. Wow this community looks silly now..
November 04, 2014, 10:00:16 AM
Far from disagreeing with you, I just want to highlight that mBTC is not a word. It seems people use it as if it were a word quite frequently and I'm wondering how many bitcoiners are reading this in their heads as "em-bee-tee-cee" *shudder*.
Millies.
Yeah, it seems there are quite a few nicknames for this unit. I just started a poll to find out what people are saying these days.
November 04, 2014, 09:50:43 AM
If "bits" continues to gain in popularity and support, then my support will eventually follow naturally. I have tremendous respect for network effects and, after all, language is for communicating.
I'd also slightly prefer 'mikes', but consensus is for 'bits' among the people who will actually Make This So (the big merchants/exchanges).
November 04, 2014, 09:50:23 AM
I live in Korea and if I buy a cup of coffee it costs, 5,000 won. For me to switch to a cup of coffee being 15,000 bits is much much more natural that .015 bitcoins.
A nice dinner on the town might cost 100,000 bits. It is very natural. Yes, it is big numbers, but lots of countries are already using big numbers.
110.99 bits is better than 0.00011099 BTC. A nice dinner on the town might cost 100,000 bits. It is very natural. Yes, it is big numbers, but lots of countries are already using big numbers.
November 04, 2014, 09:30:24 AM
I live in Korea and if I buy a cup of coffee it costs, 5,000 won. For me to switch to a cup of coffee being 15,000 bits is much much more natural that .015 bitcoins.
A nice dinner on the town might cost 100,000 bits. It is very natural. Yes, it is big numbers, but lots of countries are already using big numbers.
A nice dinner on the town might cost 100,000 bits. It is very natural. Yes, it is big numbers, but lots of countries are already using big numbers.
November 04, 2014, 09:28:20 AM
Far from disagreeing with you, I just want to highlight that mBTC is not a word. It seems people use it as if it were a word quite frequently and I'm wondering how many bitcoiners are reading this in their heads as "em-bee-tee-cee" *shudder*.
Millies.
November 04, 2014, 09:23:47 AM
The 100 Satoshi unit needs to be the main unit, but "bits" is kind of a poor name. It really lack originality. mBTC is also just as weak.
But yes, the whole community needs to move away from using the word Bitcoins to describe the currency. "Bitcoin" can still be the software and the platform, but the currency needs a different name and that name should start at 100 Satoshi.
But yes, the whole community needs to move away from using the word Bitcoins to describe the currency. "Bitcoin" can still be the software and the platform, but the currency needs a different name and that name should start at 100 Satoshi.
November 04, 2014, 07:40:06 AM
The obvious problem here is, that you have 3 words (bitcoin, mBTC, bits) where you just have 2 words in order currencies(dollar, cent). For a not techie person, that is a big turn off.
Far from disagreeing with you, I just want to highlight that mBTC is not a word. It seems people use it as if it were a word quite frequently and I'm wondering how many bitcoiners are reading this in their heads as "em-bee-tee-cee" *shudder*. Here's a table of what are presently the most common and least controversial terms.
| Name | Long symbol | Value |
| bitcoin | BTC | 1 BTC |
| millibitcoin | mBTC | 0.001 BTC |
| 0.000 001 BTC | ||
| satoshi | 0.000 000 01 BTC |
Notably: "XBT", "bit", and "uBTC" are quite common but can spark disagreements; "SAT" is not controversial but somewhat uncommon; "millibit" suffers slightly with respect to both metrics.
November 04, 2014, 04:37:19 AM
It might be better to come up with a sliding scale based on the amount being discussed.
If I have $5 I don't say I have 500 cents. But if I have 50 cents I don't say I have .5 dollars.
So when discussing something like .1 bitcoins you might say you have 100 mBTC and if you have .1 mBTC you have 100 bits.
The obvious problem here is, that you have 3 words (bitcoin, mBTC, bits) where you just have 2 words in order currencies(dollar, cent). For a not techie person, that is a big turn off.If I have $5 I don't say I have 500 cents. But if I have 50 cents I don't say I have .5 dollars.
So when discussing something like .1 bitcoins you might say you have 100 mBTC and if you have .1 mBTC you have 100 bits.
Another Problem is, that Bitcoins are just too expensive. If you are from USA or an EUR-country, you are just not used to exchange 1 USD/EUR for some cents in another currency. So from a psychological aspect, we should just stop using BTC when we are speaking to the mainstream. (Yeah I know, that is not really going to happen)
yes but on the other hand, that does speak to bitcoins massive superiority as a currency. It ISN'T like the other currencies that are worth relatively similar amounts to the USD.
November 03, 2014, 05:33:18 AM
It might be better to come up with a sliding scale based on the amount being discussed.
If I have $5 I don't say I have 500 cents. But if I have 50 cents I don't say I have .5 dollars.
So when discussing something like .1 bitcoins you might say you have 100 mBTC and if you have .1 mBTC you have 100 bits.
The obvious problem here is, that you have 3 words (bitcoin, mBTC, bits) where you just have 2 words in order currencies(dollar, cent). For a not techie person, that is a big turn off.If I have $5 I don't say I have 500 cents. But if I have 50 cents I don't say I have .5 dollars.
So when discussing something like .1 bitcoins you might say you have 100 mBTC and if you have .1 mBTC you have 100 bits.
Another Problem is, that Bitcoins are just too expensive. If you are from USA or an EUR-country, you are just not used to exchange 1 USD/EUR for some cents in another currency. So from a psychological aspect, we should just stop using BTC when we are speaking to the mainstream. (Yeah I know, that is not really going to happen)
November 03, 2014, 04:18:11 AM
It might be better to come up with a sliding scale based on the amount being discussed.
If I have $5 I don't say I have 500 cents. But if I have 50 cents I don't say I have .5 dollars.
So when discussing something like .1 bitcoins you might say you have 100 mBTC and if you have .1 mBTC you have 100 bits.
If I have $5 I don't say I have 500 cents. But if I have 50 cents I don't say I have .5 dollars.
So when discussing something like .1 bitcoins you might say you have 100 mBTC and if you have .1 mBTC you have 100 bits.
November 03, 2014, 04:15:27 AM
We need a coin to come out with bits and see how it goes.
Yeah. Call it bitscoin.
November 03, 2014, 04:07:51 AM
We need a coin to come out with bits and see how it goes.
October 23, 2014, 03:40:17 AM
Fuck's sake... http://en.wikipedia.org/wiki/Bit_%28money%29
October 23, 2014, 02:28:43 AM
I would be willing to start using bits. I hear far too often..."I don't have enough money to buy any bitcoins"
This image is great and worth a lot of explanations. Keep displaying it everywhere you can.
October 23, 2014, 02:20:24 AM
I would be willing to start using bits. I hear far too often..."I don't have enough money to buy any bitcoins"
October 22, 2014, 11:10:12 PM
With all due respect to Gavin, I very much disagree. Even with his support I expect there will be significant resistance to the "bits" movement for a long time to come. I've written about the merits and demerits of "bits" in several places but allow me to relay my key point:
I've heard no good, logical counter to "mikes" over "bits" up until now. I can think of one myself, that "bits" is currently more popular than "mikes", but I do not feel that the current lead of "bits" is yet sufficient to pay for its drawbacks. If "bits" continues to gain in popularity and support, then my support will eventually follow naturally. I have tremendous respect for network effects and, after all, language is for communicating.
- "mikes" is just like "bits" but it is much older and is backwards compatible with the unit "bitcoin".
I've heard no good, logical counter to "mikes" over "bits" up until now. I can think of one myself, that "bits" is currently more popular than "mikes", but I do not feel that the current lead of "bits" is yet sufficient to pay for its drawbacks. If "bits" continues to gain in popularity and support, then my support will eventually follow naturally. I have tremendous respect for network effects and, after all, language is for communicating.
October 22, 2014, 11:06:18 PM
Well I do admire Gavin, actually... transact in milligrams...
from trustless to personality cult, sleepy road... and frankly ounce, grams, what ever you want, as long as the weight is the same... the name doesn't change the weight. and it's btc, not xtc, stc... but who cares:D
October 22, 2014, 10:18:13 PM
The term Bits is hated by about 50% of the community.
That's just pure BS. There'll never be universal agreement over the name.
We need to move forward.
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