How much is 1 bit? - page 6. | Bitcointalksearch.org

kokojie

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Quote from: bg002h on May 20, 2014, 11:25:31 AM

Quote from: bg002h on May 20, 2014, 10:00:31 AM

Having two decimal points is something a lot of financial software has come to expect…

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

A bit is a micro-bitcoin. This leaves two decimal places...

From link above:

"Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software."

Thanks, so the "bit" unit is invented by Bitpay? there's increasingly adoption of this unit everywhere from what I've been seeing.

Aswan

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Quote from: bg002h on May 20, 2014, 11:25:31 AM

Quote from: bg002h on May 20, 2014, 10:00:31 AM

Having two decimal points is something a lot of financial software has come to expect…

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

A bit is a micro-bitcoin. This leaves two decimal places...

From link above:

"Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software."

It's not at all compatible with an already existing word used in the tech world as well. I am pretty sure it's just an occurrence we'll get rid of eventually.

bg002h

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I outlived my lifetime membership:)

Quote from: bg002h on May 20, 2014, 10:00:31 AM

Having two decimal points is something a lot of financial software has come to expect…

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

A bit is a micro-bitcoin. This leaves two decimal places...

From link above:

"Fundamentally, the goal is to move to micro-bitcoins (uBTC, “bits”). This is most compatible with existing financial software."

DannyHamilton

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Quote from: Malin Keshar on May 20, 2014, 11:10:14 AM

- snip -
I personally don't like bit as abbreviation for btc because it can cause confusion with other bits like electronics bits or quantum bits

Or other monetary bits?

http://en.wikipedia.org/wiki/Bit_%28money%29

Malin Keshar

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bit is the smallest binary digit. It can be either 0 or 1

I personally don't like bit as abbreviation for btc because it can cause confusion with other bits like electronics bits or quantum bits

gentlemand

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Welt Am Draht

Quote from: serenitys on May 20, 2014, 09:42:34 AM

This is going to bring most Americans to a grinding halt since we didn't go by metric system - that was taught secondary as an aside so most of us feel like 3rd graders again when we encounter it, right before summarily dismissing it in favor of the good old "Murican way. Grin

There are 100c in dollar are there not? If that isn't the case then maybe my trips to the US cost a lot more or a lot less than I thought...

giszmo

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Quote from: serenitys on May 20, 2014, 09:42:34 AM

This is going to bring most Americans to a grinding halt since we didn't go by metric system - that was taught secondary as an aside so most of us feel like 3rd graders again when we encounter it, right before summarily dismissing it in favor of the good old "Murican way. Grin

bit is not metric at all! Apart from it never being defined not even on the tipping bot website where I saw it being used most, people hugely disagree on what it means and it totally confuses people.

mɃ and uɃ or µɃ are "metric-ish" as they are compositions of a base unit Ƀ/BTC/Bitcoin/BTC (we all know) and a multiplier out of the well known set of nano (the smallest that would make sense for Bitcoin denominations), micro (µ/u to distinguish from milli that also starts with m), milli, kilo, Mega, Giga, Tera (and as Bitcoiners we increasingly get used to Peta-hashes/s as well as Exa later this year … and eventually next year Zetta Wink

)

Aswan

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Quote from: DannyHamilton on May 20, 2014, 10:21:26 AM

Quote from: Aswan on May 20, 2014, 10:09:42 AM

This. I never use it tho since BTC is the same amount of letters and everyone gets it right away Cheesy

I agree, I typically just use BTC when typing. However, I've heard many people use the word "bit" or "bits" in spoken conversations.

I just met with someone yesterday wanted to buy some bitcoins. When we met up and I asked how much they wanted, they asked if the could buy 0.6711 bits.

I met with someone else last week that was selling bitcoins. When we got together and I asked how much they were selling, they said they were hoping to get $1300 for 2.9 bits.

I often hear me and others using the work "Coins" when talking about Bitcoins. Like "how many Coins do I get for that 1000€?" or "I just bought Coins for another 3000€".

DannyHamilton

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Quote from: Aswan on May 20, 2014, 10:09:42 AM

This. I never use it tho since BTC is the same amount of letters and everyone gets it right away Cheesy

I agree, I typically just use BTC when typing. However, I've heard many people use the word "bit" or "bits" in spoken conversations.

I just met with someone yesterday wanted to buy some bitcoins. When we met up and I asked how much they wanted, they asked if the could buy 0.6711 bits.

I met with someone else last week that was selling bitcoins. When we got together and I asked how much they were selling, they said they were hoping to get $1300 for 2.9 bits.

Aswan

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Quote from: DannyHamilton on May 20, 2014, 10:05:56 AM

Quote from: kokojie on May 20, 2014, 09:16:46 AM

I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.

Bit is just an abbreviation of Bitcoin.

People who don't feel like typing out the entire word "Bitcoin" will often stop after the first three letters, assuming that the rest of the word is implied.

As such, 1 bit is currently (at the moment that I'm typing this) equal to $470.00 at BitStamp (see there's that word "Bit" again imbedded in the name of the exchange).

That means that 1 bit is equal to:

1 bitcoin
1,000 millibitcoin
1,000,000 microbitcoin
100,000,000 Satoshi

This. I never use it tho since BTC is the same amount of letters and everyone gets it right away Cheesy

DannyHamilton

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Quote from: kokojie on May 20, 2014, 09:16:46 AM

I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.

Bit is just an abbreviation of Bitcoin.

People who don't feel like typing out the entire word "Bitcoin" will often stop after the first three letters, assuming that the rest of the word is implied.

As such, 1 bit is currently (at the moment that I'm typing this) equal to $470.00 at BitStamp (see there's that word "Bit" again imbedded in the name of the exchange).

That means that 1 bit is equal to:

1 bitcoin
1,000 millibitcoin
1,000,000 microbitcoin
100,000,000 Satoshi

bg002h

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I outlived my lifetime membership:)

Having two decimal points is something a lot of financial software has come to expect…

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

serenitys

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This is going to bring most Americans to a grinding halt...

hilariousandco

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Join the world-leading crypto sportsbook NOW!

Quote from: Balls on May 20, 2014, 09:32:34 AM

All these units are really confusing. Havent even heard of half of them.

Haha, not to mention there's been several different answers as to what one is. I think it's easier referring to things in terms of Satoshis: 1 satoshi, 60 thousand satoshis etc.

Balls

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All these units are really confusing. Havent even heard of half of them.

Tron

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Right now 100 bits is pretty close to 1 nickel of value in the US.

One advantage of using this nomenclature is that it allows expression of the entire amount (down to 8 decimal places of a bitcoin) in accounting software that is designed to handle two decimal places.

pedrog

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Here you go: http://en.wikipedia.org/wiki/Bit

A bit is either 0 or 1.

DobZombie

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Not this again Cheesy

hromobiti

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1 bit = 1 uBTC
one milionth of Bitcoin

gentlemand

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Welt Am Draht

It's 100 Satoshis. So a bitcoin is 1,000,000 bits.

I think it's going to take a while for it to become an automatic conversion for most.

Topic: How much is 1 bit? - page 6. (Read 5848 times)