Smart, something many of us have been advocating for a long time now.
There's a huge barrier to understanding bitcoin, in that, you need not possess a whole "1" bitcoin to actually have bitcoin.
By forcing people to bits it totally empowers bitcoin down to the 8th decimal.
Topic: Its bits - The Coinbase Blog Article - page 2. (Read 1550 times)
Just noticed a new Article was posted by Coinbase, they are adding an optional "more user-friendly" display of BTC Unit
Source: http://blog.coinbase.com/post/89405189782/its-bits
I wonder if they will impose this as the default Unit for new Accounts and if this will be a default Unit for Purchasing on a merchants page who uses Coinbase.
Quote
We’ve just launched the ability to display bitcoin in “bits” - the smaller, more user-friendly version of bitcoin’s full BTC unit.
Since the dawn of time, a single Bitcoin has been divided into 8 decimal places - into 100,000,000 “Satoshis”. This means that one Satoshi is worth exactly 0.00000001 BTC - not exactly an easy number to deal with.
Recently, a proposal came up to move to “bits”. One bit (or µBTC) is worth 100 satoshis, which means that prices can easily be displayed using two decimal places, as most people are already used to. Another advantage is that bits can be easier to say and understand - for example, $1 USD is currently worth about 0.0017 BTC, or 1,700 bits.
Since the dawn of time, a single Bitcoin has been divided into 8 decimal places - into 100,000,000 “Satoshis”. This means that one Satoshi is worth exactly 0.00000001 BTC - not exactly an easy number to deal with.
Recently, a proposal came up to move to “bits”. One bit (or µBTC) is worth 100 satoshis, which means that prices can easily be displayed using two decimal places, as most people are already used to. Another advantage is that bits can be easier to say and understand - for example, $1 USD is currently worth about 0.0017 BTC, or 1,700 bits.
Quote
If you want to enable this option on your Coinbase account, simply head over to your Settings page, and change the “Bitcoin units” option to BIT.
Source: http://blog.coinbase.com/post/89405189782/its-bits
I wonder if they will impose this as the default Unit for new Accounts and if this will be a default Unit for Purchasing on a merchants page who uses Coinbase.
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