I think Satoshi must have been an old school programmer.
8 Bits is a Byte.
So to have a system of Bits with 8 decimal points is based entirely on old school programming logic of 8 bits is a byte, only he chose to build Bitcoin on 8 Decimals is a Bit instead of 8 Bits is a Byte, if he called it a Bytecoin it would have perfect, IMO as to naming it in honor of how bits and bytes really work.
Anyone calling 8 Bitcoins a Byte yet.
Had Bitcoin been Bytecoin we would be calling the fractions bits and the coins bytes and it would be a perfectly phrased digital currency in semantics.
Topic: Let's get the denominations of BTC straight (Read 3110 times)
It depends on what future are we talking about, imagine if Bitcoin reaches one million each (whatever if happens or not), it will be more convenient if we use Satoshi denomination, i'm really waiting eagerly for that moment 
I was thinking along exactly the same lines. Altcoin traders think in terms of satoshis, so I'm surprised that option was not more popular. Right now 1/1000 of a bitcoin may be a convenient unit of measure for "normal" (common) transactions, but if BTC goes mainstream and the price shoots up in accordance with demand, sticking with satoshis for pricing most items will make a lot more sense.
The only units that emerged naturally are Bitcoin and Satoshi. Adding other units only leads to confusion.
There's no problem to use Satoshi for all small denominations. If you want to express thousands of Satoshis in short form, just add a "k" for thousand. Everybody understands that and the value is much clearer, because everybody knows that Satoshi is the smallest possible denomination.
I don't know who originally came up with this "bits" invention, but I think it makes no sense at all and should be abandoned.
There's no problem to use Satoshi for all small denominations. If you want to express thousands of Satoshis in short form, just add a "k" for thousand. Everybody understands that and the value is much clearer, because everybody knows that Satoshi is the smallest possible denomination.
I don't know who originally came up with this "bits" invention, but I think it makes no sense at all and should be abandoned.
I think some cultures will chose to use milliBits and other bits. With a bit having essentially zero value now, it will be a while before they are likely to be used (in single units) economically. But, it doesn't hurt to prepare. I don't think a Satoshi will be an economically useful unit in my lifetime (ie, >1¢). Satoshi's will be useful for non-economic tasks (like trading large volumes of altcoins values in pennies), but even the poorest of the poor wouldn't use any currency unit of so little value.
The advantage to bits is that the two decimal places following a bit gives precision down to the Satoshi. Lots of cultures use 2 or 3 decimal places after their major currency unit. Not culture uses 5 or more (some international banking currency units use 4 decimal places).
At any rate, I think we should have unique unicode symbols for 4 denominations such that they don't casefold (eg, a lowercase Ƀ is ƀ...they both can't be used as symbols like $ and ¢...otherwise a sticky caps lock key could cost a fortune!)
The advantage to bits is that the two decimal places following a bit gives precision down to the Satoshi. Lots of cultures use 2 or 3 decimal places after their major currency unit. Not culture uses 5 or more (some international banking currency units use 4 decimal places).
At any rate, I think we should have unique unicode symbols for 4 denominations such that they don't casefold (eg, a lowercase Ƀ is ƀ...they both can't be used as symbols like $ and ¢...otherwise a sticky caps lock key could cost a fortune!)
I've decided! It is simple if you just explain in logical terms and Satoshi is the best way to go about it all the other terms are confusing. Just go up in multiples of 10 with a chart stating how much the amount is in Satoshi. After trying to understand the different ideas I'm a firm believer this is the simplest easiest way and other ways are just confusing especially to a newer user..
.00000001 = 1 Satoshi
.00000010 = 10 Satoshi
.00000001 = 1 Satoshi
.00000010 = 10 Satoshi
All the major exchanges like BTC-e, Mintpal and Cryptsy already use Satoshi.
A simple dive into the Alt coin section of this site shows that Satoshi is already the unofficial standard.
A simple dive into the Alt coin section of this site shows that Satoshi is already the unofficial standard.
Bits sounds more appealing at current price. In a few orders of magnitude more we should switch another 3 decimals under and add more decimal positions to the satoshis.
It depends on what future are we talking about, imagine if Bitcoin reaches one million each (whatever if happens or not), it will be more convenient if we use Satoshi denomination, i'm really waiting eagerly for that moment
I was thinking along exactly the same lines. Altcoin traders think in terms of satoshis, so I'm surprised that option was not more popular. Right now 1/1000 of a bitcoin may be a convenient unit of measure for "normal" (common) transactions, but if BTC goes mainstream and the price shoots up in accordance with demand, sticking with satoshis for pricing most items will make a lot more sense.
How about 4 denominations, each with its own Unicode character? Formal names vs colloquial names need some work...here's a vague scheme (with approximated glyphs)
B⃦*,BITCOIN SIGN, value: 1 bitcoin
₥ BITCOIN MILLIBITCOIN SIGN, value: 0.001 bitcoins
ƀ BITCOIN BIT SIGN, value 0.001 millibitcoins
s̸ or s⃫, BITCOIN BITCENT SIGN, value 0.01 bits
B⃦*(similar to ฿ with two vertical bars for those with old browsers)
B⃦*,BITCOIN SIGN, value: 1 bitcoin
₥ BITCOIN MILLIBITCOIN SIGN, value: 0.001 bitcoins
ƀ BITCOIN BIT SIGN, value 0.001 millibitcoins
s̸ or s⃫, BITCOIN BITCENT SIGN, value 0.01 bits
B⃦*(similar to ฿ with two vertical bars for those with old browsers)
I don't think skipping the 1µBTC denomination is a good idea. I just prefer "mikes" as the short-form.
"Mills" are already used as a short-form for 1/1000th of a currency unit. Such units are not seem much outside of property tax rates though.
"Mills" are already used as a short-form for 1/1000th of a currency unit. Such units are not seem much outside of property tax rates though.
I skip the "bits" and go BTC, mbtc (millibitcoin) and satoshi.
This is definitely easier to deal with for sure. jesus how will regular people ever get a handle on 8 decimal places, thats what I wanna know!
It'll be a challenge for sure... besides i think the "satoshi" name is quite friendly
This will naturally evolve over time. We can't force it. So far it looks like general consensus will gravitate towards bit, denominated as 1/1,000,000th of a bitcoin. Coinbase has recently given users a choice to denominate their accounts in bits.
If you really want to enact change, start using the term bit(s) in everything you say and write. Whether speaking person to person or commenting on here, reddit, yahoo news, or any other platform, reference price in terms of bits instead of bitcoins, especially when others in the conversation are referencing bitcoins. For example, when someone asks you what the price of bitcoin is, say "The current price is 0.0625 cents per bit". This will seem a bit awkward at first and people may look at you funny, but eventually it will catch on and become more natural to reference bits instead of bitcoin and other people will follow suit.
If you really want to enact change, start using the term bit(s) in everything you say and write. Whether speaking person to person or commenting on here, reddit, yahoo news, or any other platform, reference price in terms of bits instead of bitcoins, especially when others in the conversation are referencing bitcoins. For example, when someone asks you what the price of bitcoin is, say "The current price is 0.0625 cents per bit". This will seem a bit awkward at first and people may look at you funny, but eventually it will catch on and become more natural to reference bits instead of bitcoin and other people will follow suit.
Sorry, saying buck just doesn't work with me. It would have to be Quid but then that just stirs up another pot of shit stew lol.
Clearly we should call 1 millionth of a bitcoin a "buck", because we all know it's gonna happen.
While I hadn't considered it in the past, I really I like this suggestion. We can only hope you're right.
so in a conversation someon says can i hav a buck.. they would hand you a dollar or 100 satoshis?
?buck is confusing when talking about finance.. plus its american.. so let me guess the brits will call it a quid, the chinese will call it a yen, and the russians will call it a ruble....
buck is for the fiat market. so leave it for the fiat market
Nah, "buck" will only be used for a microbit if bitcoin becomes so popular that it becomes the dominant currency used in the U.S. People will stop using "buck" to refer to the U.S. dollar if the value of 1 USD drops low enough, just like they already stopped using "bit" to refer to 12.5 cents. If you are concerned about confusion between a bitcoin "buck" and the U.S. currency "buck", then why aren't you concerned about confusion between a bitcoin "bit" and the U.S. currency "bit". To paraphrase you, "so in a conversation someon says can i hav 2 bits.. they would hand you a quarter or 200 satoshis?
?"again
bit is not a whole bitcoin, there is no such thing as a microbit
bit is not a whole bitcoin, there is no such thing as a microbit
There is no such thing as a "bit" (in terms of bitcoin values) either. They are both just nicknames for the exact same value.
Clearly we should call 1 millionth of a bitcoin a "buck", because we all know it's gonna happen.
While I hadn't considered it in the past, I really I like this suggestion. We can only hope you're right.
so in a conversation someon says can i hav a buck.. they would hand you a dollar or 100 satoshis?
?buck is confusing when talking about finance.. plus its american.. so let me guess the brits will call it a quid, the chinese will call it a yen, and the russians will call it a ruble....
buck is for the fiat market. so leave it for the fiat market
i think your stuck in the mindset that micro-bit (2 separate words) will make people think when you say bit, then later someone says "micro-bit", that people will get confused that a microbit is smaller then a bit..
how about imagine microbit did not exist and we just used sats, bits, bitcoin, no micro's at all... case solved
a bit is not a whole bitcoin. whomever made up the word "microbit" has no concept.. of logic. its microbitcoin or microbtc so stop using the term microbit as it doesnt roll over the tongue and a bitcoin is not bit. so again there is no microbit.
if you want to describe a division of bitcoin use microbitcoin or microbtc not microbit. as i think that is where your getting stuck, due to the word microbit that is confusing the whole thing.
again
bit is not a whole bitcoin, there is no such thing as a microbit
Clearly we should call 1 millionth of a bitcoin a "buck", because we all know it's gonna happen.
While I hadn't considered it in the past, I really I like this suggestion. We can only hope you're right.
I skip the "bits" and go BTC, mbtc (millibitcoin) and satoshi.
This is definitely easier to deal with for sure. jesus how will regular people ever get a handle on 8 decimal places, thats what I wanna know!
I skip the "bits" and go BTC, mbtc (millibitcoin) and satoshi.
Clearly we should call 1 millionth of a bitcoin a "buck", because we all know it's gonna happen.
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