Topic: Let's get the denominations of BTC straight - page 3. (Read 3110 times)
Someday, there will be nicknames for fractional bitcoins. It is doubtful that the names that arise through consensus will be any of the names that have been championed and argued over so far.
Thanks for that, I always defined a bit as 100 satoshi's and erroneously thought btc having eight decimal places meant 1 satoshi was 1/10^8 or 1/10,000,000 making a bit 1/100,000.
Honestly I don't think there is a big issue about using the wrong/right terminology. Most people who use BTC are familiar with the lingo. Sure when BTC gets more used and more widely used then maybe there can be an "official" change in certain terms but it's not like the community needs to get together and "decide" or "vote" on changing terms etc.
a bit is 1/100,000 of a bitcoin so a 'bit' is 10ubit. This just makes the decision harder
You are mistaken.
1 bit is 1/100,000,000 of a bitcoin, so a 'bit' is 10 nBTC.
I am not sure why this needs yet another thread.
Edit: I recently learned that Bitcoinj used to call that unit a "nano coin"... such an off-by-10 error makes me think less of the software.
Way too many polls for this. Just use whatever other people have been using, satoshi and such.
a bit is 1/100,000 of a bitcoin so a 'bit' is 10ubit. This just makes the decision harder
You are mistaken.
A "bit" is 1/1,000,000 of a bitcoin.
A "microbitcoin" is 1/1,000,000 of a bitcoin.
They are two different nicknames for the exact same value.
0.1 = 1/10 of a bitcoin
0.01 = 1/100 of a bitcoin
0.001 = 1/1,000 of a bitcoin (also known as a millibitcoin, or 1,000 microbits, or 1,000 "bits")
0.0001 = 1/10,000 of a bitcoin
0.00001 = 1/100,000 of a bitcoin
0.000001 = 1/1,000,000 of a bitcoin (also known as a microbits, or "bits", or 100 satoshi)
0.0000001 = 1/10,000,000 of a bitcoin
0.00000001 = 1/100,000,000 of a bitcoin (also known as a satoshi, or 0.01 microbits, or 0.01 "bits")
So, 1 "bit" = 1 microbit.
a millibit = 1,000 "bits", or a kilo"bit"
Wait, a millibit = a kilo"bit"?
How is that not confusing?
EDIT: I'm wrong
a bit is 1/100,000 of a bitcoin so a 'bit' is 10ubit. This just makes the decision harder
microbitcoins (or microbits, or mikes, or mickeys, or mics, or µbits, or µBTC, or µBitcoins, or you-bees, or youbits, or you-bee-tea-seas, or mu-bits, or mu-BTC, or mu-bitcoins, or bits, or whatever nickname you want to use) are a good choice. It's great that they allow two decimal places and that most of the digits are to the left of the decimal point where a separator such as a comma can be used to improve visual clarity.
I'm just a bit confused why people like the nickname "bits" for microbitcoins?
It seems confusing and misleading. Bits? Is that regular bits (Bitcoins), or millibits (millibitcoins), or microbits (microbitcoins)?
I say, stick with the a representation where 1 satoshi is 0.01, but use a nickname for microbitcoins that is less confusing and misleading than "bits".
a bit is 1/100,000 of a bitcoin so a 'bit' is 10ubit. This just makes the decision harder
I think this is something that a lot of merchants are wondering. My site uses bits. I like that it allows for two decimal places if bitcoin go way up in value and will probably work well until we need to subdivide satoshi's further. What are your thoughts?
microbitcoins (or microbits, or mikes, or mickeys, or mics, or µbits, or µBTC, or µBitcoins, or you-bees, or youbits, or you-bee-tea-seas, or mu-bits, or mu-BTC, or mu-bitcoins, or bits, or whatever nickname you want to use) are a good choice. It's great that they allow two decimal places and that most of the digits are to the left of the decimal point where a separator such as a comma can be used to improve visual clarity.
I'm just a bit confused why people like the nickname "bits" for microbitcoins?
It seems confusing and misleading. Bits? Is that regular bits (Bitcoins), or millibits (millibitcoins), or microbits (microbitcoins)?
I say, stick with the a representation where 1 satoshi is 0.01, but use a nickname for microbitcoins that is less confusing and misleading than "bits".
I think this is something that a lot of merchants are wondering. My site uses bits. I like that it allows for two decimal places if bitcoin go way up in value and will probably work well until we need to subdivide satoshi's further. What are your thoughts?
microbitcoins (or microbits, or mikes, or mickeys, or mics, or µbits, or µBTC, or µBitcoins, or you-bees, or youbits, or you-bee-tea-seas, or mu-bits, or mu-BTC, or mu-bitcoins, or bits, or whatever nickname you want to use) are a good choice. It's great that they allow two decimal places and that most of the digits are to the left of the decimal point where a separator such as a comma can be used to improve visual clarity.
I'm just a bit confused why people like the nickname "bits" for microbitcoins?
It seems confusing and misleading. Bits? Is that regular bits (Bitcoins), or millibits (millibitcoins), or microbits (microbitcoins)?
I say, stick with the a representation where 1 satoshi is 0.01, but use a nickname for microbitcoins that is less confusing and misleading than "bits".
Note: I can't believe we're having this discussion yet again. This has to be the 15th poll I've seen just on this site about this issue, and the 50th time I've seen discussions about it. I'd think that by now people would realize that there is no official organization that can decree what the name will be. Everyone is going to use whatever the heck name they want. There will be some confusion for a while, and eventually popular nicknames will form organically just like they do with everything else in life. There was no official organization that declared that dollars should be called "bucks", and yet we all understand when someone says, "that'll be 6 bucks".
I think this is something that a lot of merchants are wondering. My site uses bits. I like that it allows for two decimal places if bitcoin go way up in value and will probably work well until we need to subdivide satoshi's further. What are your thoughts?
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