1 bitcoin = 1,000,000 bits
It's a clear and obvious choice, and that's why it's being adopted by some of the larger players.
I've yet to see an argument against it that doesn't inadvertently argue for it.
Topic: Please stop with mBTC, microBTC, ...! - page 8. (Read 15217 times)
I always get confused with mBTC. I can keep up with satoshis but get real lost when someone mentions mBTC and uBTC.
http://www.youtube.com/watch?v=R2dZZxfAYsg
do you need a video on how to breathe, or a video on how to watch a video as well?
this is kindergarten material, really.
I always get confused with mBTC. I can keep up with satoshis but get real lost when someone mentions mBTC and uBTC.
Not a good thing to advertise on an international forum. 
Seriously, take 5 minutes and learn to how to divide and multiple by 1000.
I always get confused with mBTC. I can keep up with satoshis but get real lost when someone mentions mBTC and uBTC.
SI system is not bad at all. But there is a problem. In everyday life we never used to convert one units to another. Room we measure in meters, dress in centimeters. Whatever better match. Nobody thinks how many centimeters in the room. All visible and tangible.
You gave one example but there are many that don't follow that pattern. Sign say 200m or 500m to some location and we also use kilometers. (At least in Japan.) We buy food by grams or kilograms and liquids by liters or milliliters. It is simple to convert. Centimeters is one of the oddball measurements, but even it is a conversion. Centi means to divide by 100. So when even you use Centimeters you are really converting, it is just so simple you don't think about it.
SI system is not bad at all. But there is a problem. In everyday life we never used to convert one units to another. Room we measure in meters, dress in centimeters. Whatever better match. Nobody thinks how many centimeters in the room. All visible and tangible.
With Bitcoin it is different. It is virtual and not clear what ruler better to use. Yes we all in school leaned decimal prefixes. But counting in the head, making mistakes may be costly.
Agree with thesis above that when will be time when new term appear (if satoshi not take over). For example currently my clients buy not less then 0.00X BTC. Don't see any reason for higher division.
With Bitcoin it is different. It is virtual and not clear what ruler better to use. Yes we all in school leaned decimal prefixes. But counting in the head, making mistakes may be costly.
Agree with thesis above that when will be time when new term appear (if satoshi not take over). For example currently my clients buy not less then 0.00X BTC. Don't see any reason for higher division.
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
0.001 (1/1000th, milli = 1000)
but hey: 1 satoshi = 0.01 bits and 1 million bits is a bitcoin. All you need to know ;-)
m - milli = 1/1000
u - micro = 1/1,000,000 (one millionth)
These are standard SI terms. http://en.wikipedia.org/wiki/SI
i'm not sure what confuses you. Along with the full prefixes (milli, micro, kilo, etc) each prefix also has a unique 'one-letter' prefix, m for milli (always lower case, because upper case would be Mega) and µ (mu, u can substitude) for micro. Using mBTC or mXBT is perfectly normal. Just like on food they often use kg, mg and µg for weights. (kilogram, milligram and microgram respectively).
bit is already used in many money systems, e.g. in the US it was an eigth of a dollar. I believe because of Spanish coins.
It's also currently an 8th of a byte but that's coincidence, not because bit means eigth.
Good points!It's also currently an 8th of a byte but that's coincidence, not because bit means eigth.
In computer terms a bit is the smallest unit in binary storage. A bit only has the value 0 or 1, or "False" and "True", it is binary. Now if Quantum computing ever works a bit may end up having another meaning but that is in the future still. I agree, using BITS is just lame and confusing.
For what it is worth, when I started trading, stock prices were still trading in eights of a US dollar. That was painful. Good riddance to the ancient Spanish system.
Leave BTC alone. It's already simple. .001BTC today is .629 dollars or 62.9 cents.
1 mBTC = .001 BTC
Same thing, standard SI units. BTC is still BTC, so I agree just use BTC
So BTC is fine
Satoshi is fine as 100 MSatoshi = 1 BTC
mBTC is fine as .001 BTC = 1 mBTC = 100,000 Satoshi
uBTC is fine as .000001 BTC = 1 uBTC = 100 Satoshi
A SI prefix doesn't change the unit, just the amount of zeros that has to be written.
Leave BTC alone. It's already simple. .001BTC today is .629 dollars or 62.9 cents.
A change in divisor is an endeavor to make it palatable to hoards who like and can deal in multiples and
and shun percentages. But who would ever use BTC without finding out first what it's worth?
The day BTC price becomes so stable that we don't need to think about that is a day
I don't look forward to.
This is very well said. If you change the way that bitcoin is written then it will only confuse people that are just getting started in using bitcoin as they will have to figure out multiple ways of how much things cost. A change in divisor is an endeavor to make it palatable to hoards who like and can deal in multiples and
and shun percentages. But who would ever use BTC without finding out first what it's worth?
The day BTC price becomes so stable that we don't need to think about that is a day
I don't look forward to.
Leave BTC alone. It's already simple. .001BTC today is .629 dollars or 62.9 cents.
A change in divisor is an endeavor to make it palatable to hoards who like and can deal in multiples and
and shun percentages. But who would ever use BTC without finding out first what it's worth?
The day BTC price becomes so stable that we don't need to think about that is a day
I don't look forward to.
A change in divisor is an endeavor to make it palatable to hoards who like and can deal in multiples and
and shun percentages. But who would ever use BTC without finding out first what it's worth?
The day BTC price becomes so stable that we don't need to think about that is a day
I don't look forward to.
Ugh.
I think I'm going bald.
bit is already used in many money systems, e.g. in the US it was an eigth of a dollar. I believe because of Spanish coins.
It's also currently an 8th of a byte but that's coincidence, not because bit means eigth.
Calling a mBTC or anything else a "bit" is moronic and only serves to cause confusion. We have SI units and everyone, even us dumb 'mericans that use a measure of force to define mass, know what SI units are.
It is simply retarded to take an SI unit and call it something else.
-=-
As far as only using BTC and Satoshi - let me give some examples:
Teaspoon Tablespoon Cup Quart Gallon
Ounce Pound Ton
Inch Foot Yard Mile
It is not confusing to have more than one unit of measure.
The Metric system makes the math easier, and applies across all types of measurement.
There is nothing confusing about micro BTC, milli BTC, BTC, kilo BTC, mega BTC.
Someone who has never heard of bitcoin can see those and know how they relate to each other. Even us dumb backwards Americans that refuse to see the benefits of single payer health care, the metric system, and reduction of carbon-based energy.
Alice Out.
I think I'm going bald.
bit is already used in many money systems, e.g. in the US it was an eigth of a dollar. I believe because of Spanish coins.
It's also currently an 8th of a byte but that's coincidence, not because bit means eigth.
Calling a mBTC or anything else a "bit" is moronic and only serves to cause confusion. We have SI units and everyone, even us dumb 'mericans that use a measure of force to define mass, know what SI units are.
It is simply retarded to take an SI unit and call it something else.
-=-
As far as only using BTC and Satoshi - let me give some examples:
Teaspoon Tablespoon Cup Quart Gallon
Ounce Pound Ton
Inch Foot Yard Mile
It is not confusing to have more than one unit of measure.
The Metric system makes the math easier, and applies across all types of measurement.
There is nothing confusing about micro BTC, milli BTC, BTC, kilo BTC, mega BTC.
Someone who has never heard of bitcoin can see those and know how they relate to each other. Even us dumb backwards Americans that refuse to see the benefits of single payer health care, the metric system, and reduction of carbon-based energy.
Alice Out.
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
0.001 (1/1000th, milli = 1000)
but hey: 1 satoshi = 0.01 bits and 1 million bits is a bitcoin. All you need to know ;-)
m - milli = 1/1000
u - micro = 1/1,000,000 (one millionth)
These are standard SI terms. http://en.wikipedia.org/wiki/SI
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
0.001 (1/1000th, milli = 1000)
but hey: 1 satoshi = 0.01 bits and 1 million bits is a bitcoin. All you need to know ;-)
m - milli = 1/1000
u - micro = 1/1,000,000 (one millionth)
These are standard SI terms. http://en.wikipedia.org/wiki/SI
I would also agree that the complexity of the wallets and security issues are major issues and the issues that affect me personally the most...but there is no point in building the perfect system if it entails use math that is too difficult for the average person to navigate effectively...and thats why I think the nomenclature is so important...not for you, not for me, but for the average IQ person and below average IQ person...because those people make up the largest portion of the world's populations and bitcoin can't succeed without them...and they need an easy name, with few to no zeros....
That is the point, the math is very easy for most of the world. The metric system and the prefixes used are very easy. The USA is literally the backwater of the world in that regard. Americans just need to buckle down and learn some simple concepts. You can't help the people that won't help themselves, so don't worry about them. They will wake up someday and join the rest of the world. These people aren't the drivers that will cause bitcoin to secede. They are the followers who will adapt to it when they don't have a choice anymore.
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
0.001 (1/1000th, milli = 1000)
but hey: 1 satoshi = 0.01 bits and 1 million bits is a bitcoin. All you need to know ;-)
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
0.001 (1/1000th, milli = 1000)
but hey: 1 satoshi = 0.01 bits and 1 million bits is a bitcoin. All you need to know ;-)
I agree...either SPLIT BTC or use BIT for BTC...
That's the new campaign...SPLIT or BIT
Renaming something has little to no impact on the value. It isn't easier for the value to change if it is smaller or larger. Especially something that can be handled in fractions. Claiming renaming bitcoin will have an impact on value isn't rational or even logical.
With stocks sometimes a stock split helps a small amount because stocks typically can only be bought and sold in whole units. However any effect is typically short lived. Typically only stocks that are growing a lot are split. The reason they go up after the split isn't related to the split.
With stocks sometimes a stock split helps a small amount because stocks typically can only be bought and sold in whole units. However any effect is typically short lived. Typically only stocks that are growing a lot are split. The reason they go up after the split isn't related to the split.
Youre looking at it from a very narrow point of view, not the view of the average joe shmoe making 30k a year...they are not going to buy a 600 BTC and play around with it...and buying a .1 BTC is a very foreign concept to most people....
You're looking at it from too logical point of view...People are not logical...
The vast majority of BTC owners only own a small fraction of a whole bitcoin. It isn't a foreign concept at all. A main selling point of bitcoin is that it is easily to divide down to any size you want. Thinking that you have to have a whole unit and a label to go with it is the narrow point of view.
The vast majority of BTC owners are tech conscience or savvy and constitute an extremely tiny percent of the population. It's probably not a foreign concept at all...
Can I ask what you do for a living that would make you an expert on dealing with the general population? Because I meet hundreds and hundreds of people from all walks of life and 99% of them have never even heard of bitcoin...and the 1% that have are fairly intelligent.... I can tell you that most people can't even understand the concept let alone use math properly to understand zeros on the right side...
but the minute I explain to them the concept of a digital dollar they seem to grasp the concept much better....
I have lived and worked in the USA and I'm currently living in Japan. I believe I have a much broader view of the world than the typical American. I have actually also lived in Egypt and spent considerable time in multiple countries beside America, Japan and Egypt. For the record my children are bilingual and go to normal Japanese schools. (As in they also read and write Japanese as well as English.) We have high educational standards.
You seem to be the one throwing out generalities, mostly which would only apply to Americans. While it is true that bitcoin is easier for the tech savvy it isn't limited to them. That is really true of younger people. Bitcoin isn't an American thing, it is international and that is what it needs to be to survive than thrive.
The real problem of adaption have nothing to do with the name or units, they are fine. BTC or Satoshi work fine with SI units. The real problems are the complexity of wallets and security related to bitcoin storage. Those are the issues that need to be easy handle. A new name does nothing but add confusion. That is my view, but probably one largely shared.
I believe you have a much broader view of a similar socio-economic class people...Different cultures, different people, but still higher functioning then the average...but these are just assumptions I am making based on your perceptions and things that you state, like one for instance being that your children are very high functioning and well educated...A lot of that explains your outlook....
My situation is different...I am around very very low functioning people all the way up to people that are intelligent enough to crack online federal security systems (and yes I do know one person, and while he would never do it because he is very moralistic, he possesses the capability to do so)... I have homeless people that work for, people that grew up with broken homes, as well as kids that have parents that are CEO's of Fortune 500 companies, and even children of celebrities and sports celebrities...so your probably right, I probably am making my generalizations based on American observations and not looking from a world standpoint...but I can tell you I am looking at from all facets of mental capabilities and thats where I see the flaws with the nomenclature....
I would also agree that the complexity of the wallets and security issues are major issues and the issues that affect me personally the most...but there is no point in building the perfect system if it entails use math that is too difficult for the average person to navigate effectively...and thats why I think the nomenclature is so important...not for you, not for me, but for the average IQ person and below average IQ person...because those people make up the largest portion of the world's populations and bitcoin can't succeed without them...and they need an easy name, with few to no zeros....
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
0.001 (1/1000th, milli = 1000)
but hey: 1 satoshi = 0.01 bits and 1 million bits is a bitcoin. All you need to know ;-)
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
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