Topic: satoshis seriously, already! its defacto now, forget ubtc and mbtc - page 2. (Read 2954 times)
May 01, 2014, 02:47:59 AM
I agree with satoshi as the defacto standard, but maybe under a different name? Would be better for more widespread adoption.
May 01, 2014, 02:45:42 AM
Satoshis are already established. Most altcoins are measured in thousands or tens of thousands of satoshis. The unit is useful up to anything in the hundreds of thousands of satoshis.
All you need is:
.00000001 BTC = 1 satoshi
.0000001 BTC = 10 satoshis
.000001 BTC = 100 satoshis
.00001 BTC = 1000 satoshis
.0001 BTC = 10000 satoshis
.001 BTC = 100000 satoshis
.01 BTC = 0.01 BTC
.1 BTC = 0.1 BTC
1 BTC = 1 BTC
That makes 500.000 satoshis please. Thanks.
All you need is:
.00000001 BTC = 1 satoshi
.0000001 BTC = 10 satoshis
.000001 BTC = 100 satoshis
.00001 BTC = 1000 satoshis
.0001 BTC = 10000 satoshis
.001 BTC = 100000 satoshis
.01 BTC = 0.01 BTC
.1 BTC = 0.1 BTC
1 BTC = 1 BTC
That makes 500.000 satoshis please. Thanks.
April 30, 2014, 10:32:00 PM
I tend to like the idea of going with "bits" the embedded two decimal points gives it ample amounts of familiarity and aligns it with a lot of accounting practices since most currencies are divisible to the hundredths place.
Although, satoshi just has that nice kind of ring to me.
[Stealing from a certain movie, "1 billion satoshi" sounds better than "1 billion bits," at least to me that is. Plus it's significantly easier to obtain the former rather than the later. Or maybe I'm just being silly. Hehe.]
Although, satoshi just has that nice kind of ring to me.
[Stealing from a certain movie, "1 billion satoshi" sounds better than "1 billion bits," at least to me that is. Plus it's significantly easier to obtain the former rather than the later. Or maybe I'm just being silly. Hehe.]
April 30, 2014, 07:52:59 PM
My 0.02 bits (or 2 Satoshis) is that we go with Bits.
It skips the pain of future transitions under the current protocol.
By using Bits now there wont need to be another major transition until it becomes necessary to change the protocol and all related software.
How much time this gives us is unknown, but I'd say at least a year
It skips the pain of future transitions under the current protocol.
By using Bits now there wont need to be another major transition until it becomes necessary to change the protocol and all related software.
How much time this gives us is unknown, but I'd say at least a year
April 30, 2014, 07:13:25 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Exactly. People are used to doing it that way, and it fits in nicely with programs/systems designed to handle currency.
I do not think you understand a thread
How come it fits nicely with programs/systems designed to handle currency??Because they are designed to handle decimal currencies (with 100 subunits). It would be stupid not to follow an already established way of doing things.
For those who don't get the significance, this is important for legacy software which often has restricted input size. For example we use "bits" (uBTC) internally for financial accounting. All Bitcoin ledgers are in uBTC. Quickbooks (and lots of other software) assumes that exchange rates will fall into a specific range and thus only has so many significant digits).
1 uBTC = 0.00045 USD
1 USD = 2222.22 BTC
Using satoshi wasn't (haven't rechecked lately) possible because the exchange rate fields didn't have sufficient digits
1 sat = 0.0000045 USD
1 USD = 222222.2222
This was even more of a problem previously when the exchange rate was lower. Even if sat:USD exchange rate fits currently in your accounting software be sure to check what a 75% (or 90%) exchange rate drop would do. It would be a nightmare to have an accounting system in place which simply fails if the exchange rate drops below $XXX USD per BTC.
Perhaps we can use "satoshis" and quote prices (or do accounting) in "millions of satoshis" or "thousands of satoshis." We can use Msats or ksats for writing, but in spoken language people will say 2.5 million satoshis, or 35 thousand satoshis. They won't say "megasats" or "kilosats." For example, someone on CNBC would say "Bitcoin is currently trading at $4.51 per million satoshis." This has the added benefit of promoting public education about the resolution of our currency.
I think the problem with the milli- and micro- prefixes are not the fact that they are SI prefixes, but the fact that division is harder than multiplication. If someone says 100 uBTC, I immediately say "hmm, there's 1,000,000 uBTC in a BTC and he wants 100 of those, so he wants 1 / 10,000 of a bitcoin" and my brain sort of hurts. But if someone says 2 million satoshis, then my brain doesn't seem to do any math. I just "get it."
I think most peoples brains work like this (multiplication by powers of 10 is obvious but division requires thought).
So again, I prefer bitcoins and satoshis.
April 30, 2014, 03:16:19 PM
1 satoshi is way less than 1 cent. Bitcoin would looks like doge if we do that at this point
Actually it's way too late for this discussion to matter much.
BTC is out in the wild and people will use the units they prefer.
The time for major changes has long passed.
April 30, 2014, 02:53:22 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Exactly. People are used to doing it that way, and it fits in nicely with programs/systems designed to handle currency.
I do not think you understand a thread
How come it fits nicely with programs/systems designed to handle currency??I think scaling this way:
Quote
00000001 BTC = 1 satoshi
.0000001 BTC = 10 satoshi
.000001 BTC = 1 uBTC (micro)
.00001 BTC = 10 uBTC
.0001 BTC = 100 uBTC
.001 BTC = 1 mBTC (milli)
.01 BTC = 10 mBTC
.1 BTC = 100 mBTC
1 BTC = 1 BTC
10 BTC = 10 BTC
100 BTC = 100 BTC
1.000 BTC = 1 kBTC (kilo)
10.000 BTC = 10 kBTC
100.000 BTC = 100 kBTC
1.000.000 BTC = 1 MBTC (mega)
10.000.000 BTC = 10 MBTC
.0000001 BTC = 10 satoshi
.000001 BTC = 1 uBTC (micro)
.00001 BTC = 10 uBTC
.0001 BTC = 100 uBTC
.001 BTC = 1 mBTC (milli)
.01 BTC = 10 mBTC
.1 BTC = 100 mBTC
1 BTC = 1 BTC
10 BTC = 10 BTC
100 BTC = 100 BTC
1.000 BTC = 1 kBTC (kilo)
10.000 BTC = 10 kBTC
100.000 BTC = 100 kBTC
1.000.000 BTC = 1 MBTC (mega)
10.000.000 BTC = 10 MBTC
is not bad at all
nice, but its just that to many decinals makes it difficult...
April 30, 2014, 02:45:36 PM
1 satoshi is way less than 1 cent. Bitcoin would looks like doge if we do that at this point
April 30, 2014, 01:50:35 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Exactly. People are used to doing it that way, and it fits in nicely with programs/systems designed to handle currency.
I do not think you understand a thread
How come it fits nicely with programs/systems designed to handle currency??Because they are designed to handle decimal currencies (with 100 subunits). It would be stupid not to follow an already established way of doing things.
For those who don't get the significance, this is important for legacy software which often has restricted input size. For example we use "bits" (uBTC) internally for financial accounting. All Bitcoin ledgers are in uBTC. Quickbooks (and lots of other software) assumes that exchange rates will fall into a specific range and thus only has so many significant digits).
1 uBTC = 0.00045 USD
1 USD = 2222.22 BTC
Using satoshi wasn't (haven't rechecked lately) possible because the exchange rate fields didn't have sufficient digits
1 sat = 0.0000045 USD
1 USD = 222222.2222
This was even more of a problem previously when the exchange rate was lower. Even if sat:USD exchange rate fits currently in your accounting software be sure to check what a 75% (or 90%) exchange rate drop would do. It would be a nightmare to have an accounting system in place which simply fails if the exchange rate drops below $XXX USD per BTC.
April 30, 2014, 01:47:50 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
bits and Satoshis could end up the most popular.
ubtc and mbtc never looked good to me at all; I'm finally getting used to mbtc, but still do not like it compared to BTC or Satoshi.
April 30, 2014, 01:39:57 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Exactly. People are used to doing it that way, and it fits in nicely with programs/systems designed to handle currency.
I do not think you understand a thread
How come it fits nicely with programs/systems designed to handle currency??Because they are designed to handle decimal currencies (with 100 subunits). It would be stupid not to follow an already established way of doing things.
April 30, 2014, 01:35:49 PM
i think that a satoshi is too small because if you go buy a home its going to be 1000,0000,000 satosi home lol and so on. i think mbtc is closer to the dollar
When you use for example "cents" or "pennies".
Do you say you paid 50000000 cents/pennies for a house? ;P
I will say I paid 300BTC.
April 30, 2014, 01:30:49 PM
i think that a satoshi is too small because if you go buy a home its going to be 1000,0000,000 satosi home lol and so on. i think mbtc is closer to the dollar
April 30, 2014, 01:26:02 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Exactly. People are used to doing it that way, and it fits in nicely with programs/systems designed to handle currency.
I do not think you understand a thread
How come it fits nicely with programs/systems designed to handle currency??I think scaling this way:
Quote
00000001 BTC = 1 satoshi
.0000001 BTC = 10 satoshi
.000001 BTC = 1 uBTC (micro)
.00001 BTC = 10 uBTC
.0001 BTC = 100 uBTC
.001 BTC = 1 mBTC (milli)
.01 BTC = 10 mBTC
.1 BTC = 100 mBTC
1 BTC = 1 BTC
10 BTC = 10 BTC
100 BTC = 100 BTC
1.000 BTC = 1 kBTC (kilo)
10.000 BTC = 10 kBTC
100.000 BTC = 100 kBTC
1.000.000 BTC = 1 MBTC (mega)
10.000.000 BTC = 10 MBTC
.0000001 BTC = 10 satoshi
.000001 BTC = 1 uBTC (micro)
.00001 BTC = 10 uBTC
.0001 BTC = 100 uBTC
.001 BTC = 1 mBTC (milli)
.01 BTC = 10 mBTC
.1 BTC = 100 mBTC
1 BTC = 1 BTC
10 BTC = 10 BTC
100 BTC = 100 BTC
1.000 BTC = 1 kBTC (kilo)
10.000 BTC = 10 kBTC
100.000 BTC = 100 kBTC
1.000.000 BTC = 1 MBTC (mega)
10.000.000 BTC = 10 MBTC
is not bad at all
April 30, 2014, 01:25:34 PM
- feels good to own 10K satoshi
According to wiki:
A satoshi is currently the smallest unit of the Bitcoin currency (1/100,000,000 BTC or 0.00000001 BTC)
10000 x 0.00000001 = 0.0001 BTC
Really?
April 30, 2014, 01:18:21 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Exactly. People are used to doing it that way, and it fits in nicely with programs/systems designed to handle currency.
April 30, 2014, 01:07:32 PM
I intend to do what comes naturally, which is to use both 'BTC' and 'satoshis.' When I want to convey the idea of 0.3 BTC, I say 0.3 BTC. Someday, I'll want to convey the idea of 0.00000300 BTC, and I'll say 300 satoshis.
April 30, 2014, 12:41:06 PM
Agreed with all points except profit. are they profitable? I doubt
April 30, 2014, 12:32:54 PM
I prefer bits. 1 BTC = 1,000,000 bits
People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Concurred. I'm sticking with microbits (or bits for short). If a satoshi is loosely the equivalent of a penny, then it needs a larger denomination to go with it. People are used to having 2 decimals and with bits, that will fit perfectly since bits leaves 2 decimals, e.g 128.24 bits
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
April 30, 2014, 12:19:29 PM
Ok , I don't have anything against using satoshis, i support this idea.
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