Topic: Should we have another unit in the Bitcoin payment system? (Read 509 times)
I think that nowadays we can deal with Satoshi and don't need to have something smaller. As for something in between, I think there is no need of that even potentially. But let's return to something less than Satoshi. If btc grows up in price enormously one day then 1 satoshi will be, let's say, 1 dollar. In such a case you won't be able to buy smth for less than a dollar and something worth 2.5 dollars will actually cost 3 dollars to you. However, I think it is impossible to change it.
OK apologies - I made two mistakes. I meant to post XBT - that's the abbreviation on xe.com, and of course, I got the Satoshi figure wrong. I hadn't allowed for the conversion. Serves me right for posting before I had had enough coffee. 
As I mentioned, I like the use of Bitcents, that seems to fit the bill, and answers my original question - thanks for suggesting that.
As I mentioned, I like the use of Bitcents, that seems to fit the bill, and answers my original question - thanks for suggesting that.
I have gotten used to speaking in terms of satoshis for small transactions and in BTC with using a couple of 0's and commas in order to address the bigger value transactions... I don't need more than that. All those other miliBTC or whatever only confuse me..
There are 100 million Satoshi to one Bitcoin, and one Bitcoin is worth about £650 today. So if I want to sell something for £6.50 then I can quote the pice as XBC 0.01 or as SAT 6,500,000. Both of those are pretty awkward. How about having a unit such as a kBIT which is a thousandth of a Bitcoin, my price would then be kBIT 65 - I believe this is easier for non-Bitcoin potential users to recognise.
ps. I hope I've got the correct maths in those figures.
ps. I hope I've got the correct maths in those figures.
What else do we need? Now we you want us to have a name for 1 billion units to 1 btc. My question is to what end because for someone coming into Bitcoin fresh and is trying to earn some satoshis. Do you know how long its going to take to earn just 0.01btc not to talk of 1btc with this one youre suggesting then it will take forever. My own opinion to the matter though that it is not necessary.
Here's what I think a Bitcoin is:
There 2,100,000,000,000,000 individual units in Bitcoin or bitpennies. That's 2.1 quadrillion bitpennies. A Bitcoin is a one hundred bitpennies. So there are actually 2,100,000,000,000 (that's 2.1 trillion) bitcoins after all of them are mined into existence. Then you can use standard naming conventions. A dollar equals 100 bitpennies. 100 dollars equals 100 bitcoins. A thousand dollars equals 1,000 bitcoins, and so on.
Let's say there is about 305 million people in a country or 111 million households in that country.
2.1 Trillion bitcoins would equal about $6,888 per person or $18,900 per household.
There 2,100,000,000,000,000 individual units in Bitcoin or bitpennies. That's 2.1 quadrillion bitpennies. A Bitcoin is a one hundred bitpennies. So there are actually 2,100,000,000,000 (that's 2.1 trillion) bitcoins after all of them are mined into existence. Then you can use standard naming conventions. A dollar equals 100 bitpennies. 100 dollars equals 100 bitcoins. A thousand dollars equals 1,000 bitcoins, and so on.
Let's say there is about 305 million people in a country or 111 million households in that country.
2.1 Trillion bitcoins would equal about $6,888 per person or $18,900 per household.
I think the preferred unit of measure for gambling operations these days are milli-bit / mBTC or 10,000sat and it is used because it is a bit
confusing for the users. You have to calculate what the unit of measure is, and people are too lazy to do that, so they just gamble away mili-bit
after mili-bit, without realizing how much they are spending. I always have Preev.com open on another tab, to quickly calculate between the
different units of measure.
confusing for the users. You have to calculate what the unit of measure is, and people are too lazy to do that, so they just gamble away mili-bit
after mili-bit, without realizing how much they are spending. I always have Preev.com open on another tab, to quickly calculate between the
different units of measure.
as franky said, there are already other units for bitcoin and your suggestion have been suggested a lot of other times throughout the years but majority of people seem to be more comfortable using the normal bitcoin and satoshi combination.
and one problem that I have found with these kinds of suggestion is that many (for some reason) don't know what k, m, u,... before a unit represents maybe because of having another measuring standard in their country.
I think XBT is like the official abbreviation (I am not sure what it is called but something like registered in ISO standard)
and one problem that I have found with these kinds of suggestion is that many (for some reason) don't know what k, m, u,... before a unit represents maybe because of having another measuring standard in their country.
or XBT (used mainly by forex speculators))?
I think XBT is like the official abbreviation (I am not sure what it is called but something like registered in ISO standard)
At first it was also awkward for me to say 100K sats or 0.001BTC, but as time goes by, I get used to it. It does matter to have a universal term in each unit of bitcoin but we do not have to introduce new terms if we already have terms for the most basic units like mBTC.
There are 100 million Satoshi to one Bitcoin, and one Bitcoin is worth about £650 today. So if I want to sell something for £6.50 then I can quote the pice as XBC 0.01 or as SAT 6,500,000. Both of those are pretty awkward. How about having a unit such as a kBIT which is a thousandth of a Bitcoin, my price would then be kBIT 65 - I believe this is easier for non-Bitcoin potential users to recognise.
ps. I hope I've got the correct maths in those figures.
ps. I hope I've got the correct maths in those figures.
There is already these conventions in bitcoin, i use bread wallet on ios and it has been using bits since inception, you are right if bitcoin ever goes mainstream it wont do it by using 0.00229 of a bitcoin
people like dealing in whole numbers and reasonably manageable ones at that. 
When more people enters the bitcoin echo system and very few coins are available and if the price increases ten folds from the current price then we can plan on having another unit of bitcoin and i do not think it is necessary at the moment.
we already had the unit in bitcoin, but it is really seldom being used except mbit, most of the people prefer to used million satoshi or 0.01BTC, and i don't think we need another unit, it is just a matter of habit, when you already get used to it, you won't have any difficult to used it anymore
It's your preference how you calculate the bitcoins, personally i prefer to say that i spent 0.01BTC instead of 1 million satoshis because it sounds too much in decimals.
use whatever you want, you are free and there are several topics about this
There are 100 million Satoshi to one Bitcoin, and one Bitcoin is worth about £650 today. So if I want to sell something for £6.50 then I can quote the pice as XBC 0.01 or as SAT 6,500,000. Both of those are pretty awkward. How about having a unit such as a kBIT which is a thousandth of a Bitcoin, my price would then be kBIT 65 - I believe this is easier for non-Bitcoin potential users to recognise.
ps. I hope I've got the correct maths in those figures.
ps. I hope I've got the correct maths in those figures.
Unfortunately you didn't get the correct math. What makes you think that 0.01 BTC are equivalent to 6.5 million Satoshi (btw. "XBC" is not a known abbreviation for Bitcoin - it's either BTC (widely used) or XBT (used mainly by forex speculators))? 0.01 BTC are 1 million Satoshi. Where did you get the "6.5" from? From £6.50?!?
You can create all the units you want, the only question is if people will use them. There is no well established norm for other units besides Bitcoin, Satoshi and possibly bitcent. And I don't think it's really needed.
Expressing prices as 0.01 BTC is not awkward at all. And instead of using the (in my opinion) extremely awkward "kBIT" unit name, you could just say 1000k Satoshi.
ya.ya.yo!
I like Bitcent - that is nice and descriptive, and easy to remember.
There are 100 million Satoshi to one Bitcoin, and one Bitcoin is worth about £650 today. So if I want to sell something for £6.50 then I can quote the pice as XBC 0.01 or as SAT 6,500,000. Both of those are pretty awkward. How about having a unit such as a kBIT which is a thousandth of a Bitcoin, my price would then be kBIT 65 - I believe this is easier for non-Bitcoin potential users to recognise.
ps. I hope I've got the correct maths in those figures.
ps. I hope I've got the correct maths in those figures.
there are already many named values.
bitcent 0.01(cBTC) - 1,000,000sat
milli-bit 0.001(mBTC) - 10,000sat
'bit'/microbit 0.00000100(μBTC) - 100 sat
'finney' 0.00000010 - 10 sat
'satoshi' 0.00000001 - 1 sat
getting people to change from using a term commonly is only a temporary thing. so having too many terms for each decimal becomes redundant.
we are currently at the 'bitcent' measure (1bitcent=~£6.50/$7.90) where people can see it like common numbering, when comparing to fiat.
then there is millibit which is 1millibit=£65/$79 which will become common once bitcoin reaches over $1,000
then most people over the last few years have debated that moving to a new term just one decimal down and trying to teach the community to get used to it once a bitcent or milli-bit becomes large enough, would be a headache so people have said to just jump to 'bit'(microbit) which is a more permenant longterm measure where 'bit' becomes the whole number and sats become the 100th decimal of a bit
There are 100 million Satoshi to one Bitcoin, and one Bitcoin is worth about £650 today. So if I want to sell something for £6.50 then I can quote the pice as XBC 0.01 or as SAT 6,500,000. Both of those are pretty awkward. How about having a unit such as a kBIT which is a thousandth of a Bitcoin, my price would then be kBIT 65 - I believe this is easier for non-Bitcoin potential users to recognise.
ps. I hope I've got the correct maths in those figures.
ps. I hope I've got the correct maths in those figures.
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