Sunday off-topic - If not "bitcoin", then what?

PawGo

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Quote from: franky1 on May 21, 2023, 10:18:51 AM

a bitcheque is more semantically correct description
(...)

I like your reply very much, thanks! I agree that check seems to be more valid word, taking into account how things work. But when you think about a check in real world, it is kind of promise, which must be validated, while coin is something what you have "right now". I assume the "coin" just creates a better impression.

Aanuoluwatofunmi

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OP let's not make something unnecessary an hectic task for us to do, bitcoin was given by Satoshi to the invention of the digital currency he made, just as anyone of us can decides to make use of any name as we so desire to give our invention, but base on what we've heard other's saying, the coinage from the word bitcoin comes from the combination of two words, "bit" which means anything that is very little or small in terms of size or quantity while "coin" is a value of a monetary system, this is what we believe about it but there could be other contrary opinions on that.

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Quote from: serjent05 on May 21, 2023, 04:34:12 PM

Quote from: tranthidung on May 21, 2023, 06:54:17 AM

Bitcoin is only a name. The name does not make sense but the technology behinds Bitcoin, Blockchain technology is very important.

The name does make sense, since Bitcoin is a digital currency, naming it Bitcoins matches its nature. Aside from the explanation given by @Mate2237, we all know "bit" is a term that has something to do with computing, and Bitcoin is produced by computing or solving blocks if I am not mistaken. The name Bitcoin is not something that came out accidentally. Satoshi has the reason why Bitcoin is named Bitcoin.

Make sense, and I think even if not Bitcoin is the name of Bitcoin right now, people will still consider it a good name or people will still accept it, for example, "ByteCoin", "BlockCoin", "ChainCoin", etc.
It will really not matter at all for sure. People just became used to being the name "Bitcoin" right now.
I'm sure that besides Bitcoin, there are still a lot of candidate names from Satoshi to be the name of Bitcoin instead.

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Quote from: o_e_l_e_o on May 21, 2023, 07:09:42 AM

Quote from: PawGo on May 21, 2023, 06:35:27 AM

I was wondering why it is "bitcoin". (Someone with more advanced linguistic skills could probably help a lot).

I had always assumed it was a natural development from Szabo's bit gold, with the word coin chosen instead to reflect that fact it is a peer to peer currency.

To be honest, for some reason, I have always thought the idea of the name could have come from Bittorrent given that it is also a communication protocol for peer-to-peer file sharing (P2P), which enables users to distribute data and electronic files over the Internet in a decentralized manner.^[1]

[1] - https://en.wikipedia.org/wiki/BitTorrent

Broadanbig

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To the best of my knowledge, some things are named after event and occurrences surrounding their inception. From what mate Mate2237 has said, i see a bit of clarity in it, Although everyone is entitled to his or her own opinion and there is likewise room for scrutiny as to why and how things are to been done and presented. According to the wikipedia "A bit (binary digit) is the smallest unit of data that a computer can process and store." and According to the wikipedia when looking at the meaning of coin in the context of money "a flat disc or piece of metal with an official stamp, used as money." if we look at bitcoin transaction, their is always a stamp on each transaction which can not be wiped of and however, bitcoin was developed in the sense that the founder wants every bit of it to count in making a huge figure when it relates to finance ie monetary value.

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Quote from: PawGo on May 21, 2023, 06:35:27 AM

Talking about "bit" I am not sure if it should mean the concept is related to IT (computers, digitalization etc) or it has something to do with computer bits as a unit. I think already a decade ago "e-" was used for "electronic" versions of given words, like e-mail or e-market. On the other hand I think "byte" was a more popular word related to computer thinks.

A byte is made up of 8 bits, whereas bits is the basic unit, as bytes are merely the smallest domination of bits, hence why it's more common reference than bits. Ultimately bits represent the binary values of 0 and 1, whereas bytes is merely unit of account. So when referencing something that is purely based on 1s and 0s, like Bitcoin, it does make sense that bits was used rather than bytes.

Quote from: o_e_l_e_o on May 21, 2023, 07:09:42 AM

Quote from: PawGo on May 21, 2023, 06:35:27 AM

I was wondering why it is "bitcoin". (Someone with more advanced linguistic skills could probably help a lot).

I had always assumed it was a natural development from Szabo's bit gold, with the word coin chosen instead to reflect that fact it is a peer to peer currency.

Given the reference of Bit gold in the whitepaper, and it's interest/popularity at the time among cryptographers, I also think this is why Bitcoin gained the name that it did.

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Quote from: tranthidung on May 21, 2023, 06:54:17 AM

Bitcoin is only a name. The name does not make sense but the technology behinds Bitcoin, Blockchain technology is very important.

The name does make sense, since Bitcoin is a digital currency, naming it Bitcoins matches its nature. Aside from the explanation given by @Mate2237, we all know "bit" is a term that has something to do with computing, and Bitcoin is produced by computing or solving blocks if I am not mistaken. The name Bitcoin is not something that came out accidentally. Satoshi has the reason why Bitcoin is named Bitcoin.

Mate2237

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Quote from: PawGo on May 21, 2023, 06:35:27 AM

why these two words "bit + coin" were selected?

It was from your question I came to understand the whole thread if not I didn't get anything from the body not the thread because your explanation was not straight forward. Let me also make some insert on the topic. As you start it from the linguistics perspective let see how it goes. Unit is the general word for the both words of Bit and coin. Bit is use mathematical concept in computer and not in digital. Bit is the smallest unit of the decimal zero 0 point which is the only thing computer recognition. Coin in currency means the fraction of money that is smaller in unit. Now in general, bitcoin means part of Money that can be used online . This how I see bitcoin in my one understanding.

garlonicon

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I was wondering why it is "bitcoin".

When it comes to "coin", it is just the name of the unit. Note that 1.00 BTC is named as "COIN" in the code. That was before people decided to name the smallest unit as "satoshi", and even before Satoshi decided, that it should be divisible up to 8 decimal places, and not 6 (like it was in pre-Genesis version).

For "bit", it may be related to counting zero bits in block hashes. Before the Genesis Block, there was a version, where bits were counted directly, and for example if you had your difficulty set to "20", then the meaning was that you need a block with 20 leading zero bits. Also, in the whitepaper you can read about counting zero bits, and not about the current way of handling difficulty. Comparing 256-bit target with the block hash, and using a nice, compact form of 32-bit number to express the target, all of that was invented later, after pre-release version, and after the whitepaper, but before the Genesis Block.

ImThour

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I am here for the technology. Just kidding, Bitcoin is the first and the biggest name in the space. You can either be a loser buying shitcoins or also add the gold of Cryptoverse in your bag and be a believer. Why these two words were selected? It's because these two words make the most sense even after 14 years. satoshi was a legend, a future visionary.

FahriZah

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First of all why i chosen your topic and i,m very excited to replying your this post because i have some knowledge about bitcoin and i,m already involved with bitcoin from since 2015-2016.
Who created the Bitcoin that's person name of Satoshi Nakamoto who founder of world firsr crypto currency the name of BITCOIN ( BTC ) IF NAKAMATO not thinking about bitcoin i hope today we can,t living at the digital world's and we can,t create any new coin maybe. Just remember it Bitcoin is good for us.

franky1

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a bitcheque is more semantically correct description

like any cheque it has details of source funds(sortcode-account/routing number) at the bottom. a destination. an amount and requires a signature..
a bitcoin transaction has source of funds(utxo) destination value and a signature

as for a certain someone that thinks cheques are cleared in a central bank(pfft)..
different banks have different clearing houses. much like mining pools
so pools are the clearing houses.. double checking the cheques validity..and batching cheques together.. again semantically more correct than what 'cash' or 'coins' are
as for "bills" nah. bills are bits of paper related to debt. sorry bitcoin doesnt do debt. so just nah

the other word that does not fit the definition. is wallet..
coins go in a pocket. bank notes go in a wallet.

bitcoin wallets store keys. not coins not notes
so instead of wallet it should be a keyring or a pocket

lately silly devs are trying to redicine things alot more.
scripts and witnesses. trying to break away from proofs and signatures.
yep they want to treat bitcoin like a court system of a jury rather than a financial system thats proven and verified

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Quote from: PawGo on May 21, 2023, 06:35:27 AM

I am curious what do you think about it, why these two words "bit + coin" were selected?

It can just be the name that they decided to call the project, maybe there were a bunch of other names to choose from, but they decided to settle for this, we may never be able to tell because we were not there. Whatever the name was given, that is the name we would have known and accepted to call it. Bitcoin was known to become a cryptocurrency, so you can understand why there is a name indicating a currency on it.

Accardo

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The state of bit is represented with 0/1, yes or No. Increase or decrease should be the state of bitcoin, the fact that the coin adds and substrates in value makes it a good name for the coin. Additionally, it's a computer generated coin and mined through the computer, everything about the coin revolves around the computer and zeros and one remains the only language that the computer understands. The name is very brand able and easy to remember; lots of people easily remember the name when being mentioned for the first time, it must have taken just a few thoughts to come up with the name.

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I am curious what do you think about it, why these two words "bit + coin" were selected?

I'm not aware of the real reason behind the scenes that why it was named Bitcoin, but from my understanding the name was given because the technology and currency combination basically computer technology of binary. The bit shows the binary part and the coin refers to the money part, and if we add the technology part bit and money part =coin then we well get Bitcoin.

If we combine those two words we will get Bitcoin and that's the real magic that's currently working for us. There wasn't any currency made of out of bit before it, and it was the first one which was made purely out of bits and was coded by Satoshi Nakamoto. Satoshi named it this way because he was sure that a digital coin with such name suits the real purpose and people will soon accept it as a form of currency.

Some other crypto-currencies tried to copy the name and one such example was Bytecoin, but unfortunately they were unsuccessful in gaining as much attraction as Bitcoin got because even if byte was a larger number but it was still unable to compete the king. I don't think that there might be another reason for naming it as Bitcoin other than the one I described, and if you think there is another reason for naming it that way then kindly share the details with logic.

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Quote from: PawGo on May 21, 2023, 06:35:27 AM

I think already a decade ago "e-" was used for "electronic" versions of given words, like e-mail or e-market.

With this, I remember and it's more with the contribution of David Chaum's eCash.

Quote from: PawGo on May 21, 2023, 06:35:27 AM

I am curious what do you think about it, why these two words "bit + coin" were selected?

While all that you've said about the combination of bits/coin is where it's derived. I guess it's more of a personal reason why satoshi have chosen it to make it easier recognizable as the name is catchy? I guess. Could also be sounding like a cypherphunk thing and much better than digital coin or digital cash.

rby

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Quote from: o_e_l_e_o on May 21, 2023, 07:09:42 AM

Quote from: PawGo on May 21, 2023, 06:35:27 AM

Do we know when the word "bitcoin" appeared for the first time? Are we 100% sure it was in THE PAPER?

The domain name bitcoin.org was registered two months before the whitepaper was released.

This is correct!
The domain name was registered before the bitcoin white paper was published on 31st October, 2008. However, the whitepaper could be regarded as the first official register for the name bitcoin.

Quote from: PawGo on May 21, 2023, 07:11:46 AM

I was thinking why not “dollar”, as in fact it isn’t one-country currency and we have several “dollars”, digital dollar would be a possible choice too (and somehow “closed” the name for centralized gov dollar).

Satoshi was already conscious of his creation before he created. He was aware he wanted something not centralized that is why he didn't go the way of dollars. He had a clear vision of solving the problem created by centralized fiat, it wouldn't make sense naming his project with the name of the sickness he wants to cure.
With his conscious mind, that is why he choose a pseudonymous name and was able to conceal his identity till date. Nothing took him unaware and nothing happened coincidentally.

I think that the word 'bit' is a know computer lang, but it is well connected with Sats as a unit of bitcoin. Which shows that it is a currency that will still be valuable even in thousands of bits. Maybe from here the 21 million cap was formed Grin

PawGo

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Quote from: tranthidung on May 21, 2023, 07:18:26 AM

If you want to calll Bitcoin as e-cash, digital cash, it is too late now after 14 years since 2009.

I do not want to

I am purely curious. You cannot say that if something was created/written years ago we are not allowed (or at least we should not be interested) in understanding what was the author’s reasoning. It is like negation of literary studies.

tranthidung

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Quote from: PawGo on May 21, 2023, 07:11:46 AM

Exactly, that topic is purely about semantics. Not about technology behind, but about the name chosen and what could be alternative names (then and now).

When thing is born and lasted long enough to be accepted and deeply carved in memory, in history, name change is unnecessary.

Like we have Gold, silver, they are only names and it is not big problem if thousands of year ago, our ancestors decided to call gold as silver and vice versa, we will use those terms now without problem.

Same with Bitcoin and altcoin or shitcoin. Bitcoin is borned first then we have altcoins and alternative name for them as shitcoins. If you want to calll Bitcoin as e-cash, digital cash, it is too late now after 14 years since 2009.

PawGo

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Quote from: tranthidung on May 21, 2023, 06:54:17 AM

Bitcoin is only a name.

Exactly, that topic is purely about semantics. Not about technology behind, but about the name chosen and what could be alternative names (then and now).

Quote from: o_e_l_e_o on May 21, 2023, 07:09:42 AM

Quote from: PawGo on May 21, 2023, 06:35:27 AM

Is "coin" the only word which could be used? "note", "check", "bill"?

I think these are worse. Checks depend on the authority of a centralized third party to be cashed in. Note or bill could work, but these words are not universal across the English speaking world. Coin is, on the other hand.

I was thinking why not “dollar”, as in fact it isn’t one-country currency and we have several “dollars”, digital dollar would be a possible choice too (and somehow “closed” the name for centralized gov dollar).

Topic: Sunday off-topic - If not "bitcoin", then what? (Read 196 times)