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Topic: When quoting small amounts of bitcoin, how do you call 100 satoshis? - page 4. (Read 8401 times)

legendary
Activity: 1974
Merit: 1029
I use:
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That is basically how I say it, but I think the whole scheme is absolutely terrible.  Looks like a bunch of computer geeks made it up.

Call it what you want - in the end if BTC ever makes it full mainstream, then the potential nicknames will or will not be adopted by the people using it.

Yeah the language will evolve by itself in a way no one is able to predict right now. That's why I said "I use", because that's all we can say. If "bits" wins over the other options then I'm not going to be the weird one who insists on using "mikes".
hero member
Activity: 525
Merit: 500
I use:

1 BTC: one bitcoin
0.1 BTC: ten bitcents or zero point one bitcoins
0.01 BTC: one bitcent
0.001 BTC: one millibit
0.0001 BTC: ten thousand satoshis (edit: or one pip)
0.00001 BTC: one thousand satoshis
0.000001 BTC: one hundred satoshis, one microbit or one mike
0.0000001 BTC: ten satoshis
0.00000001 BTC: one satoshi (obviously)

So I voted for "100 satoshis".

That is basically how I say it, but I think the whole scheme is absolutely terrible.  Looks like a bunch of computer geeks made it up.

one of the reasons for 'bits'

short, sweet, simple, easy to say, easy to understand
member
Activity: 112
Merit: 10
I use:

1 BTC: one bitcoin
0.1 BTC: ten bitcents or zero point one bitcoins
0.01 BTC: one bitcent
0.001 BTC: one millibit
0.0001 BTC: ten thousand satoshis (edit: or one pip)
0.00001 BTC: one thousand satoshis
0.000001 BTC: one hundred satoshis, one microbit or one mike
0.0000001 BTC: ten satoshis
0.00000001 BTC: one satoshi (obviously)

So I voted for "100 satoshis".

That is basically how I say it, but I think the whole scheme is absolutely terrible.  Looks like a bunch of computer geeks made it up.

You are right. This whole discussion is completely pointless. Call it what you want - in the end if BTC ever makes it full mainstream, then the potential nicknames will or will not be adopted by the people using it. Simple as that.

Jimmy Zed
full member
Activity: 210
Merit: 100
Looking for the next big thing
I use:

1 BTC: one bitcoin
0.1 BTC: ten bitcents or zero point one bitcoins
0.01 BTC: one bitcent
0.001 BTC: one millibit
0.0001 BTC: ten thousand satoshis (edit: or one pip)
0.00001 BTC: one thousand satoshis
0.000001 BTC: one hundred satoshis, one microbit or one mike
0.0000001 BTC: ten satoshis
0.00000001 BTC: one satoshi (obviously)

So I voted for "100 satoshis".

That is basically how I say it, but I think the whole scheme is absolutely terrible.  Looks like a bunch of computer geeks made it up.
full member
Activity: 164
Merit: 100
100 Satoshis is called 100 Satoshis

Keep it simple, Bitcoin is complex anyways, don't introduce additional complexity to confuse newbies.
member
Activity: 112
Merit: 10
I remember seeing  somebody saying "Centoshi" or "Bitcent"
sorry forgot who you were too lazy to find it.

I really liked that

Centoshi is something like a Super Mario Character, bitcent sounds professional.

Yeah it does but that should be a good thing, no? Everyone loves Super Mario <3

Honestly, Bitcent sounds geeky and odd , whereas Centhoshi is a catchy fun name ,that's easy to remember - and most of the people will know what it stands for. Bitcent is just to vague.

Jimmy Zed
sr. member
Activity: 714
Merit: 251
I remember seeing  somebody saying "Centoshi" or "Bitcent"
sorry forgot who you were too lazy to find it.

I really liked that

Centoshi is something like a Super Mario Character, bitcent sounds professional.

Yeah it does but that should be a good thing, no? Everyone loves Super Mario <3
sr. member
Activity: 252
Merit: 250
Ace of ♠♠♠♠
I remember seeing  somebody saying "Centoshi" or "Bitcent"
sorry forgot who you were too lazy to find it.

I really liked that

Centoshi is something like a Super Mario Character, bitcent sounds professional.
hero member
Activity: 779
Merit: 500
i think the well known term is 1 bit for 100 satoshi
Nathan is right. I don't like that at all
member
Activity: 69
Merit: 10
The words "milli" and "micro" are not the problem itself. The problem is that this would introduce an additional, third unit to the two units we already have (satoshi & bitcoin).

I'd just like to layer my own observations atop this, being as unbiased as I can manage.  I'm running with your implicit assumption that "bitcoin", "millibitcoin", and "microbitcoin" are distinct units.

The bitcoin is by far the most common unit in the Bitcoin system.  This was introduced by satoshi with the release of the code (early 2009).  It is the only unit sufficiently widely recognised that it has been entered into a number of reputable dictionaries (e.g. OED).  The symbol "BTC" is the most popular, but BTC and "XBT" are also frequently seen.

The millibitcoin is easily the second most widely used unit today.  This follows naturally from "bitcoin" and the SI prefix "milli-" (1795) and was first discussed on the forum in early 2011.  I doubt it's in any dictionaries but there is basically a consensus on the term.  The symbol used is almost always "mBTC".  Nicknames vary: "millibit", "mill", "millie".

The satoshi is the third most common unit.  It was introduced in early 2011 by bitcointalk (then bitcoin forum) user ribuck (originally as a name for 0.000 001 BTC but this quickly changed to 0.000 000 01 BTC, currently the smallest possible unit).  It is, as you observe, practically the only name for this unit.  "SAT"/"Sat"/"sat" is relatively common as a symbol and a nickname.

The infamous 0.000 001 BTC unit is more the subject of flamewars than anything else, not least because two of the most popular names, "bit" and "microbit", are in direct logical conflict.  It's possible both will become accepted (just as 1 calorie = 1 kilocalorie) but the issue is far from decided.  I've seen many proposed names for this unit; off the top of my head (alphabetically, lower case): "bit", "centoshi", "fin", "finney", "hectoshi", "mic", "microbit", "microbitcoin", "mike", "mubit", "ubit", "xub", "zib".  Selecting one name may well end up attracting negative attention to your platform so please tread carefully.

As I say, these are just my observations (reading something on Bitcoin roughly once a day for the past 4+ years).  I'm happy to accept corrections and provide some citations on request.

This is by far the best post on this topic, in my opinion. Sums it up pretty much.

It also helps me to nail down the choices for my website:

I will certainly not want to risk choosing one of the many names for a 100-satoshi-sized unit, which leads me to avoiding this unit entirely.
I'll also avoid the mBTC unit for similiar reasons as franky1: The word "millibitcoin" implies that it is just a fraction of something, and the human brain doesn't like to deal with fractions — we prefer integers!
Of the remaining two units, BTC and SAT, the former is simply too large to be useful on my site.

Anyone who has to deal with bitcoin micro-transactions and is faced with the current situation will probably come to the same conclusion and quote values in satoshis.
This will be the interim solution as long as a consensus for naming the 100-satoshi unit is not found.

However, given that this discussion didn't make any tangible progress in the last six months, I'd bet that a word for 100 satoshis will not become universally adopted any time soon. Thus the interim solution might very well become the permanent solution.

Personally, I think that this interim solution, i.e. quoting values in satoshis, is in no way inferior to using a 100-satoshi-sized unit. Prices do not intrinsically need to have two decimal places on the right side, and instead could equally well be quoted as integers with no decimal point whatsoever.
I believe that the only reason why people want to have two decimal places to the right of the point is familiarity with their current local fiat currencies, which is — in the grand scheme of things — irrelevant.

Ofcourse one might argue that similiarity with the current system could ease understanding the new system.
However, while this approach works in general, it doesn't apply to currency units: I argue that teaching two currency units to newbies is more difficult than teaching only one unit, even if the newbies are used to using two units in their local fiat currency. After all, whatever units you teach them are still new to them, i.e. it's not the monetary units they already have.

Last but not least, one might rightfully complain that quoting values in satoshis will frequently incur large numbers. Transactions in the thousands will be the norm. Consequently, I guess, people will find various nicknames for thousand satoshis, analogous to the grand in the dollar world.
sr. member
Activity: 714
Merit: 251
If we have satoshis why can't we have nakamotos?

100 satoshis= 1 nakamoto

Why not? : )

Two units named after the same person doesn't seem good to me...

Why not? He would love it.
hero member
Activity: 644
Merit: 503
Just shouting out an one word response without a single sentence of reasoning is what I refer to as pointless post, and it doesn't bring the discussion any forward.

Agreed.

Thanks teukon: one word can be enough, and need not be characterised as 'shouting'.

Back on topic, what do one word replies like "satoshi", "bit" etc add to the discussion? I assumed it was posters telling us how they voted (which I guess they might have thought other people would find useful). Since we're talking about it could you maybe fill in the gaps and explain why you voted for "bit"?
member
Activity: 112
Merit: 10

after all no one says microtonnes of gold or millitones of gold.

1 µt = 1gram.
1 mt= 1kg

Tonne is weird: we call it a tonne instead of a Mega-gram (Mg).

I think the SI base-unit for mass is the kg, further adding to the confusion.

/tangent

Maybe we should rename the kilogram. What do you think, do we make a poll for it?

LOL !!! Yeah let's vote on it ! Omg , somethings you read on this forum are hilarious.
hero member
Activity: 658
Merit: 500

after all no one says microtonnes of gold or millitones of gold.

1 µt = 1gram.
1 mt= 1kg

Tonne is weird: we call it a tonne instead of a Mega-gram (Mg).

I think the SI base-unit for mass is the kg, further adding to the confusion.

/tangent

Maybe we should rename the kilogram. What do you think, do we make a poll for it?
legendary
Activity: 1008
Merit: 1001
Let the chips fall where they may.

after all no one says microtonnes of gold or millitones of gold.

1 µt = 1gram.
1 mt= 1kg

Tonne is weird: we call it a tonne instead of a Mega-gram (Mg).

I think the SI base-unit for mass is the kg, further adding to the confusion.

/tangent
sr. member
Activity: 714
Merit: 251
Just shouting out an one word response without a single sentence of reasoning is what I refer to as pointless post, and it doesn't bring the discussion any forward.

Agreed.

Thanks teukon: one word can be enough, and need not be characterised as 'shouting'.

yes. Smiley
hero member
Activity: 525
Merit: 500
Just shouting out an one word response without a single sentence of reasoning is what I refer to as pointless post, and it doesn't bring the discussion any forward.

Agreed.

Thanks teukon: one word can be enough, and need not be characterised as 'shouting'.
sr. member
Activity: 252
Merit: 250
I usually call them 1 bit but then i have to explain how much 1 bit is in btc. Unfortunately the idea of bit isn't that widespread yet...
hero member
Activity: 658
Merit: 500
If we have satoshis why can't we have nakamotos?

100 satoshis= 1 nakamoto

Why not? : )

Two units named after the same person doesn't seem good to me...
sr. member
Activity: 714
Merit: 251
If we have satoshis why can't we have nakamotos?

100 satoshis= 1 nakamoto

Why not? : )
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