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Topic: When quoting small amounts of bitcoin, how do you call 100 satoshis? - page 5. (Read 8401 times)

hero member
Activity: 658
Merit: 500
I think staying away from bit might be a good idea as it is a commonly used term in other places.

100 Sats or Satoshis isnt a bad word or 100 Micro Bits

milli-litres, millimetres, micrograms, microwave ovens, microbes, microphones, microsoft

ull find micro and milli is used a hell of alot more in real conversations than bit.

though i like the term bit because its 3 digits of a BITcoin, same as 100 is 3 digits. im kind of leaning towards a 'finney'
after all no one says microtonnes of gold or millitones of gold.

They say “ounces of gold”, but that's because of the flawed Imperial system. Just because the US is using it doesn't mean everyone should follow them.

Also, about the 3 letters of “bit”, that sounds more poetic than an actual logical reason to choose it.
legendary
Activity: 1246
Merit: 1011
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.
member
Activity: 69
Merit: 10
btw you didn't attack any other succinct responses such as "one microbit" "one finney", so maybe you should also be questioning your own bias?

That was pars pro toto. I'm sorry if you feel attacked personally, but your post just happened to be the latest in a series of equally pointless posts, all of which should be equally addressed by this:

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.

I hope that you can take that bit of critique and now contribute something to the discussion, for example a reasoning on why you think your stance to be the better one.
hero member
Activity: 525
Merit: 500
This isn't reddit. Pointless posts aren't getting upvoted here.

Maybe you want to contribute something to the discussion instead? Smiley
You don't see the point so you attack? How about doing a bit of thinking first next time?

oh, and

Smiley
btw you didn't attack any other succinct responses such as "one microbit" "one finney", so maybe you should also be questioning your own bias?

legendary
Activity: 1050
Merit: 1000
I remember seeing  somebody saying "Centoshi" or "Bitcent"
sorry forgot who you were too lazy to find it.

I really liked that
legendary
Activity: 4410
Merit: 4766
I think staying away from bit might be a good idea as it is a commonly used term in other places.

100 Sats or Satoshis isnt a bad word or 100 Micro Bits

milli-litres, millimetres, micrograms, microwave ovens, microbes, microphones, microsoft

ull find micro and milli is used a hell of alot more in real conversations than bit.

though i like the term bit because its 3 digits of a BITcoin, same as 100 is 3 digits. im kind of leaning towards a 'finney'
after all no one says microtonnes of gold or millitones of gold.
legendary
Activity: 1246
Merit: 1011
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.
sr. member
Activity: 534
Merit: 250
The Protocol for the Audience Economy
I think staying away from bit might be a good idea as it is a commonly used term in other places.

100 Sats or Satoshis isnt a bad word or 100 Micro Bits
legendary
Activity: 4410
Merit: 4766
common names that sound like slang/ normal words. work. trying to be scientific by going the milli/micro route causes confusion as that involves alot of decimals.

a bottom up approach is better with common names from 1sat - 100 sat - 10,000 sat going up to bitcoin is simple.

and i have seen a few people shout out centoshi.. umm thats a 100th of 1 satoshi(0.01sat), not 100 sat. so just to keep the scientific/math community happy, a HECToshi is 100sats, although it still sounds ugly(sound you make coughing up mucus)
full member
Activity: 126
Merit: 100
*Bitcoin Betting*
I'd like to coin Centoshi for 100 Satoshi.  Cheesy

Centoshi ! That's it - catchy and sophisticated at the same time ! You have nailed it man !!! This is it !

Jimmy Zed

Centoshi sounds like a joke. Bitcent is a good term.
sr. member
Activity: 714
Merit: 251

Imagine you are a Japanese tourist on your first day in the USA. At home you were told that the US currency is dollars and cents.

Now people are suddenly talking about nickels, dimes, jeffersons, greenbacks and whatnot...
Wouldn't that be confusing to you?

My website is intended for people who are new to bitcoin. It's for people who just have their first day in bitcoinland.
Thus I want to use as few units as possible. I'm afraid that any additional units might be confusing to my site's users.

(Of course, geeks and insiders might still talk about micros, bits, finneys, ubits, and whatever.)

im saying that average joe will have DOZENS of names slang names.  and then the big whale scientific community will have their mili and micro names.

all im saying is that having just 1 or 2 names shouldn't be a declared rule where no common/slang names cant be used, as it is not helping anyone. but i think finding all possible universal and easy to understand, say, write names. and then whilst average joe uses their preferences depending on their smaller local communities and dialects. that we then find 2-4 universal language names.

at the moment. if a poll was done to say how much is "1bit" we all know from the other polls already done and the dozens of similar topics that well over 500 out of 700 will remember/recognize bit referred to 100sat.

at the moment. if a poll was done to say how much is "1finney" we all know from the other polls already done and the dozens of similar topics that well over 30 out of 700 will remember/recognise bit referred to 100sat.

so right now more people recognise 'bit' as a universal term. that does not mean that with the right PR a good few MEME's being posted in the right places and certain people talking about 'finney' in a certain context that 'finney' might take over.

at the moment 100sat is still common place followed by bit. but until people actually have huge need to spend things in actual 100 sat amounts and a symbol/icon as been adopted for it, safe bet is to stick with 100sat for now... unless you personally want to lead the path of an adoption of a proper name.

its still to early to shout that there can be only 1. and it will be declared 100sat. so be open to evolution when it happens


Franky is right, I cannot remember the last time someone called a ten pound note "ten pounds". It's always 10 quid, or tenner, or Pavarotti (cause he's a tenor, tenner...get it?).  And...Plenty of Japanese tourist over here, not a problem.

member
Activity: 112
Merit: 10
I'd like to coin Centoshi for 100 Satoshi.  Cheesy

Centoshi ! That's it - catchy and sophisticated at the same time ! You have nailed it man !!! This is it !

Jimmy Zed
hero member
Activity: 525
Merit: 500
This isn't reddit. Pointless posts aren't getting upvoted here.

Maybe you want to contribute something to the discussion instead? Smiley
You don't see the point so you attack? How about doing a bit of thinking first next time?

oh, and

Smiley
full member
Activity: 154
Merit: 1000
Fica Tranquilo
I vote for 1 bit or 1 Finney...
member
Activity: 69
Merit: 10
The comparison is fine as this is still the wild west for bitcoin and we can do whatever we want. As for the dollars to cents idea, the general public would likely laugh at it because it is ass backwards from what they are used to.
If a cent is not a real thing and was merely a fraction of something larger, why would the US government mint a coin after it? They should have cut up 1 dollar bills. ...

I was talking about linguistics, not minting. You may re-read my post.

...As for the Satoshi, it is a fraction is something because 8 places in front of it there is a decimal.

Nope, it isn't.

  • On my website I'll be quoting prices in satoshis. That means there'll be integers and no decimal point.
  • The word "satoshi" (unlike "cent") doesn't contain any reference to being a fraction of something. Users won't be reminded that there's a larger unit.

In the future when the value it growing there will be a need for a new unit, ...

Correct.

...and it will not be the Satoshi as it is too small.

I want to have your crystal ball!! Cheesy
How can you be so sure about what the bitcoin price is doing in ten years??

My aim is not to make it sound as something familiar, but to find the least confusing way of quoting a price.

And yes: More units means more confusion. 4 567 satoshis is easier to understand than "45 bits and 67 satoshis".

Less confusing to newbies and more awkward for the general public to use in the future.

The future's general public will be old enough to care about themselves, no worries.
If future's general public will frequently have to deal with thousands of satoshis, then they'll find a word for it themselves (similiar to the grand in the dollar world).

What we should care about is today. Every day newbies come into bitcoin and have a hard time understanding it.

There's no need to make it additionally complicated when it comes to currency units.
Why should we confront them with a special name for 100 satoshis, if it isn't needed for understanding?


At this point, please try to imagine you were me and make a little fact check:

  • FACT: I have to go to smaller denominations of bitcoin because that "point oh oh oh" crap would literally kill my business.
  • FACT: There is a broad consensus that a hundred millionth of a bitcoin shall be called "satoshi". That means that my customers will figure it out quickly.
  • FACT: There is no consensus about what a millionth of a bitcoin shall be called. That means that my customers might find contrary opinions and lots of discussion. Not good for business.

→ Logical conclusion: Use satoshis. Simple as that.
...and I'm not the only one whom above reasoning applies to.



We need something plain and simple, not micro bits or ultra micro bits and whatever. Keep it plain and simple.

“Milli” and “micro” are SI units. Where did that “ultra” came from, did you make it up?

If “milli” and “micro” are not simple enough, then I don't know what can be.

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).

Ofcourse these additional units can very well be used. But the question is whether they should be presented to users who just start out with bitcoin.

Bits

This isn't reddit. Pointless posts aren't getting upvoted here.

Maybe you want to contribute something to the discussion instead? Smiley
member
Activity: 112
Merit: 10
i think the well known term is 1 bit for 100 satoshi

It is a well known term among a small circle of hardcore crypto users, probably a few hundred people or less. You need a reality check.

Jimmy Zed
hero member
Activity: 525
Merit: 500
hero member
Activity: 658
Merit: 500
We need something plain and simple, not micro bits or ultra micro bits and whatever. Keep it plain and simple.

“Milli” and “micro” are SI units. Where did that “ultra” came from, did you make it up?

If “milli” and “micro” are not simple enough, then I don't know what can be.
member
Activity: 112
Merit: 10
anyone thinking that people cant understand more than 2 names for currency.

well:

a cent, penny,
5cents, nickel, jefferson, half-dime
10cents, dime, Roosevelt

blah blah blah

dollar, buck, greenbacks,  washington note, 1-note, a single, a bone
5 dollars, 5-note, 5-spot, 5-bucks, lincoln
10 dollars, 10-note, 10-spot, 10-bucks, hamilton,

blah blah blah

you getting the picture?

in most cases names are not given for micro amounts, gold fiat, commodity's in a top down perspective. they given names in a bottom up.

thus i think the accountants and nerds can stick with their "micro"/"ubit" rationale. whilst average joe public can cope with the "bit"/"finney" nicknames.
Most of your various names for various kinds of dollar bills have the number of dollars that the bill is worth (the names are also very rarely used). The other names simply have the name of the person who appears on the currency so anyone who has previously used it would know what you are referring to.

Exactly. And that is why it is so easy to use it in everyday language. Than again this is not universal - I have seen bill nicknames mostly used in the US. This is what makes the previous poster's logic flawed. We need something plain and simple, not micro bits or ultra micro bits and whatever. Keep it plain and simple.
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