Why is Bitcoin called “Bitcoin”? - page 2.

Coin-1

legendary

Activity: 2618

Merit: 2304

Quote from: RainbowKun on August 18, 2021, 07:29:15 AM

If I don’t write this article today, no one may ever ask this question: Why is Bitcoin called Bitcoin? This is a very simple question, but it is also a very profound question. Why doesn't Satoshi Nakamoto give Bitcoin another name? Because he wants to name it with bit? Because bit is the smallest unit of information in a computer. Therefore, I concluded that Bitcoin is the currency of the computer world and the currency of the robot world. This assumption may not be correct, but at least this is a very meaningful question.

I don't think Bitcoin is the currency of the robot world. On the contrary, Bitcoin is meant to be used by ordinary people. It solves the problems of individuals in relation to their savings and transfers of funds without the involvement of third parties, so BTC acts like a coin when paying for goods and services.

As you said, a bit is the smallest unit of information. Yes, you're right at this point. Bitcoin is a peer-to-peer system that uses a public ledger which is a decentralized database. Everyone knows that databases contain information.

Thus, we have "bit" and "coin". In my opinion, this is the best name for any cryptocurrency. Thanks to Satoshi Nakamoto for inventing such an euphonious word.

Gbniman

member

Activity: 84

Merit: 10

Bitcoin was just a project born to become successful I'm just glad to know Bitcoin
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.

dezoel

legendary

Activity: 2044

Merit: 1075

Leading Crypto Sports Betting & Casino Platform

Alright, this was starting to get interesting until you said bitcoin is essentially not meant for human use but for the computer world, really? So, who makes use of computers if not human beings? Who invented computers if not human beings? Seriously, you all should stop all these annoying theories. Bitcoin is meant for human beings to make use of it, it’s simply an advanced method, which is one thing that’s common with humans; as time goes on we keep advancing, simple. And just like someone said, the name doesn’t even matter, even if it seems like the right name for it, it still doesn’t matter.

Even if he named it Boot Coin, it’s still going to work as it is working now. And moreover, he wasn’t the first that attempted this, just that bitcoin was successful because of the internet is wide now, unlike then. So if those first attempts by other people to create something like this was successful, then we wouldn’t be hearing of bitcoin today, it would be just one of these altcoins.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

We will not just neglect the fiat world because we assume a better alternative has emerged afterall Bitcoin can't get it's base without the fiat currency which is what actually gives value to the coin. We are all willing to embrace the bit civilization era but the centralized currency will still be needed to help control and monitor transactions within and outside every nation for accountability sake so we don't run into a society of fund mismanagement

mrongoz_imut

hero member

Activity: 1232

Merit: 500

why is bitcoin called bitcoin? most likely satoshi named bitcoin because he was like a coin, that's why he named it bitcoin, actually if we want to know why satoshi named money in digital with bitcoin, maybe we should ask the bitcoin developer directly. actually what we want is the price, not the name..

RainbowKun

copper member

Activity: 154

Merit: 234

Quote from: Darker45 on August 18, 2021, 09:03:59 PM

Quote from: zanezane on August 18, 2021, 07:50:31 AM

Quote from: Darker45 on August 17, 2021, 10:05:01 PM

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.

I don't think it would enjoy the sam success if it were named differently, even if it's not annoying sounding name. Probably we can get by with it given that it only takes acclimation to the names since it delivers what it does anyway.

The earliest people who believed in Bitcoin wasn't impressed by its name but by its features. They were enamored with the revolutionary technology not because it is called Bitcoin but because it offers properties never before seen from a currency. They've predicted a bright future for the cryptocurrency not by simply looking at its name but by going through the design detail by detail. Bitcoin remains to be the decentralized, transparent, censorship-resistant, permission-less technology even if it is called another name.

The name is immaterial. It's probably why Satoshi didn't even care to explain why he/she/they called the currency Bitcoin.

Yes, you are right. I very much agree with your view. Whether it is the first supporter of Bitcoin or the current supporter of Bitcoin, they did not choose to support Bitcoin because of its name. It is because of the function of Bitcoin, the freedom that Bitcoin brings us, and we choose to support Bitcoin. But this does not affect our thinking about why Satoshi Nakamoto named Bitcoin as Bitcoin. This is a two-dimensional problem. In this article, I will break down the word Bitcoin into two parts, bit+coin, where coin stands for currency, and bit stands for the smallest unit of measurement in a computer. So I came to the conclusion that Bitcoin is the currency created by Satoshi Nakamoto for the computer world, and from this I think of the future silicon-based civilization. Of course, this is just my personal conjecture, and there is no evidence that my conjecture is correct. I will publish this possibility and communicate with you. I think this is a rather interesting question.

songchunlai

jr. member

Activity: 113

Merit: 1

In fact, read all the words in the dictionary that start with B, and chose the most suitable Bit. There is no ambiguity and no negative expansion. The same is true in more than 20 major languages around the world. Except that there is a language in Africa, it is a strange animal.

songchunlai

jr. member

Activity: 113

Merit: 1

This is a real beautiful explanation.

Imran232

full member

Activity: 700

Merit: 182

Quote from: RainbowKun on August 17, 2021, 08:58:16 PM

.........

Honestly speaking in my 3-4 years of journey with bitcoin i also didn't think about it Before. But when i see your topic title its increase my curiosity that i must click on this topic and i have to know what is he write. And i also want to know why bitcoin is called bitcoin. This is the first time in my life i got and mysterious questions with instant answer. Truely man you are awesome. We have to admit you had creat a very informative topic. And i also think there had lots of people who might not think before seeing your topic title that why bitcoin called bitcoin. You are genious man. Keep growing like this brother.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: Darker45 on August 18, 2021, 09:03:59 PM

The earliest people who believed in Bitcoin wasn't impressed by its name but by its features.

Name is just a name and it can not decide a quality, usability and value of a person, a company or a cryptocurrency.

But if it has a name, people should write it down as correctly as possible. The discussion on when to use Bitcoin and when to use bitcoin is interesting.
Do you know the difference between Bitcoin and bitcoin?

Darker45

legendary

Activity: 2576

Merit: 1860

Quote from: zanezane on August 18, 2021, 07:50:31 AM

Quote from: Darker45 on August 17, 2021, 10:05:01 PM

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.

I don't think it would enjoy the sam success if it were named differently, even if it's not annoying sounding name. Probably we can get by with it given that it only takes acclimation to the names since it delivers what it does anyway.

The earliest people who believed in Bitcoin wasn't impressed by its name but by its features. They were enamored with the revolutionary technology not because it is called Bitcoin but because it offers properties never before seen from a currency. They've predicted a bright future for the cryptocurrency not by simply looking at its name but by going through the design detail by detail. Bitcoin remains to be the decentralized, transparent, censorship-resistant, permission-less technology even if it is called another name.

The name is immaterial. It's probably why Satoshi didn't even care to explain why he/she/they called the currency Bitcoin.

Zedpastin

sr. member

Activity: 363

Merit: 323

Infographics save lives

Quote from: RainbowKun on August 18, 2021, 01:16:39 AM

Quote from: Darker45 on August 17, 2021, 10:05:01 PM

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.

Anyway, how could you even "never go back to the society built by centralized legal tender" when you are living in it?

Finally, Bitcoin is only successful because it is beneficial for human use. It was meant to be a tool for humans to make use of. Other than that, it couldn't have been created even.

Yes, Bitcoin is successful because it is good for mankind. It becomes a tool used by humans. Here, I emphasize that why Satoshi Nakamoto named Bitcoin as Bitcoin, mainly because of the word bit. This is the basic unit of computer language. Therefore, Bitcoin belongs to the currency of computer civilization, that is to say, the currency used by artificial intelligence in the future. This is also a prediction and enjoyment of the future.

I do not think that Satoshi named it Bitcoin because he thinks AI will use it in the future. If everyone predicting AI will be more intelligent than us they would do away with the concept of money and not use it but that is another topic. Satoshi probably named Bitcoin because of bits in computers I do not think there was any other reason and I do not think it means a lot why he named it Bitcoin.

DapanasFruit

member

Activity: 1218

Merit: 49

Binance #Smart World Global Token

This is actually my first time to have read such a good explanation why Bitcoin is named as such by sir Satoshi Nakamoto. And I am not anymore wondering why many is describing Bitcoin as the money of the internet because I am seeing it as the next evolution in our computer-dominated world right now. And rightly so, Bitcoin is representing not just money or currency but a new way of thinking away from the repressive control of the governments and the industry leaders. And I am not wondering why even the government right now is copying Bitcoin and really wondering why it is working for the many people.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

It is only a name and I don't see big importance to know why it was named as Bitcoin.

However, I recalled an interesting topic. Nomenclature convention. Bitcoin or bitcoin? When do we use Bitcoin and when do we use bitcoin?

zanezane

full member

Activity: 868

Merit: 150

★Bitvest.io★ Play Plinko or Invest!

Quote from: Darker45 on August 17, 2021, 10:05:01 PM

Had Satoshi named it differently, Bitcoin would probably still be enjoying the success it has today, provided it won't be given too nuisance a name as BoobCoin or BeiberCoin. Bitcoin got its success from its features.

I don't think it would enjoy the sam success if it were named differently, even if it's not annoying sounding name. Probably we can get by with it given that it only takes acclimation to the names since it delivers what it does anyway.

Rahman11

sr. member

Activity: 1428

Merit: 250

Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual. It's like an online version of cash. ... People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.

RainbowKun

copper member

Activity: 154

Merit: 234

Quote from: gwdf1 on August 18, 2021, 02:12:56 AM

Quote from: RainbowKun on August 17, 2021, 08:58:16 PM

Do you feel the same? Can you still trust the fiat world?

When you breathe the fresh air, you will never be willing to go back to that muddy, bleak world. The only thing you think about is how to let the light spread quickly and render the fresh air permeate the entire time and space.

I have a question for you.

Why is Bitcoin named “Bitcoin”? Have you ever thought about it?

You completely described my situation. Now I strongly believe in the crypto world and I don’t want to be in the bank system any more. I feel free as nobody can ban my transaction and I can do with my money whatever I want. I can give them to any project I like.
What comes to Bitcoin’s name, I have never thought about it, but now I understand that it consists of the words coin and bit that is a unit of information measurement in the binary number system.

Good friend, congratulations, you have gained true freedom because of Bitcoin. If I don’t write this article today, no one may ever ask this question: Why is Bitcoin called Bitcoin? This is a very simple question, but it is also a very profound question. Why doesn't Satoshi Nakamoto give Bitcoin another name? Because he wants to name it with bit? Because bit is the smallest unit of information in a computer. Therefore, I concluded that Bitcoin is the currency of the computer world and the currency of the robot world. This assumption may not be correct, but at least this is a very meaningful question.

proTECH77

member

Activity: 1120

Merit: 30

Bisq Market Day - March 20th 2023

The reason why it was called bitcoin, is because it came to eliminate unemployment, delay in transaction and safe to all our transaction in the world.
It is not control by any country in the world.
It is a decentralized currency that came to stand for the benefits of the world.

gwdf1

full member

Activity: 680

Merit: 103

Quote from: RainbowKun on August 17, 2021, 08:58:16 PM

Do you feel the same? Can you still trust the fiat world?

When you breathe the fresh air, you will never be willing to go back to that muddy, bleak world. The only thing you think about is how to let the light spread quickly and render the fresh air permeate the entire time and space.

I have a question for you.

Why is Bitcoin named “Bitcoin”? Have you ever thought about it?

You completely described my situation. Now I strongly believe in the crypto world and I don’t want to be in the bank system any more. I feel free as nobody can ban my transaction and I can do with my money whatever I want. I can give them to any project I like.
What comes to Bitcoin’s name, I have never thought about it, but now I understand that it consists of the words coin and bit that is a unit of information measurement in the binary number system.

Maxine4466

newbie

Activity: 29

Merit: 10

I never thought about the origin of the name before in my life, you wowed me. Wink

I don't truly feel safe in that I don't really trust fiat, it devaluates my income so I have to select something for investment.
I read some of your articles and I love your Bit Civilization and the supposed more advanced world where Bitcoin and blockchain make a difference.
my question is, why are you so confident in its coming, it seems extremely and exceptionally distant and unlikely, just a concept. How could you firmly believe Bitcoin has the power to defeat governments and become the incarnation of justice?
yes, numerous new consensus would be reached and countries would compromise. But I do doubt the power of Bitcoin in the battle with governments.
Bitcoin is powerful, but not that powerful.

Topic: Why is Bitcoin called “Bitcoin”? - page 2. (Read 540 times)