Quote from: theonewhowaskazu on November 29, 2013, 04:27:09 PM

Quote from: 2_Thumbs_Up on November 29, 2013, 04:04:22 PM

We need to use the word 'bits' for a millionth of a bitcoin instead.

http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.

And I live in a country that uses the metric system.

Bits is so much more psychologically appealing as well. Imagine this conversation.

"Bitcoin is to expensive"

"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."

"Oh"

Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.

Just my 2 bits.

I made a thread all about that. Not sure that "bit" is the best short name, though. One guy recommended bai.

Link to your thread?

I don't see a problem with "bit". The only objection I've seen is that it could be confused with informational bits, but those very rarely come up in the same context. British use pound for both currency and weight, and that doesn't seem to be a problem. I think bits is a very marketable name with a real chance to catch on.