Post
Topic
Board Bitcoin Discussion
Re: Need to switch to mBTC soon
by
yona
on 01/12/2013, 04:46:48 UTC
1 bitcoin = 1 million bits

it was never important to me that new terms would be used for bitcoin sub-units. i had believed the world would take care of it itself. and it might just do it, creating many names for different bitcoin sub-units.
i was, and am a milli supporter, it makes sense, it comes from the metric system and it is near a 1 dollar point at the present.

BUT then i was running the word bit in my head for the past two days, and for me, milli, as straight forward and sensible as it is does not paint a coherent picture as the bitcoin = million bits.
it took me these couple of days to realize, it just makes perfect intuitive sense to me…
finally i realize why a bitcoin is called a bitcoin, it's a coin made of a million bits, it's also the name of the currency… (i know this is not the case right now, but it make such perfect sense that I would of believed it if i was told so). so a 100 satoshi make 1 bit, again, perfect sense here too… all we have done is move the decimal point as far as mainstream wants to move it.
i don't care what devisions are used in the meantime, and i don't care if a division will come much later then needed… but i do believe a bitcoin should be viewed as 1 million bits. it takes the whole system to a 2 decimal point system that is intuitive to people to use. satoshis are like cents and bits are like dollars.
in the future people might say '...why do we call it bitcoin? because that's how it works under the hood, bits are grouped into 1 million  and this is how they are denominated in the blockchain, it's more efficient to calculate them this way.'