Quote from: kokojie on May 20, 2014, 02:16:46 PM

I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.

The bit is a hyped up name for uBTC or 1/1000000th of a bitcoin. Or 100 satoshi.

It's in my opinion a terrible name though because it only causes confusion.

Quote from: hilariousandco on May 20, 2014, 02:21:18 PM

Quote from: kokojie on May 20, 2014, 02:16:46 PM

I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.

Not sure. It's not on here: https://en.bitcoin.it/wiki/Units

You sure it's not just an abbreviation of Bitcoin. Ie 1 bitcoin equals 1 bit?

This is exactly why I strongly voted against using the name 'bit' for anything other than bitcoin itself.

Quote from: gentlemand on May 20, 2014, 02:22:01 PM

It's 100 Satoshis. So a bitcoin is 1,000,000 bits.

I think it's going to take a while for it to become an automatic conversion for most.

Because it's a stupid and counterintuitive name in the first place, and only used by people who don't think and just go with the hype instead of using clever nicknames. Even 'ubit' would be a million times better.

To be perfectly clear: I do see the benefit if having a nickname for the micro-bitcoin, however I do NOT agree with the name 'bit' because as this topic shows the name 'bit' can mean many things. If we want to give it a name we need a name that is unambiguous. Everyone knows what a satoshi is, everyone knows what a bitcoin is. Everyone knows what a cent is, or a dime etc. personally I would go with an abbreviation of micro, like cent is an abbreviation of centi. So something like mic or mike will do. But ubit or unit or something could do (as the symbol for micro is often replaced by a u)