Re: How much is 1 bit?

Quote from: bg002h on May 20, 2014, 04:25:31 PM

Quote from: bg002h on May 20, 2014, 03:00:31 PM

Having two decimal points is something a lot of financial software has come to expect

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

A bit is a micro-bitcoin. This leaves two decimal places...

From link above:

"Fundamentally, the goal is to move to micro-bitcoins (uBTC, bits). This is most compatible with existing financial software."

I thought it was settled 3 years ago that the "cute" name for 1µBTC is the "Mike". "Bit" makes me think Satoshi, since that is the base-unit that one bit represents.

I have no problem with BitPay trying to popularize 1µBTC as the most common unit for accounting. However, their choice of short name leaves something to be desired.