I love bits. Clean and simple.
I hate that there are 1 million bits in a Bitcoin. That makes no sense.
A bit should be the lowest possible value. So there are 100 million bits in a Bitcoin.
Get rid of a Satoshi...it served its purpose but we need to move forward if Bitcoin is to go mainstream.
Then...we just need something that would represent 100 bits that is as clean and simple as bits and Bitcoin.
Something like:
1 BTC = 1million bites = 100million bits
The rational is allowing Bitcoin to operate on most financial software without too much fixing. They almost assume a decimal with two places for currency. Satoshis are the cents or after the decimal. 100 satoshi in a whole unit they call "bit"
I wish the 'bit = micro' proponents would stop conflating the arguments about 2 decimal places and the 'bit' name
Noone is arguing that two decimal places is a reasonable idea.
The argument is about what to call a microbitcoin, and that calling it a 'bit' is confusing everyone.
Call it a micro and be done with it.
EX-fucking-ACTLY! Verly eloquently put. A bit MUST be the smallest unit of a Bitcoin, it just makes sense.
There are 100 million bits in a bitcoin.
Now that that is out of the way...we need to call 100 bits something so we can satisfy the 2 decimal place conundrum.
100 bits = "X"
Whoever comes up with a simple name for "X" that follows the bits, Bitcoin naming scheme will have solved the conundrum and this thing can finally be put to rest once and for all! But to claim that there are 100 satoshis in a bit...this is legacy stuff...we have to move on!