For the record I did not realize a bit was not the same as 1 Satoshi...
Because of this I think it would not be the best idea to use if there is a chance it will confuse people. I however think we should just call 1 Satoshi 1 Bit because it would makes sense for a single unit to be a bit IMO.
The language does need to be tweaked but I don't think it is something worth fighting over is all.
Because of this I think it would not be the best idea to use if there is a chance it will confuse people. I however think we should just call 1 Satoshi 1 Bit because it would makes sense for a single unit to be a bit IMO.
The language does need to be tweaked but I don't think it is something worth fighting over is all.
The word bit should be avoided altogether, as when someone hears it for the first time he would never know whether it means 1 satoshi, 100 satoshi, 1 bitcoin, 0.125 bitcoin or something else entirely.
It has been discussed to death many times, but a handful of people spreads bits like a meme and it tends to stick around for that reason only. Some people just don't know when to quit.
Hey - I know everyone here is smart enough to convert between bitcoins, satoshis, microbits, mBTC, uBTC in their heads without even needing a scientific calculator, however - for Joe Public to adopt this it's gonna have to feel "easier" and more like "real money"... it's more of a psychological and marketing question than anything to do with what is technically the "correct answer" according to us forum folk and bitcoin developers...
Assuming bitcoin does reach mainstream adoption, then common usage will win the day.
I think it will depend somewhat on where/how bitcoin ends up being used. If it is indeed used for small-value transactions like buying coffee, sandwiches and gas in future, then there will be a unit of measure which is somewhat equivalent to a "dollar" and probably another that is somewhat equivalent to "cents". This is just how the average person on the street is used to dealing with money - and I expect people will continue to want to denominate their purchases in this way.
Which of the following seems more likely for your Grandmother to say:
"I just bought a sandwich for zero point zero, zero, zero, zero, one, two, five bitcoin", OR
"I just bought a sandwich for 125 satoshis", OR
"I just bought a sandwich for a bit and a quarter"?
Having "bits" as the common unit, leaves a convenient two decimal places for the "satoshis" or "microbits" - so a relatively easy change to existing accounting, cash registers and POS systems to switch to a new currency without having to suddenly cope with 8 decimal places.
And much as we early adopters, white paper readers and forum lurkers may revere the name of Satoshi, I suspect "satoshi" will end up being replaced by "microbits" as the smallest unit of currency.
Again - not saying any of this is "right" - it's just how I foresee it evolving...
My 2 satoshis worth!
Posted from Bitcointa.lk - #X5e7oCGnyRK8anmo
Assuming bitcoin does reach mainstream adoption, then common usage will win the day.
I think it will depend somewhat on where/how bitcoin ends up being used. If it is indeed used for small-value transactions like buying coffee, sandwiches and gas in future, then there will be a unit of measure which is somewhat equivalent to a "dollar" and probably another that is somewhat equivalent to "cents". This is just how the average person on the street is used to dealing with money - and I expect people will continue to want to denominate their purchases in this way.
Which of the following seems more likely for your Grandmother to say:
"I just bought a sandwich for zero point zero, zero, zero, zero, one, two, five bitcoin", OR
"I just bought a sandwich for 125 satoshis", OR
"I just bought a sandwich for a bit and a quarter"?
Having "bits" as the common unit, leaves a convenient two decimal places for the "satoshis" or "microbits" - so a relatively easy change to existing accounting, cash registers and POS systems to switch to a new currency without having to suddenly cope with 8 decimal places.
And much as we early adopters, white paper readers and forum lurkers may revere the name of Satoshi, I suspect "satoshi" will end up being replaced by "microbits" as the smallest unit of currency.
Again - not saying any of this is "right" - it's just how I foresee it evolving...
My 2 satoshis worth!
Posted from Bitcointa.lk - #X5e7oCGnyRK8anmo
What do we call 1/100th dollar?
A cent, from centi (meaning 1/100th)
Apply the same logic to 1/1000 and 1/1000000 and we have mills and mics
Problem solved. (FYI mills were also used in the past were 1/10 cent were still in common use, but obviously a cent is so worthless that 1/10 cent doesn't even make sense anymore).