This is a very reasonable proposal, and will definitely increase adoption since BTC XBT will again look cheap.
Support +1.
Sooo... I wonder if bits is still useful for nickname or xbit? Exhibit seems too many syllables and doesn't flow smoothly for saying a lot. I kind of
hope XBT is just referred to as bits. +1
@AstroChicks question about "who has authority": stop asking for authority, don't ask for permission. Anyone is free to use whichever unit they wish. However note that there is strong opposition both against the specific name "bits" and also for "changing the unit and confusing people". Whichever unit will be used, it will be a decision made by use.
I am with the opposition to "bits", but it does not matter, as OP said. Use determines the terms.
However, the only way to logically reconcile Bitcoin foundation proposal with historical status is to use base unit of "bitcoin" (XBT) and satoshi at 1:100 of XBT.
BTC can be used as a historical unit. The only thing that is required is recalculation of XBT as 100 satoshi(s).
Result: Everyone with one BTC will be XBT millionaire.
Although the last point is somewhat silly, the positive psychological effect is undeniable.
If Bitcoin fully replaces fiat and its value stabilizes in 1 million USD:
- One BTC or "Bitcoin" (first letter uppercase) would be equivalent to one million dollars or one million "bitcoins" or "coin".
- One XBT or "bitcoin" (first letter lowercase) or "coin" would be equivalent to one dollar.
- One "Satoshi" would be equivalent to one cent.
I like that.
It's difficult for people to remember more than two decimals. Today's 8 decimals are a headache..