Quote from: bitcoinpiece on October 22, 2014, 02:01:46 PM

Quote from: rgenito on October 19, 2014, 07:53:04 PM

Anyhoo, I will sum up the future of Bitcoin. For any of you early adopters out there, consider this your cheat sheet to know where the future of Bitcoin develops:

* "Bitcoin" is still the technology.

* 1 bit will be the "base unit".

* the smallest unit will be "1 bit cent", also known as "1 satoshi" to honor Satoshi Nakamoto. (sort of like 0.01 USD is referred to as a "1 cent", and also its proper name "1 penny", respectively)

* Some people will understand that "1 bitcoin = very rich". The term "Bitcoinaire" may even come up.

* XBT is the abbreviation -- it fits beautifully with "Bitcoin" and "bits", even though that wouldn't be intellectually 100% correct.

* Exchanges, traders, accountants, etc. will understand the price of Bitcoin as "$400 / XBT"

* Laymen will look at the price of Bitcoin as "2500 bits / dollar" (US Dollar) ... bookkeepers and accountants will be familiar with this as well, if necessary.

In response to KingOfTrolls:
I completely agree with you. Unfortunately, it's hard for your average user, and your average adopter, to understand what a "SAT" is, especially in the world of Bitcoin. If you go ahead and tell them, "oh, it's short for Satoshi! The guy who worked a lot on Bitcoin in the beginning had the first name Satoshi. He's anonymous and stuff. But don't ask about that".

...well, that's just adding more confusion. (Even if you make the explanation shorter). I'm not saying this because it is what I believe, I am saying it because it is the reactions and feelings of the layman (and even very technically-minded people).

Will newbies and average users understand? Yes.

Will they remember that "1 sat" is the base unit for Bitcoin? As most people forgot things very quickly, my *intentional* interactions with the layman show that they just don't remember "Satoshi" or "Sat". They entirely remember "bits". Things I have heard include:

"Oh ya... a 'bit', right?"

"Um, it was 1 'yoshi' right?" (to which I reply: "no, 1 SA-toshi")

It is too confusing. How can a 50 year old man process this in their mind.

Hey hey that's a very good point actually, we have to keep it simple!