"Bitcoins" are 100,000,000 Satoshis. We should start using the terms centibit, millibit, and microbit to refer to pieces of a bitcoin. $3 for a centibit of Bitcoin is easier to buy than 0.0001 for $3000 /r/btc
I will never call 1/1000000 of a bitcoin a bit. I will always call that a microbit.
So, those of you are are trying to promote this change need to realise that the only thing you are promoting is confusion. "Bits" is simply short for "bitcoins" and will always be used in that manner. Bit and Satoshi are already in use. 1 BTC = 1 bitcoin 0.1 BTC = 100 millibits 0.01 BTC = 10 millibits 0.001 BTC = 1 millibit 0.0001 BTC = 100 microbits 0.00001 BTC = 10 microbits 0.000001 BTC = 1 microbit 0.0000001 BTC = 100 nanobits 0.00000001 BTC = 10 nanobits = 1 Satoshi
If microbits becomes the default unit, what then of the bitcoin symbol debate: ฿ vs. Ƀ vs. ?
Introducing a new symbol seems like an opportunity to alleviate some of the resultant confusion if there is a conversion. A symbol based on a lower case b (ƀ or otherwise) is an obvious first candidate.
Ok, so we've had this issue for a while, even before BCH existed. As Bitcoin grows in value, a "whole Bitcoin" becomes a large amount of money, and so everyday purchases become increasingly small. It is unwieldy for someone to say: "That will be 0.000472 BCH please." We need a new unit measurement that can be widely used and accepted. I'm not sure whether that is millibits, microbits, or somewhere in between. "Bits" has been proposed as a short name for microbitcoins, but apparently this also is slang for "dick" (penis) in French, and so isn't ideal for that reason. Other suggestions have been "CASH" (that'd be 1000 CASH please)...Also, "blessings" has been suggested to mean 10,000 satoshis. But not sure those are the best names either. Deciding on a name is a matter of social consensus, as there is no one in charge of Bitcoin Cash. Still, I think I'd try to make some progress with this post. And I'm willing to pay 0.1 BCH for a name suggestion that takes off. Please suggest a name, the rationale, and the unit it represents. EDIT: For those who suggested simply using sats, that seems to be too small. 100,000 Sats for my coffee is too big a number.
Bits, bitcoin, and SI units. Can I make a humble suggestion? (Long text trying to find peace.)
Personally, I'm undecided on the question of whether we should switch to "bits". Also, I believe, it's not my decision to make. New words come up when people use things. (The word for device I'm typing on changes once per year: workstation, computer, laptop, notebook, netbook, ultrabook. It's a thin 12" quad-core running linux, so the words all more or less correct.) I'll offer a few points for discussion to see whether we can agree:
There exists both technical language and colloquial day-to-day language. Technical language aims to be accurate, non-ambiguous, and standardized. SI units (those in the actual SI documents) are good examples. Everyone agrees what they mean (up to 7 digits of precision). Also, they have the same meaning independent of context. I can travel, talk to people from different disciplines and a metre is still a metre. When in doubt, there are established procedures to check who is right. Technical units also mean the same thing in every language (to the degree possible, Americans may prefer to spell "meter", which can also be a device to measure things).
Everyday language develops from practical use and differs based on context. Sometimes, everyday language is derived from technical language (a "10k" run). Sometimes, it is not (a "marathon"). Whether you understand what a "10k" is depends on context. All European countries and languages use units derived from SI. However, different groups use a different subset of SI and different linguistic shortcuts. In Austria, you buy "10 Deka" of minced meat (meaning 10 deca gram, a valid SI unit). In Germany (same language, next door, open borders, a lot of cross-border trade), you will be starred at like an alien using this term.
When, it comes to bitcoin, we need both a technical language and a colloquial language. The latter will develop, depend on context, and change over time. (It is totally likely that we, satoshi millionaires, will use a different language than satoshi peasants colloquially.) The technical language's aim is to be precise, logical and stable (= must never change). For technical purposes, I believe 1 BTC (or XBT or bitcoin or ฿) is the best bed for the base unit with power-of-1000 SI prefixes as quantifiers: MBTC (not m), kBTC (not K), BTC, mBTC, µBTC (uBTC if you have to). It doesn't get simpler than that. Personally, I want my bank statement or invoice written in technically language (but YMMV). Colloquially, I can live with millis (meaning mBTC), but I can't see any variation of µBTC working in practice (although 1 micron = 1µm is commonly used spoken language e.g. for the wavelength of light (slightly less then 1 micron)).
I live and breath SI, but one down-side of SI is that you cannot add SI prefixed to units with SI prefixes. (kg is a SI base unit. So it's tempting to write "1k kg" or "1Mg" (both are non-standard and never used) while "1 t" (metric tonne) is correct, but not logical.) We have the same problem with mBTC (or bits): We cannot say "I have 1k millis" (or "1M bits" or "1m bits") without breaking the system that defines mBTC in the first place. This is not a small nuisance, this is a huge problem, because, here, trying to invent colloquial terms breaks the technical language. With the technical language broken, we fail to define what those colloquial terms mean. Thus, everything will always be confusing for everyone with no clear path to recovery.
1 bits seems to be the most likely consensus for a colloquially-used term. This is perfect, as long as we, the bitcoin "experts", understand:
1 bit is a shorthand for 1µBTC = 10-6 BTC and not a synonym for "bitcoin".
Language will change, so even technically sounding language "1k bit" based on top of colloquial language ("bit") is still context-depended and not really technical.
Due to the nature of colloquial language, there will never be a situation where everyone uses "bits" everywhere and all the time. Never.
I like prices that look like 1.99 bits. I can live with 1999 bits, but I need to be damn sure what 1 bit exactly is. tl;dr:
Full name: Bitcoin Short: BTC Fraction: 1/1 basic unit. Full name: Millibit or Millibitcoin Short: mbit Pronounciation:"embit"Fraction: 1/1,000 BTC Full name: Microbit or Microbitcoin Short: ubit Pronounciation:"youbit"Fraction: 1/1,000,000 BTC
Although tipping through ChangeTip is displayed in "bits" at the place where the tip is delivered or received if you log into your account your balance will be display is mBits (milli-bits) Also the tip history will list a confusing mixture of "milli-bits" and "micro-bits" ( which are really "bits" ) e.g. 5 days ago 0.1000 mBTC Delivered 5 days ago 10.00 μBTC Delivered 7 days ago 5.00 μBTC Delivered 8 days ago 1.3637 mBTC Delivered I can work out what each of these mean but it's not immediately obvious without thinking about it. Please email Changetip ([email protected]) asking them to stick to "bits" at all times. If we are going to build a great infrastructure we need to fix these inconsistencies. Thanks
Brain-storming: Propose a better name for 100 satoshi
I dislike bits, because bit appears everywhere, from internet connection speed, to security of encryption schemes, to length of fields in the header and, well, everything technical. Sure, its been used for money before, but especially for people into building Bitcoin it's just a source of confusion.
As a scientist, μBTC makes sense to me, but "microbitcoins" is way too long to pronounce. People tend to abbreviate to "microbits", which is still long, and to me is a millionth of a bit. The latter makes my toes curl. Also, the broader population probably doesn't find it intuitive.
"Mikes" would work for me, but apparently it's not catching on.
Please propose a new name for 100 satoshi. Please don't discuss bits vs μBTC. Preferred:
Easy to pronounce
Easy to recognize
No collision with terms already in used in money, Bitcoin, or software development
When would it be the "right time" to shift our common frame of reference from BTC to some smaller unit?
In other words, using today's price level, when would it be appropriate to stop thinking in terms of "a Bitcoin costs $5700" and start thinking in terms of "A Millibit (or Bit or Microbit or whatever) costs $5.70 (or $57.00 or however you want to chop it). Would it be a price level? An adoption level? Introduction of a new feature? What would that look like and how would it be implemented? Could it be lead unilaterally (i.e. Coinbase wakes up one day and does it and everyone else follows over time) or would it have to be a concerted effort across the community? Is it even a good idea? What would the effects be, and what are the pros and cons of those effects?
Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
Bitcoins are valued at what market price people are willing to pay for them. Here are a couple useful sites 1 and 2 that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)". You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Some recommendations include: US & Europe
Always do your own personal due diligence on the validity of an exchange and check the URL prior to sending them money or entering login credentials. Phishing sites are not uncommon. Use this checklist if you aren't sure which exchange to choose.
Where can I spend Bitcoins?
A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins at wheretospendbitcoins.co.uk. There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross and the RNLI. You can find a longer list here.
If you operate a business and want to accept bitcoin as a payment method, there are several options available:
Mining bitcoins can be a fun hobby but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The friendly folks at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network, you can run a full node by hosting the blockchain and propagating transactions. Here is a handy setup guide
Securing your bitcoins
With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings. If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, Android and iOS where you alone hold your private keys. Electrum, Mycelium and Breadwallet are popular, but there are many options. Find a wallet that works best for you For increased security use Two Factor Authentication (2FA) everywhere it is offered, including email! (2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access). Google Authenticator and Authy are two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage. Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.
Just like any other form of money, you can earn bitcoins by working for them. Here are a few resources for bitcoin jobs.
Use ChangeTip.com (/changetip) for tipping people on Reddit, Twitter, YouTube, Tumblr, GitHub and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor).
You can read more about ChangeTip at their reddit wiki.
Go to /FreeBits to get a few microbits to practice with and then tip them forward. Go to /BitTippers to play games and solve riddles to earn your bits. Don't forget your flair!
Note: This is a brief overview to the most commonly used Bitcoin units. For full information check out the Bitcoin Units wiki (work in progress). One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common ones are listed below:
1,000 per bitcoin
SI unit for milli i.e. millilitre (ml) or millimeter (mm)
1,000,000 per bitcoin
SI unit for micro i.e microlitre (μl) or micrometre (μm)
100,000,000 per bitcoin
Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
20,000 μBTC (colloquially referred to as bits)
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending mod approval. The original sticky can still be found here. Welcome to the Bitcoin community and the new decentralized economy!
I remember there used to be a huge issue with the community and those new to Bitcoin about the name of the denominations. How I know the denominations are like this; B = "Bitcoin" (singular and plural) mB = "Bits" uB = "Microbits" Then of course "Satoshi". Now, I look on the bitcoin.it wiki using "Bitcoins", "Millibitcoins", "Microbitcoins", etc. What the hell?
While I agree that nicknames such as 'satoshi' are a good thing to have for any currency, and especially for bitcoin because it has 8 decimals, and thus a lot of room for nicknames, I believe 'bits' is the most terrible nickname because it's too confusing. It's already common to speak of 'millibits' (mXBT) and 'microbits' (µXBT), where clearly a 'bit' refers to bitcoin itself. Adding 'bits' as some arbitrary amount of 1 millionth of a bitcoin is only confusing, because now some people will use the word 'bit' when they use bitcoin, while others will mean a millionth of that. Therefore, we should use a nickname that does not sound like bit or bitcoin at all, and it should be immediatly clear what it means.
Random Drunk Idea to Spread Adoption (Take with a grain of salt)
Okay...so I just decided when my U2 mining rig pretty much hits the point of barely being able to penny gamble, I'm going to give away half of my U2s to lottery customers (I work as a cashier) and introduce them to some bitcoin gambling sites (of course with a proper warning I'm sure anyone who takes me up on it will ignore about the legality of such). When all us miners (myself a foolish one who essentially ate costs for the networks unnoticing sake) have equipment thats essentially useless for anything but test networks and solo mining, why not start giving our USB miners away? I mean...anyone intrigued enough to take it and try and do something with it would just need a primer on downloading a mining client and directions towards a pool, and some silly way to play with microtransactions (such as a gambling site) to actually be involved. And isn't that the most important first step towards adoption? Involvement and attention span? What other manner could mining hardware be given away to actually give people satoshis or microbits to play with? I mean...I have no delusions about being able to sell my U2s when it gets to that point. Anyone else of similar mind?
Seeing a $4150 price for bitcoin seems insane I agree, but let's be honest: if you put maybe 500 bucks into bitcoin today, in a few years it's very likely that it would be worth 5 grand. This would leave you never having had anything like a whole bitcoin but it would have been great nonetheless! There was a small amount of pressure in the community to start using microbits back when we first hit 1k in winter 2013. I don't personally like this either, but it is better.
Suggestion for useful subunit in today's 10K+ world
Hello Bitcoiners, (This is focused on the US dollar) - For those of us who believe in Bitcoin as a currency, as an exchange convenience, we have used subunits ever since a single bitcoin reached certain heights. As the price approached $1,000, the millibitcoin (0.001 BTC) became the closest to a US dollar and thus the most reasonable way to talk about everyday prices in BTC. For example, when I went to my favorite diner back in the day, a typical meal was 60 or so millibits. Those days are long gone. But as of writing, a single millibit is just under $19. The next unit down I've seen in all Bitcoin articles is the microbit - currently worth just under 2 pennies. Handy for talking about buying lollipops but not really for things like a tank of gas. A now-obsolete French double prefix was the decimilli-, 10-4, shortened to "dimi-". A "dimibitcoin" is today worth about $1.90. So I suggest the use of the dimibit as a subunit of a bitcoin. Thoughts?
Shouldn't we come up with words for .1, .05, .01 bitcoins? Like how dollars have dimes, nickels and pennies?
I guess we could just call them dimes, nickels and pennies, but that would get confusing. Otherwise the general populace is going to be confused that the only denomination of the currency is a whole number called a bitcoin that costs $550. edit: How about .01 bitcoins, we just call a microbit, or a micro for short? So if something is .02 BTC we would say it costs two micros. What do you guys think? I really think we have to agree on something for the vernacular.
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