📅 Original date posted:2014-04-20
📝 Original message:The usefulness of a "bitcoin" unit will decrease as the value of the
network increases. Today, a majority of transactions are denominated
in fractions of a bitcoin. As a consequence, millibitcoin (mBTC) and
microbitcoin (uBTC) units have been introduced to alleviate the
decimal problem.
While SI units are great for people well versed in them, there is a
very good reason people aren't asking for 100 micro dollars in change.
The average person is not going to be confident that the prefix they
are using is the correct one, people WILL send 1000x more or less than
intended if we go down this road, and these mistakes will happen
frequently. Labeling should be easy enough for kindergarten kids.
I propose that users are offered a preference to denominate the
Bitcoin currency in a unit called a bit. Where one bitcoin (BTC)
equals one million bits (bits) and one bit equals 100 satoshis.
For a user discussion on the topic see:
http://www.reddit.com/r/Bitcoin/comments/23flcn/bits_instead_of_%CE%BCbtc/
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
Mike Gehl [ARCHIVE] /
npub1vh…rh6y8
2023-06-07 15:18:53
in reply to nevent1q…zsph
Author Public Key
npub1vhv758wuu8tjqg2ncwhypvs7dlg5t9q50x80zpskez6uc3sld9fq0rh6y8Published at
2023-06-07 15:18:53Event JSON
{
"id": "d132d5feb22e739f39b50981f87b61fa2a246186d9698b7be88168858fdb402c",
"pubkey": "65d9ea1ddce1d7202153c3ae40b21e6fd1459414798ef10616c8b5cc461f6952",
"created_at": 1686151133,
"kind": 1,
"tags": [
[
"e",
"99781a5e48b89592c328b457713f372f02d5e23f6adcaf8d886ec06cb862d639",
"",
"reply"
],
[
"p",
"a23dbf6c6cc83e14cc3df4e56cc71845f611908084cfe620e83e40c06ccdd3d0"
]
],
"content": "📅 Original date posted:2014-04-20\n📝 Original message:The usefulness of a \"bitcoin\" unit will decrease as the value of the\nnetwork increases. Today, a majority of transactions are denominated\nin fractions of a bitcoin. As a consequence, millibitcoin (mBTC) and\nmicrobitcoin (uBTC) units have been introduced to alleviate the\ndecimal problem.\n\nWhile SI units are great for people well versed in them, there is a\nvery good reason people aren't asking for 100 micro dollars in change.\nThe average person is not going to be confident that the prefix they\nare using is the correct one, people WILL send 1000x more or less than\nintended if we go down this road, and these mistakes will happen\nfrequently. Labeling should be easy enough for kindergarten kids.\n\nI propose that users are offered a preference to denominate the\nBitcoin currency in a unit called a bit. Where one bitcoin (BTC)\nequals one million bits (bits) and one bit equals 100 satoshis.\n\nFor a user discussion on the topic see:\nhttp://www.reddit.com/r/Bitcoin/comments/23flcn/bits_instead_of_%CE%BCbtc/\nhttp://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/",
"sig": "1155195fd05e542a8ed22e55d89c333a9931acb1dcac958d27ef4179d95706268f2c3192f3e63e084696b7bebf05780f92c18ca5fbf81d10710c814dbdf14912"
}