📅 Original date posted:2017-12-24
📝 Original message:I see further arguments supporting the “bit" denomination:
huge benefit:
- amounts denominated in bits fit nicely into legacy database structures and UIs with two decimal places for currency. This change to the usual currrency precision is a huge benefit for integration into existing financial software.
nice to have:
- while fraction prefixes m for 1/1000 and u for 1/1000000 are obvious to engineers and geeks, they are a foreign concept to many. Chances confusing magnitudes would be high if alternative scales were offered.
- bit assigns an easy to comprehend meaning to the second part of the Bitcoin name: I think the term “(a whole) coin" would quickly catch on as a synonym for a million bits.
Tamas Blummer
Tamas Blummer [ARCHIVE] /
npub1cc…ex8m8
2023-06-07 18:08:45
in reply to nevent1q…lc0p
Author Public Key
npub1ccegg9n9lnx6huppxg43m95488yur7pfemkn3pz0agjws5ffvtts0ex8m8Published at
2023-06-07 18:08:45Event JSON
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"pubkey": "c632841665fccdabf021322b1d969539c9c1f829ceed38844fea24e8512962d7",
"created_at": 1686161325,
"kind": 1,
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"content": "📅 Original date posted:2017-12-24\n📝 Original message:I see further arguments supporting the “bit\" denomination:\n\nhuge benefit:\n\t- amounts denominated in bits fit nicely into legacy database structures and UIs with two decimal places for currency. This change to the usual currrency precision is a huge benefit for integration into existing financial software.\n\nnice to have:\n\t- while fraction prefixes m for 1/1000 and u for 1/1000000 are obvious to engineers and geeks, they are a foreign concept to many. Chances confusing magnitudes would be high if alternative scales were offered.\n\t- bit assigns an easy to comprehend meaning to the second part of the Bitcoin name: I think the term “(a whole) coin\" would quickly catch on as a synonym for a million bits.\n\n\nTamas Blummer",
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}