HomeEconomicsBitcoin Developers Debating Move from ‘Bitcoins’ to ‘Bits’ Kyle Torpey 22/04/2014 Economics, News, Wallets 34 Comments You could soon be asking a friend for “bits” rather than “bitcoins”. While many users of Bitcoin have already decided to move to millibitcoins or microbitcoins on their own, the reality is that there haven’t been any official moves to create an official, widely-used denomination of bitcoins. Some people still like saying bitcoins, while others think that millibitcoins are more welcoming to new users of the cryptocurrency. There is currently a debate brewing on the Bitcoin development mailing list where different people are offering their opinions on the matter, and the general consensus seems to be that a move to 100 satoshis as the default setting when viewing an amount of bitcoins is the best idea. The idea of calling these units “bits” was posted on Reddit roughly four months ago. CCN Why This Move Makes Sense There is a need to move away from bitcoins as the general unit of account in Bitcoin wallets because nobody likes to request a fraction of a bitcoin as payment for goods or services. While most people in the cryptocurrency space view Dogecoin as nothing more than a joke, the reality is that they made a smart move by creating a larger number of coins over time. For some reason, sending someone 1000 dogecoins seems easier than sending them 0.001 bitcoins. By essentially moving the decimal place over a few places, it will become much easier to send or request quick Bitcoin payments in the future. The Death of Microbitcoins? Although the idea of moving to smaller denominations for Bitcoin transactions has been around for quite some time, most people have thought we would see a move to millibitcoins before anything else. The people who thought a move to mBTC would not be enough, advocated for a switch directly to microbitcoins to make sure that we wouldn’t have to make the same move again in the near future. It now seems that many Bitcoin developers are viewing the term “bits” as a possible replacement for microbitcoins. Although there is a general consensus that a move to the 100 satoshi range is a good idea for future default Bitcoin denomination settings, the debate on what those units will be called is still ongoing. There are plenty of different names being tossed around on the developers mailing list right now, but “bits” seems to be the frontrunner at this point. Here’s what Armory’s Alan Reiner had to say on the topic: I’ve been a staunch supporter of “microbitcoin” and would like to do anything I can to make sure that we jump directly to it if we’re going to promote changing the default units. And I’m happy to integrate it into Armory as a default (with appropriate explanations and settings/options). I’m not so convinced about the “bits” name though — I do like it, but I do also think that word is too overloaded. Though, I think we could get away with it.Want to win bitcoins worth 2000 USD? Register now for a free lottery ticket! The Time is Now Most people think this change should have been made months ago, but it seems that we’re finally on the verge of an actual revision in the general Bitcoin lexicon. Sending someone 1000 bits sounds better than sending them 0.001 bitcoins, so this should be a move that’s embrace for its ability to lead to more mainstream adoption in the near future. Every Bitcoin enthusiast has a relative who decided to not buy into Bitcoin because they didn’t want to pay $500 for a single Bitcoin, and this could be an easy way to throw that flawed logic out the window. What do you think about the move to bits? Would you rather stick with microbitcoins? Do you think skipping millibitcoins is the right idea? Share your thoughts in the comments section below. bitcoinBitcoin Wallet Newsbitsmicrobitcoinsmillibitcoins 34 Responses CryptoCoinsNews 08/05/2014 burstup gotcha ;-) Log in to Reply burstup 08/05/2014 CryptoCoinsNews burstupIn Europe, where we use euros and cents. I suppose a penny is a cent, but I’m not sure. That’s not the point I was trying to make though. The point is: Bitcoin is a worldwide currency, so it does not make sense to think in regional denominations. Log in to Reply CryptoCoinsNews 08/05/2014 burstup U don’t know what a penny is? Where are you located? Log in to Reply burstup 08/05/2014 @dawpa2000 I have been using English as a second language for 30 years now – and yet I have no idea what a penny, nickel or dime is. Your proposal does not make a lot of sense to anyone outside of the U.S., while the denomination of 1 BTC = 1 million bits, 1 bit = 100 satoshi would make a lot of sense. Log in to Reply CW 06/05/2014 1 Bitcoin = 1 000 000 Bits, 1 Bit = 100 Satoshi. I love it. It makes sense and will be less confusing than the mess we have now. Log in to Reply mertike 28/04/2014 How can this change to bits happen, with a BIP? Or what is the official process to further this initiative? Log in to Reply David Spencer 28/04/2014 “Bits” is such an obvious move from a PR perspective that the real question is why a bunch of techno-libertarians thought it was an economic imperative to teach Americans remedial math. Log in to Reply dawpa2000 23/04/2014 “Bit” is a terrible unit. Why not use units that everyone is familiar with? Bit”coin” even references existing terminology in its name. What are coins? They are pennies, nickels, dimes, quarters, etc. 1 dollar = 100 pennies 1 quarter = 25 pennies 1 dime = 10 pennies … Simple. Log in to Reply Yussit 23/04/2014 I agree with you, Bitpenny has a familiar ring to it. Bit is familiar with geeks, not with the masses. And I absolutely love the concept of lowering the first step to purchase Bitcoins, by removing the mental block of “not affording to buy A Bitcoin” Log in to Reply narp 23/04/2014 except that’s in America only you sheltered fuckwit Log in to Reply dawpa2000 23/04/2014 @narp, thanks. No where did I say that it MUST be restricted to American terminology. The terms can even be localized to whatever region, resulting in the most familiarity to the user. josh 21/06/2014 show off his creativity. Log in to Reply Ted Lilley 23/04/2014 I think it’s extremely important to create an widely-accepted, unconfusing set of terms for bitcoin. There is nothing quite so frustrating as trying to learn terminology that has no relation to everyday life (say what you want about the US not getting on board with the metric system). Unfortunately, bit is certainly not it. It has existing meanings in both of the ontologies which bitcoin bridges, technology and money. One would be enough to be confusing, let alone both. The problem is that there aren’t a lot of good obvious alternatives. Myself, I can only think of one, which borrows from medicine and isn’t perfect either. I think it’s better because of the lack of prior association though. The example I have in mind is micrograms. In dosages, conventional usage is to shorten micrograms to mics (pronounced “mikes”). In fact, the spelling would be problematic as well, so I’d recommend instead using the phonetic spelling of mikes. To my ear, it’s better than bits. That’s my two bits. ($0.25) Log in to Reply waspoza 22/04/2014 Very good idea, I love it. Log in to Reply Jason 22/04/2014 I vote for bits. 1 satoshi = 0.00000001 BTC. Everybody knows this. Smallest unit. Think of it satoshi as a penny. 100 satoshi = 1 bit. Think of bit as 1 usd. 1,000,000 = 1 BTC. So easy to remember. Log in to Reply Bob Archer 22/04/2014 That last one would be 1,000,000 Bits = 1 BTC right? Because Satashi is the 8th decimal place. (a hundred millionth) Bits would be the 6th decimal place. (a millionth) So, Bits * 1,000,000 would = 1 Bit coin? Log in to Reply roselapin 22/04/2014 Why not keep the name bitcoin ? There would be “old bitcoin” and “new bitcoin”, the later gradually becoming “bitcoin”. That’s what happened to the franc and it worked. Log in to Reply minero 22/04/2014 why not use satoshi as default unit Log in to Reply Michi Weber 23/04/2014 Absolutely agree. Lets cut to the last digit and keep calling it Bitcoin. No more mili, micro, nano whatever bits. Log in to Reply whitslack 22/04/2014 A “bit” is already a unit of currency. It’s one eighth of a dollar. I don’t see why we don’t just skip straight to satoshis and dispense with the decimal point entirely. The Japanese have the right idea with their yen: zero decimal places after the point. Log in to Reply Satoshi Millionaire 22/04/2014 I completely agree. Everyone switch now! :) Log in to Reply mertike 22/04/2014 Brilliant idea, makes a lot of sense. Log in to Reply Xeno 22/04/2014 Bits sounds good. Short and powerful. Also, easy to pronounce in most languages. Log in to Reply supersheeppo 22/04/2014 lol guys as Bob Archer pointed out nobody is thinking of changing the “Bitcoin” name to “bits”. it’s just about changing the default denomination from BTC to uBTC and calling it “bits” @BobArcher: mmh i think “bits” is better than “pennybits” or something because everything that is related to a penny is automatically considered worthless XD Wouldn’t sound right XD Log in to Reply BrightMoon 22/04/2014 This is ridiculous, why not changing Bitcoin in CoinCoinCoin…… ??? Changes are welcome, if they are any good, not many people are going to like this. Bitcoin is a fantastic and strong brand, changing this is not very smart. Log in to Reply Xeno 22/04/2014 Wrong. It a very smart move. It would significantly boost adoptions. People would rather having 1000000 bits than 1 bitcoin. Log in to Reply Rya no 22/04/2014 Agreed, psychologically it makes sense. Why would you pay .02 bitcoins for a pizza , paying 20 bits or whatever just sounds more logical. If you have 10 bucks to buy bitcoins do you want to be able to buy .02 bitcoins , or 20 bits ? If you want to leave someone a tip are they going to be happy to receive .02 bitcoins , or oh look 20 bits ! And finally it will cause the price to go up because 1 unit of measurement , 1 bit will be trading at less than a dollar , and I predict that the mental price barrier will climb towards a dollar per bit rather easily , as opposed to people acting like a 1000 dollar single bitcoin is absurd. higz 22/04/2014 too bad ‘bits’ is already taken by the new coin bitstar… Keep up BTC devs! Log in to Reply Xeno 22/04/2014 Who cares… they copied their ideas from bitcoin to begin with it. It’s not like they own the word. Log in to Reply Dan Collins 22/04/2014 ‘Bitcoin’s just sounds better to me. We use Bit in a lot of conversation, bit of this, bit of that, computer byte’s or ‘bit’s…. bitCOIN just makes it clear it’s a currency. Also, i feel this could have an impact on society’s perception and therefore adoption of it. Having a distinct change in wording, in the core use of the main word of the technology and function , in an idea that has already hit mainstream news.. could further alienate some people. Like Armory’s Alan Reiner, I think we could get away with it, it’s just a crying shame this psychological/linguistical key aspect (of many not wanting to pay 100′s for 0.01′s) was not considered much earlier… But maybe there is something deeper to this that we haven’t yet thought about, eg. The developers having the foresight that Bitcoin will be like virtual Gold, while other cryptocurrencies are used for daily life. In any case, the move to microbitcoins (whatever we want to call it) is a must in my opinion Log in to Reply MayorLar 22/04/2014 Completely disagree with the idea of changing bitcoin to become a bit. The math based digital currency sector has earned a great deal of press around the “word” bitcoin. Yes part of that press has been negative , but the word is now part of the modern lexicon and as such has great value as a trade name and brand name. I believe we should keep the core single unit as a bitcoin but there might be merit in changing the decimal values names to something for the average person to adopt. Think ten years out. I will store “bitcoin” in my smart wallet — but I might spend in smaller units like — decibits, centibits, millibits , microbits, nanobits etc. I invest in bits just want make it:-) The bitcoin brand has great value and we should not forget that adoption will be dependant upon function and ease of use. So keep with the program fellas and use your imagination to come up with killer apps that will embed digital currency into the economy. Log in to Reply Bob Archer 22/04/2014 I think you misread the intent. From what I read no one is talking about no longer calling Bitcoin, bitcoin. They are thinking of calling microbits just Bits. This would be similar to the word Penny which is 1/100th of a Dollar. So a mBTC = Bits. I think thought they might consider Bitpenny… which could be .01 BTC. But still currently 1 Bitpenny is about $5 right now. So that is probably still psychologically too big. Log in to Reply supersheeppo 22/04/2014 Finally!! From a psychological standpoint dealing with “bits” rather that in Bitcoins units is a huge step!! Log in to Reply Jonathan Saewitz 22/04/2014 Nice article. I think it should be officially called bitcoins, but can be abbreviated to bits. “Hey Adam, I’m sending you five bits now!” I also see a big problem with this method: If I want to send a single bitcoin to someone, I’d say “Hey Adam, I’m sending you a bit now!” But ‘a bit’ could either mean a single bitcoin *or* a bit of something. He then might ask “A bit of what?” Log in to Reply Leave a Reply Cancel Reply You must be logged in to post a comment. Receive a free ticket for the monthly 2000 USD Bitcoin Lottery by signing up.