Author: Christophe Biocca 2014-04-20 14:52:42
Published on: 2014-04-20T14:52:42+00:00
The use of "bits" as a denomination for Bitcoin, where one bitcoin equals one million bits and one bit equals 100 satoshis, has been proposed. However, some are strongly opposed to this idea due to the term's already-established use in computer science, such as measuring hard drive costs in "bits per gigabyte" and the use of "bit" in conversation as a shorthand for mBTC. Additionally, the term "bit" is likely to cause confusion for the average person, and people may send more or less than intended if the proposed system is implemented. Tamas Blummer suggests that such discussions should be held among wallet developers, rather than engineers who may lack empathy for those who have difficulty dealing with magnitudes. Finally, Rob Golding recommends using satoshis instead of bits to simplify the currency for those unfamiliar with Bitcoin.
Updated on: 2023-06-08T20:12:24.275247+00:00