Author: Daniel McNally 2017-12-13 23:00:02
Published on: 2017-12-13T23:00:02+00:00
The idea of standardizing the term "bits" as a non-SI term for a millionth of a bitcoin has been proposed, with some supporting the analogy to dollars and cents. While some have raised concerns about "bit" being a homonym for other words, others argue that context would make the meaning clear. The use of "microbitcoins" to train users to understand SI prefixes has also been suggested, but some find them user-unfriendly and prefer terms that are easy to grasp right away. "Bits" is seen as future-proofed and could be useful even if bitcoin prices rise significantly. However, if bitcoin were to soar past the $100M mark, a new term akin to bits and a hard fork to allow for more decimal places on chain might be necessary.
Updated on: 2023-06-12T23:04:55.841038+00:00