Author: Rhavar 2017-12-15 18:46:45
Published on: 2017-12-15T18:46:45+00:00
A user named Ryan has been using 'bits' on his website for over three years and believes it to be a great unit that people quickly adapt to when dealing with large amounts of money. He encourages it to be a default unit everywhere for consistency. In addition, he suggests a "standard" of "bits per kiloweight" for fees instead of the confusing "sat/B" system currently in use. In response, Ethan agrees that the SI system is great but thinks it's important to pick a base unit that is easy for intuition to comprehend. He dislikes the name "bits" but thinks 100 satoshis makes a nice base unit. Marcel Jamin argues that Bitcoin (BTC), Millibitcoin (mBTC), and Microbitcoin (µBTC) are the correct units to use and prevent confusion for beginners. However, Coinbase has been using "bits" as the default unit for over two years and chance are it will become the standard due to linguistic network effects. Lastly, Natanael argues that using "bits" can cause confusion as there are multiple meanings within the same context and beginners may not be able to differentiate between them.
Updated on: 2023-06-12T23:05:43.439652+00:00