Author: Tamas Blummer 2017-12-24 04:26:04
Published on: 2017-12-24T04:26:04+00:00
The use of "bit" as a denomination for Bitcoin is supported by several arguments. One significant argument is that amounts denominated in bits are compatible with existing financial software that uses two decimal places for currency, making integration into legacy database structures and user interfaces much easier. Additionally, using the prefixes "m" and "u" for fractions such as 1/1000 and 1/1000000 may be confusing to many people, so having a simple and easy-to-understand denomination like "bit" can alleviate this issue.Furthermore, assigning a meaning to the second part of the Bitcoin name, "coin," by using "bit" as a synonym for a million bits would provide a clear and recognizable term for users. While some may argue for alternative scales, the potential for confusion over magnitudes increases when using unfamiliar prefixes.Overall, the use of "bit" as a denomination for Bitcoin has practical benefits for integration into existing financial systems and provides a clear and easily understandable term for users.
Updated on: 2023-06-12T23:05:59.146725+00:00