Author: Tamas Blummer 2014-05-03 16:10:22
Published on: 2014-05-03T16:10:22+00:00
The Bitcoin community is discussing the use of 'bits' as a new term for small denominations of bitcoin. While some argue that this term is too confusing and geeky for the average user, others believe that it is an appropriate and intuitive choice. One concern is that the term may be mistaken for binary digits, which could lead to further confusion. Additionally, there are already many confusing terms associated with Bitcoin, such as mining, addresses, and wallets. Despite these concerns, some users believe that 'bits' is a good choice, particularly because it is part of the name Bitcoin and can be easily converted (1 coin = 1 million bits = 1 Bitcoin). Other suggestions have been made for alternative names, including 'zib', but no consensus has been reached.
Updated on: 2023-06-08T20:05:48.742164+00:00