[Bitcoin-development] "bits": Unit of account

Rob Golding rob.golding at astutium.com
Sun Apr 20 13:15:57 UTC 2014

> The average person is not going to be confident that the prefix they
> are using is the correct one, 

The use of any 'prefix' is one of choice and entirely unnecessary, and there
are already established 'divisions' in u/mBTC for those that feel they need
to use such things.

> people WILL send 1000x more or less than
> intended if we go down this road, 

Exceptionally unlikely - I deal every day with currencies with 0, 2 and 3
dp's in amount ranging from 'under 1 whole unit' to tens of thousands - Not
once in 20 years has anyone ever 'sent' more or less than intended - oh,
they've 'intended' to underpay just fine, but never *unintended*.

> I propose that users are offered a preference to denominate the
> Bitcoin currency in a unit called a bit. Where one bitcoin (BTC)
> equals one million bits (bits) and one bit equals 100 satoshis.

I propose that for people unable to understand what a bitcoin is, they can
just use satoshi's and drop this entire proposal.


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