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

Tamas Blummer tamas at bitsofproof.com
Mon Apr 21 05:51:45 UTC 2014


I think we have two very good candidates both substantiated with arguments for their use in their context:

bit  - the word for everyday use 
XBT - the acronym to fit into the ISO currency set.

both meaning 100 satoshis or 1e-6 Bitcoin. 

I am glad that I erred, and this list finaly cares of finance customs and average Joe’s.

Regards,

Tamas Blummer
http://bitsofproof.com

On 21.04.2014, at 07:41, Pieter Wuille <pieter.wuille at gmail.com> wrote:

> 
> On Apr 21, 2014 3:37 AM, "Un Ix" <slashdevnull at hotmail.com> wrote:
> >
> > Something tells me this would be reduced to a single syllable in common usage I.e. bit.
> 
> What units will be called colloquially is not something developers will determine. It will vary, depend on language and culture, and is not relevant to this discussion in my opinion.
> 
> It may well be that people in some geographic or language area will end up (or for a while) calling 1e-06 BTC "bits". That's fine, but using that as "official" name in software would be very strange and potentially confusing in my opinion. As mentioned by others, that would seem to me like calling dollars "bucks" in bank software. Nobody seems to have a problem with having colloquial names, but "US dollar" or "euro" are far less ambiguous than "bit". I think we need a more distinctive name.
> 
> -- 
> Pieter
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