Bitcoin Denominations: I'm Confused, Lets Simplify!

2019-03-03T17:48:46.000Z Honest Cash

"1-bit" (100 satoshi's) is Confusing!

I come from a long background (not necessarily deep) in "computing". From HP25/35/16C calculators (mid-70's to early 80's) and programming in various languages including assembly. So whenever I run across the bitcoin denomination of "1-bit" (100 Satoshi's) I always have to stop for a second to think how much does "1-bit" represent in bitcoin. I have even put a post-it note on the bottom of one of my monitors having written on it: 1-bit=100 Sat! My mind always defaults to thinking "1-bit" should be the smallest whole or round denomination. Yet as currently used it represents 100 Satoshi's! And don't get me started on the "cash" denomination that some use. It's even more confusing!

Now maybe I am just an outlier, an odd-ball with some rusty old synapse wiring, but I don't think so… Bitcoin adoption is often about simplicity. Anything that detracts from simplicity is hurting adoption!

Vin Armani (CTO of CoinText) got me thinking about this denomination issue again with his post here:

  • "I think we need a denomination for 1000 satoshis. This is the smallest "round" amount greater than the dust limit. I think this amount is going to be an important amount for delivering digital goods in micropayments."

Vin is right! We DO need this. And I would add we need clarity across the range as well.

Sub-Bitcoin Denomination Proposal: Satoshi's ONLY

First off, phase out the use of "bit" and "cash". These are just too darn confusing. Just use satoshi's (for sub-bitcoin amounts)! Plus, there may be a day when we need milli-sats (mSat) or even smaller!

So now that we are only using one sub-bitcoin denomination "name" (satoshi), we just simply tack-on the standard metric prefix naming system!

Satoshi Denominations

Looking forward to everyone's comments!



Responses


RE: Bitcoin Denominations: I'm Confused, Lets Simplify!

by @Chronos

Unfortunately, I don't expect this to catch on. If I tell people I got a MegaSatoshi, they'll probably think it's some new kind of Pokémon.


RE: RE: Bitcoin Denominations: I'm Confused, Lets Simplify!

by @UnstoppableCash

Maybe, but doesnt a MegaSatoshi sound a lot better than a bitcent, centibitcoin or ten-kilobits as used/proposed here?

Others use uBCH (100-Sat), mBCH (100,000-Sat) or cBCH (bitcent/1,000,000-Sat).

Admittedly, a MSat likely wont be used much, but the point of the "standard" is more for smaller units of Satoshi's, as Vin mentioned for micro-pmt srvcs, and thus likely more common: kSat, hSat, Sat, mSat.

To me "mega" already tells me its a "million" of something-simple! What the heck is a bitcent, centibitcoin or kilobit?