Bitcoin Units And Denominations: Satoshi, Finney, MicroBit ...

How serious are you about sponsoring a UFC fighter to increase awareness of Bitcoin? Based on the Reddit conversation this week, I talked to Joe Lauzon yesterday & he wants to talk more!

Members of this sub suggested sponsoring a UFC fighter to help promote Bitcoin and increase awareness. I thought Joe Lauzon was perfect and many agreed.
I happen to have met him a few times from me being in the local amateur fighting circuit, he knows my coach, refereed one of my matches etc. so I contacted him.
Good news! He's interested in speaking further.
Nothing is confirmed or agreed on. Just wanted to see how serious people are and get an idea about what we might be able to raise or offer him.
Sports are a great way to spread the word about something and have been used successfully in many types of marketing. UFC is a great fit because it's a fast growing sport with athletes who are more accessible than the NFL or NBA for example.
Please don't send any money anywhere yet - if and when we agree on something with Joe, we will do a video with the keys etc. like Andreas did for the Dorian donation. Please do NOT trust anything unless it is from Joe directly or from me and also verified by Joe. Any future announcement on this will come from this Reddit account AND will contain a public address with link to video verification or will come from Joe in a manner that leaves no question as to authenticity such as video.
EDIT: Thanks for the feedback -- if you say "I'm in" if there is a way to quantify that a bit more...whether you mean one millibit, 30 Bitcoin etc. it would be helpful to gauge
submitted by bruce_fenton to Bitcoin [link] [comments]

Microbitcoin or Bits is an objectively superior unit. 1 bit = 0.33 cents

I know this has been discussed to death several years ago, but we're going to have to deal with this at some point.
Microbitcoins or bits is a much better unit of account than bitcoin. For those who haven't seen it before, here's the rationale:
1) How many times have you heard "Bitcoin is too expensive" from people who assume they can't buy a fraction? Yes, I know that people who say this are ignorant. But the fact remains that because the bitcoin unit is too large, there's a significant amount of money sitting on the sidelines for no good reason.
2) The way we write numbers is biased toward smaller units. We do not put thousands separators after the decimal, but we do put them before. Let's try discerning the cost of small vs tiny items, and large vs huge items, in both bitcoin and bits:
Note that everything is pretty easy to distinguish except the price of 1mb mobile data vs access to a news article, in bitcoin. It's too hard to notice the difference between four and five leading zeros. This will cause many users to accidentally send or accept payments that are off by a factor of ten. This is a poor user experience. Admit it, you've already screwed this up with mining fees.
3) mBTC or millibits is not good enough. There's still too many digits after the decimal, and this will only get worse as bitcoin appreciates in value, resulting in the need for yet another migration of units in the future. Bits is as future-proof as we can get.
What can we do about it?
submitted by jmw74 to Bitcoin [link] [comments]

Naming contest for BCH small units

Ok, so we've had this issue for a while, even before BCH existed.
As Bitcoin grows in value, a "whole Bitcoin" becomes a large amount of money, and so everyday purchases become increasingly small. It is unwieldy for someone to say: "That will be 0.000472 BCH please."
We need a new unit measurement that can be widely used and accepted.
I'm not sure whether that is millibits, microbits, or somewhere in between.
"Bits" has been proposed as a short name for microbitcoins, but apparently this also is slang for "dick" (penis) in French, and so isn't ideal for that reason.
Other suggestions have been "CASH" (that'd be 1000 CASH please)...Also, "blessings" has been suggested to mean 10,000 satoshis.
But not sure those are the best names either.
Deciding on a name is a matter of social consensus, as there is no one in charge of Bitcoin Cash.
Still, I think I'd try to make some progress with this post.
And I'm willing to pay 0.1 BCH for a name suggestion that takes off.
Please suggest a name, the rationale, and the unit it represents.
EDIT: For those who suggested simply using sats, that seems to be too small. 100,000 Sats for my coffee is too big a number.
submitted by jonald_fyookball to btc [link] [comments]

This is why I am super bullish on Bitcoin!

The amount of people asking if it's the right time to sell bitcoin is too damn high!! So let me post my view on bitcoin. Bitcoin is still in a bull market if you look at the big picture. From a few cents in 2009 to $565 now in june 2014, that is a massive gain!! Is it over? NO!
This could be the biggest bull market of the century! After the last bubble in nov/dec bitcoin got really hyped in the media. Investors/venture capitalists were buying and investing. From january till may/june it was bad news all day about bitcoin. People forget the essence of bitcoin and don't embrace all the good news.
Just to name a few
Adoption is happening but you guys just don't realize it yet. You will soon. Because something big is coming! The things above is nothing compared what is about to come.
Don't forget about this. The investors/venture capitalists/developers/etc. who learned about bitcoin last bubble are working behind the scenes. They are invested heavily in bitcoin. They will innovate to make bitcoin better and stronger. The next bubble will come as a surprise. You don't know when and how long it will last.
Catalysts for bitcoin to rise to the moon:
Input:BitcoinOdyssey, Bitcoinula
Wall street got involved. This will lead to massive innovation for user adoption. Bitcoin can be used as currency but for other stuff aswell. I don't know what exactly. But bitcoin is 'smart money', there will be 100 or more ways to use bitcoin. The average joe does not need to know how bitcoin works. The average joe should be surprised when you say ? 'They use satoshi's to make this process possible'.
You guys now are bashing early adopters why they only bought 300 bitcoin and not thousands... let me tell you this. There is a possibility that bitcoin will move to millibit as a standard. And there is also a posibility that 1 millibit will be trading for $565,00. Seems impossible right? S curve growth of bitcoin is still in its early stage. The vertical stage will be expected within a few years. Daily gain of 1-3% for months making bitcoin growing hundred to thousands % yearly!!
My friends, join the party. Buy and HODL. the future is bright. ANything under $1000 is cheap, between $1000 - $5000 is oke to buy. $5000- $50000 is HODL and between $50000 and $500000 HODL and SPEND.
P.S. Input is appreciated and I am also open for discussion. I am very positive but it does not mean I think bitcoin is perfect. There will be bumps down the road, the road........ to the MOON!!!
Downvote if you think bitcoin dies within 5 years.
submitted by cruzlee1997 to Bitcoin [link] [comments]

Thoughts on the current state of Bitcoin from someone who participates in much of the ecosystem [and tipping thread ;) ]

Hey guys,
So this is something I've been looking at for a while now, and kind of seeing some things die and other things be born. Some things are getting easier, and other things getting more difficult. I want to take this time to outline the last few months and how my sentiment is reflected towards the market. I have to say, the market generally matches how my "emotions" playout towards the ecosystem as a whole.
I'll outline just a few short things on both the bearish and the bullish sides of my sentiment, even if things don't effect the overall sentiment much (at least according to most traders and people) I'd like to point them out because I view them as notable.
Some of the not so good things that have been happening:
Anyway, in many respects it feels like a lot of the bitcoin ecosystem is dying, and maybe we should all panic, cry, and shit our pants, but a few things haven't been going badly, and in fact, I'm looking optimistic that the next time a surge of new users enters the market for whatever reason, there will be a much more developed and kind ecosystem to take part of. No one is going to be touting the next 5 second confirmation coin, no more of the ubiquitous "investment" opportunities that await the uninitiated.
Other than my love for bitcoin in general, this is what makes me not panic sell, and what keeps me optimistic about the bitcoin future:
Alright guys, thats my sentiment overview, and I hope it wasn't tl;dr for most of you. But one last thing I want to point out in terms of user growth. We need to break out of our comfort zone. We need to help people get into it. That btctipping dude? He has the right idea, except, it does kinda feel like he's promoting his own website? I dunno? Anyway, Changetip some newbies. Just the other day in the reddit lounge I tipped a guy a coffee, and he then said "Man that was evil, now I have to spend the next hour learning all about bitcoin"... who knows, maybe his sentiment that the media helped paint is one shade lighter now just from a a couple millibit tip. You can do that too, and I'm here to help you get started. I've got some millibits to give away, give me some awesome feedback, criticism or build your own thoughts on this thread. I tip you, then you go pay it forward. Lets do this!!!
submitted by googlemaster1 to Bitcoin [link] [comments]

Bitcoin vs. Bits: Bitcoin Foundation Financial Standards Working Group detailed plans - please discuss

This is from the Financial Standard's Working Group:
Draft Plan 'A' - "bits"
This is one of three draft plans for the recommendations of the Financial Standards Working Group of the Bitcoin Foundation.The five principal standardization tasks are
As these plans are for interchange of data between systems and people, it says nothing about display options for wallets, websites, etc, where a person is communicating with themself. Therefore the distinct aspects of the proposal are for the same unit.
The Bitcoin Foundation shall fund a design bounty for a community competition to design a glyph for the unit. The Bitcoin Foundation shall fund two professionals: one to prepare and advocate for a proposal for an ISO 4217 code, and one to prepare and advocate a proposal for a Unicode codepoint for the winning glyph.
Examples: A pack of gum (around USD 1.00): XBI 2,860 Lunch in Tokyo (around USD 10.00): XBI 28,570 A feature phone (around USD 100.00): XBI 285,710 A decent laptop (around USD 1,000): XBI 2,857,100 A decent used car (around USD 10,000): XBI 28,571,000
This proposal represents a unit that is fairly new to the ecosystem, but which has increasing adoption among users to the extent that the majority of users self-report preferring it to option A.
Advantages: Existing usage and increasing adoption. Small-valued units make the currency seem more accessible to new users.
Disadvantages: Such a small-valued unit may cause Bitcoin to be perceived as a joke currency. The principal unit is too small to be accepted by the network; values below 54.30 millis are considered "dust".
Draft Plan 'B' - "bitcoins"
This is one of three draft plans for the recommendations of the Financial Standards Working Group of the Bitcoin Foundation. The five principal standardization tasks are
As these plans are for interchange of data between systems and people, it says nothing about display options for wallets, websites, etc, where a person is communicating with themself. Therefore the distinct aspects of the proposal are for the same unit.
The Bitcoin Foundation shall fund two professionals: one to prepare and advocate for a proposal for an ISO 4217 code, and one to prepare and advocate a proposal for a Unicode codepoint.
This proposal suggests a unit that has the most history in the ecosystem of the alternatives, but that has fallen out of favor for the majority of participants because the value is inconvenient for most everyday uses. Examples: A pack of gum (around USD 1.00): XBT 0.00286 Lunch in Tokyo (around USD 10.00): XBT 0.02857 A feature phone (around USD 100.00): XBT 0.28571 A decent laptop (around USD 1,000): XBT 2.8571 A decent used car (around USD 10,000): XBT 28.571
Advantages: This unit has the most "history" in the ecosystem. The ISO 4217 code has started to get some use (though less than BTC and not for interchange as an ISO code). This existing use may make the difference between success and failure in acceptance of an ISO 4217 application for a currency code.
Disadvantages: This is an inconvenient unit for day-to-day transactions If users attempt to select a more convenient unit for their wallet application, they will have to convert when they receive an invoice, check, etc. There is an increasing movement in the ecosystem away from this unit, to the extent that most users self-report that they prefer a different unit. Most accounting software is not prepared to handle 8 digits after the decimal.
Draft Plan 'C2'
This is an alternative form for one of three draft plans for the recommendations of the Financial Standards Working Group of the Bitcoin Foundation.
The five principal standardization tasks are
As these plans are for interchange of data between systems and people, it says nothing about display options for wallets, websites, etc, where a person is communicating with themself. Therefore the distinct aspects of the proposal are for the same unit.
The Bitcoin Foundation shall fund a design bounty for a community competition to design a glyph for the unit.
The Bitcoin Foundation shall fund two professionals: one to prepare and advocate for a proposal for an ISO 4217 code, and one to prepare and advocate a proposal for a Unicode codepoint for the winning glyph.
A pack of gum (around USD 1.00): XMB 2.86 Lunch in Tokyo (around USD 10.00): XMB 28.57 A feature phone (around USD 100.00): XMB 285.71 A decent laptop (around USD 1,000): XMB 2857.10 A decent used car (around USD 10,000): XMB 28571
This proposal deserves a bit of an explanation. The other two proposals have disadvantages in that they go too far in one direction (too large valued units, necessitating small decimals that are hard to read) or the other direction (too small valued units, necessitating large integer number of units for moderate-sized purchases). This proposal attempts to strike a balance, noting that many bitcoin websites and tools offer this transaction unit (and unit name) as an option that is already widely used.
A variation on this theme would use the existing Unicode codepoint U+20A5 ₥, MILL SIGN, which appears in the currency block. In that case we would call the unit "mill".
Advantages: This unit is already widely used in the ecosystem. This is a convenient unit for a wide range of transaction values. This choice of unit and name leave room for expansion in both directions.
Disadvantages: We do not yet have a design for the required glyph. Most accounting software is not prepared to handle 5 digits after the decimal. On the other hand only two are significant for accounting purposes.
submitted by BitsofBitcoins to Bitcoin [link] [comments]

How a shower thought made me discover why Monero is called Monero

Taking a shower, thinking of crypto. And so I was thinking hmm, what smaller fraction of Bitcoin should we use next, as the value is going up a lot. Bits, millibits?. And I think to myself, no it needs to be a new word and something that is easily said and remembered all around the world. And it shouldnt be another word connected to bits or bytes, cuz half the tech world is using these already.
So I figure hey I remember this Esperanto language, supposedly made to be spoken by the whole world. I lookup the Esperanto for currency, and there we go :)
It may sound unimportant, but using Esperanto is smart. When non-techies talk about cryptos they usually mention bitcoin, ethereum and monero in one breath. I think this is in part because monero rolls so smooth of the tongue ;-)
submitted by Zyntra to Monero [link] [comments]

Why 'Maddy's Organic Eggs' Pozible campaign matters.

Hey guys, Sam from CoinJar here.
I'm writing about a campaign we're backing pretty heavily (as you may have noticed). It's Madelaine's Organic Egg Campaign. Madelaine is a 19 year old entrepreneur who has been doing organic farming since she was 8. She is raising money for an egg cleaning machine that will save her 27 hours a week. She is raising 60K, and has about 19k to go.
I wanted to just highlight some reasons why you should crack a wallet and send a bit or two.
  1. Pozible is like kickstarter, but they take bitcoin. This is huge. Here is a way you can support ideas with bitcoin using an escrow service. If her campaign works then other people will be incentivized to accept it on the site.
  2. Maddy is a young, female entrepreneur. If her campaign succeeds thanks to bitcoin, this story will be heard by a bunch of people that only hear the technical/shady side of the bitcoin story. "Global Micro Transactions Make Farm Girls Dreams Come True", sounds a lot better than "Shady Frenchman Steals The Bitcoins, Buys Large Drink".
  3. CoinJar is matching every bitcoin donation, so your bits are doubled. We've already donated $3,888, and I've donated $40 (I get eggs and a calendar whoop).
So far as a community we have donated .7101 btc (aside from CoinJars 8btc). I hugely appreciate every bit that people have sent but I know we can do a lot better. If everyone in the sub donated 1 milibit she'd hit her target. We know they won't though, so if YOU are reading this and YOU want to see the narrative around bitcoin change, log on, choose a reward, send the millibits.
If the campaign succeeds we make a dream come true, we support a bitcoin crowdfunding platform AND we walk away with a news story that a teenage girl would read and think... 'hey maybe this bitcoin stuff isn't so scary'.
I know this is a long post but I couldn't think of any other way of stressing how much potential this campaign has. Not just for Maddy or Pozible, but for the bitcoin community.
tweet your deaththreats and love letters to @samueltates
submitted by samueltate to Bitcoin [link] [comments]

Opinions on how best to get my Casasius Coins into China

Also—I realize that I spelled Casascius incorrectly in the title. My apologies
I've decided to attend the Global Bitcoin Summit next month in Beijing. Recently I purchased 500 aluminum Casascius 'Strength in Numbers' Coins with the intention of putting perhaps a millibit or so on each coin via a little private key QR code sticker on the back along w/ my business info and then handing them out as business cards.
I want to hand them out at the Global Bitcoin Summit while I'm networking but like most people here I've seen reports of people being hassled by TSA when traveling w/ 'bitcoin' in their bags and I'm concerned that travelling w/ dozens of coins which say 'bitcoin' on the front and then have the private key on the back seems like a poor idea considering I have to go through TSA in the states and then stopping in Tokyo and then on to Beijing.
I figure at any one of these hubs I could get hassled by someone or just potentially robbed/have the funds swept. I'm just looking for general suggestions on how I could get my Casascius Coins to china and then get my private keys on them to hand out when networking.
Currently I'm thinking I'll call the hotel and see if I can have a package shipped there. Then I'll just ship the coins without any sticker on them and then I'll take an encrypted thumb drive of the private keys and print the stickers when I'm there.
Of course this isn't fool proof because the coins could disappear in the mail and/or show up late as well as the fact that I'll need to use a local chinese printer to print out the QR codes which could be sketch.
Any advice? Thanks everyone!
submitted by cgcardona to Bitcoin [link] [comments]

Proper titles for holders of BTC and units of BTC

Fast forward 20 years in the egalitarian future we all imagine, with no more fiat, there will need to be new words coined. There will be no "Billionaires" because there are not a billion bitcoins... so here are my suggestions.
For units of measure, if you owe someone... you wouldn't say
Ohh no... I'm a grand in the hole
you may instead use one of these terms.
For example in Vegas...
Guys I got cash out... I'm over 5 bitcent down tonight
And for the wealthy, you might use these terms to describe those who have amassed staggering fortunes.
As in....
Wow.. if that kid keeps it up, she'll be a unitarian by the time she's 30
Edit: Better formatting
submitted by brianddk to Bitcoin [link] [comments]

Changetip now supports Bitcoin-denominated custom tip amounts (monikers). Have some credits on me!

Naming the 100-satoshi denomination (0.000001 BTC) is a great idea because that amount should fit the value of most tips - for a while at least. This can go a long way to eliminating unit bias among beginners as well. Denominating transactions this way also makes it possible to adapt existing finance software, which sometimes only recognizes two decimal places.
However, I'm not a fan of the name "bit", which has been proposed. The main reason is that "millibit" is already in use. That value is 1,000 bits, not 1/1,000 bits as would be expected. This will confuse new users. Attracting them is part of the reason for tipping in the first place.
There are a lot of proposals for what to call the 100-satoshi denomination. My favorite is "credit", which has been a unit of currency in sci-fi:
Using Bitcoin feels like living in the future, so I've decided to call 100 satoshis a "credit".
Changetip allows you to choose a custom "moniker" for tip amounts, but so far these could only be denominated in USD. Recently, an update made it possible to denominate monikers in BTC as well.
To celebrate, I'm offering between 1 and 1,337 credits to every user posting a main-thread reply containing the the phrase "hit me".
edit: grammar
edit: to be clear, "credit" is a custom moniker I added myself, so you won't be able to tip in credits (or your favorite unit) until you set up your own moniker. Here's how:
submitted by BobAlison to Bitcoin [link] [comments]

Using Satoshis as the base unit

I'm still reading these endless discussions about "bits" vs "millibits" (or "embits"). I prefer the latter, but for some people the metric system isn't intuitive because they use inches, stones like savages.
Another way forward may be to use satoshis as the base unit. It makes sense because satoshis is already an established unit. It is already used to measure transaction fees. UTXOs are even measured in satoshis on the blockchain itself, not in full Bitcoins (which kind of make them the real bitcoins, really)
However, satoshis are very small. Long term this is a good thing because of Bitcoins deflationary tendency. We won't have to have this discussion again.
But how do we write prices in a readable way?
Using a k-suffix after the number we can omit three zeroes:
3 USD ~ 89k satoshi = 1 coffee
8 USD is ~ 237k satoshi = 1 beer
50 USD is ~ 1481k satoshi = 1 bag of weed
For higher numbers we resort to Bitcoin:
3k USD is ~ 0.88 BTC = 1 months rent in New York
These are still pretty big numbers but as time goes by prices will come go up to reach a better psychological mark.
submitted by maxi_malism to Bitcoin [link] [comments]

Bitcoin notation: Do you personally prefer BTC or MBTC?

A web app I'm developing frequently displays bitcoin-denominated amounts and accepts the same as input from the user. Although internally my code, database, etc. deal with everything in Satoshi-terms, I'm trying to reach some conclusions regarding the denomination users prefer when reading and entering Bitcoin amounts.
My research turned up this article:
...which indicates that the most popular denominations are Bitcoin (1 BTC) and Bit (uBTC 0.000001 BTC).
I, on the other hand, was originally leaning toward Millibit (mBTC, .001 BTC). At the time I began working on the app, the BTC/USD rate was around $1,000 so I figured 1 mBTC, worth about $1 at that time, might be the easiest denomination for a new user to mentally grasp. But now I'm starting to have my doubts.
My options are:
(1) Just give the user the ability to choose his preferred denomination. The programming wouldn't be too difficult. My only concern here is that the app entails two parties agreeing on a price, perhaps in an embedded chat room, perhaps offline, and I feel like having multiple quoting conventions could be asking for trouble.
(2) Use BTC: I really like this idea because it's the quoting convention I use for all of my internal business. But for whatever reason, it appears users aren't fond of typing and reading small decimalized values (1.23456789 BTC). This is an objection that kind of caught me off guard. (Many of my users will be new to Bitcoin.)
(3) Use mBTC: This was my original plan. Articles like the one above seem to indicate people prefer uBTC, although to be honest, I had never heard of that denomination until reading the article nor have I seen it used anywhere.
What's your personal preference? When you see a site quoting values in Bitcoin, do you mentally convert it to mBTC or uBTC in your head because that's your preferred common denominator? Or are you more comfortable seeing everything in BTC and just learn to live with the long-form decimalization? Would you, as a user, be irritated if a site expressed everything in BTC, but only displayed values to five significant digits (no precision would be lost in the code/database. It would purely be a display convention) ?
submitted by festus_wingbam to Bitcoin [link] [comments]

When would it be the "right time" to shift our common frame of reference from BTC to some smaller unit?

In other words, using today's price level, when would it be appropriate to stop thinking in terms of "a Bitcoin costs $5700" and start thinking in terms of "A Millibit (or Bit or Microbit or whatever) costs $5.70 (or $57.00 or however you want to chop it).
Would it be a price level? An adoption level? Introduction of a new feature?
What would that look like and how would it be implemented? Could it be lead unilaterally (i.e. Coinbase wakes up one day and does it and everyone else follows over time) or would it have to be a concerted effort across the community?
Is it even a good idea? What would the effects be, and what are the pros and cons of those effects?
submitted by GleeUnit to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] Shadow Brokers appear again with new exploit (Dropped XMR payment option)

The following post by millibit is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
reddit: /Bitcoin/comments/6ymqml
The original post's content was as follows:
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

06-07 18:21 - 'Hello World, This is bitcoins future. Hodl' (self.Bitcoin) by /u/BlazeWhale removed from /r/Bitcoin within 55-65min

Hello World! This is my message for you from the future. I hope this survives the time transfer and lands in the correct timeline. Just a few checkpoints to make sure this message arrived to the correct timeline.
  1. Chinese invented the compass 9th-11th century.
  2. German Johannes Gutenberg invented the printing press.
  3. Alexander Graham Bell was the first to be awarded a patent for the electric telephone in 1876
  4. First world war 28 July 1914 to 11 November 1918
  5. Second world war 1939 to 1945
  6. Us 35th president John F. Kennedy was in November 1963
  7. May 22 Bitcoin Pizza Day
  8. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
  9. 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
It is the year 2035. First question what I would have wanted ask in 2017, if I ever got the opportunity to communicate into the future would be: what is the price of bitcoin? Well I would of course want to know the price measured in US dollars or Euros or some other fiat currency. What if I told you the fiat currency value hasn’t been relevant for the last 10 years. A draft beer costs about 2.0-2.5 satoshis (we call them stoshis), A meal in a restaurant around 6-8 stoshis, A good quality Pizza 5 stoshis. Cadrone transport 0.01 - 0.05 stoshi / km. I hope this helps you get the idea of the purchasing power we are talking about. I can briefly tell you about how the massive increase of bitcoins purchasing power rose so fast even the most optimistic bitcoin believers were surprised. There are many factors and events that all had an effect on the rising demand for bitcoins. 2016 after the most tech savvy liberal minded people had bought into bitcoin things started to happen. 2017 was the year when earlies (early adopters) started investing into bitcoin. (I know it’s funny we all thought in 2016-2017 that early adopters had been ones having bitcoin in the first 5 years after it was created). sidenote: Companies who have started working with bitcoin will see their stock value rise which will push more and more businesses to adopt bitcoin. The demand was huge in Japan, but no one really knew the real reason for Japan recognizing bitcoin as a legal method of payment (so absurd, bitcoin doesn’t a permission). I remember people speculating it was because Japan’s economy was terrible and the % of old population wasn’t decreasing. And yes people speculated correctly. After the famous, Tokyo based, bitcoin exchange called Mt.Gox collapsed in 2014 Japanese authorities had to look into what bitcoin was. It took sometime and eventually someone with enough political influence realized the potential. Japan had to play this whole thing smart, if they started buying bitcoin publicly the global FOMO (fear of missing out) would push the price quickly out of their reach and their Japanese Yen would turn into goat shit. So instead they started out by doing small things like legitimizing bitcoin as a payment method, Government services started accepting bitcoin, small amounts of taxes payable with bitcoins and all at the same time trying to buy as much bitcoins as possible without moving the price too much. Of course everyone knows secrets always spill out, especially government secrets. Soon South Korea was “legitimizing bitcoin” and it didn’t stop there. It started to spread. Some governments tried to stop it (Usa, Russia, Some European countries, India) but banning and/or over regulating it turned out to be useless. So what does a desperate government and banking system do when they have the ability to print unlimited amounts of fiat currencies and are losing their power to people. They print money and try to buy all the bitcoins up. Well I can tell you it didn’t work or well it worked in a nice way which made the unfair system of fiat currencies irrelevant. Some countries figured the potential of bitcoin at the same time as Japan and started doing exactly the same as Japan. Making their citizens aware of bitcoin and buying up bitcoin without signaling a panic buy for the others. Switzerland for example started selling bitcoins to their citizens by Swiss Federal Railways ticket machines. How smart is that? China on the other hand banned and unbanned bitcoin a lot in 2014-2015 timeframe. Then the PBOC “cracked” down on the Chinese exchanges, this was all because china wanted to make bitcoin look more attractive for the investors. China had already been buying bitcoins from 2014, small amounts without raising the price too much. This was a long term investment for china which paid off during the collapse of the US dollar and yuan. The second question that probably would interest me in the past (one of the reasons I postponed investing into bitcoin until the beginning of the year 2018) would be the “The Big Scaling Debate” which really looked at the time as fierce debating but it was really just a power struggle to control bitcoin. Segregated Witness was activated and looking from where I am currently standing it was the best technical solution which everyone actually agreed on but some people where blocking it by making up nonsense and stalling the progress. Funny thing is that once actually big chip manufacturers got interested in ASIC manufacturing and bitcoin mining lots of the bad acting bitcoin mining hardware companies found themselves out of business. We all know who we are talking about. For the technically literate I can’t offer much information from the present because it has gone over my understanding. Everything is connected to the bitcoin blockchain. Protocol upgrades made it possible to build layers on top of layers all secured by the hashing power of the bitcoin blockchain. My car’s private key is stored on a layer of the blockchain, my voting password is also there, I have a private key for my identity and the private keys for my kids identities as well as their medical record private keys. How has the planet changed? We finally reached a stage a few years ago where we got the future of planet earth on a level where it will be sustainable to live in as long as the sun doesn’t burn us down. Bitcoin played a big part in this. Deflationary currency has strange effects, nobody on earth produces crap anymore, meaning no cheap electronics that last only a few years, no plastic bags in stores, no cheap clothes that will last only a few times in a washing machine. Everything and I mean it when I say everything is made with high quality materials and products are made to last long. The demand for high quality long lasting items came from the people. Why would you use a few millibits which grew in purchase power every year to buy some crappy headphones that would last 1 year if you were lucky. If they were going to use their precious millibits they wanted something high quality which would last. Also 95% of the worlds energy is from renewable energy sources, when big bitcoin mining operations started struggling with their profit margins they looked at small bitcoin mining operations who had minimized the cost of electricity by using solar panels and hydropower. Funny how bitcoin mining operations trying to be more profitable boosted the use of renewable energy sources, ok I must add that the death of the petrodollar helped also. Electricity isn’t produced anymore for the need of humans it is produced to power the bitcoin mining facilities and we just use the leftover energy which is more than enough. You are currently in the phase of one of the first altcoin bubbles. These bubbles are part of the bitcoin learning curve for people. People tend to forget what bitcoin is about and then seek high % profits from altcoins. This will happen a few times more in history and most of the altcoins will slowly die away and be replaced by new “innovative” ideas. In the upcoming years the value that poured into altcoins will move into bitcoin. Some of the most biggest alts with minor use cases will survive for longer but their ideas will be built and secured properly on different layers of the bitcoin protocol. What do I regret the most? My biggest regret was not buying bitcoins when I first heard of them, also I regret buying a sailboat with 50% of my small bitcoin stash in 2019. Also I regret not getting into mining when it was still profitable for an average person in 2019. But I am happy I hodled the rest. (yes the hodl meme has survived all these years)
One cool thing we discovered besides sending information “back in time” is sending payments to the future. I will be generating the private key for the following bitcoin address on November 20th 2035. I will also login to reddit with the account Blazewhale to celebrate with those of you who are still here. Happy Hodling, price discovery is a bitch.
-BlazeWhale 1CXfRfJhMyr41z3LDiV6USuskUZxCBa1We
Hello World, This is bitcoins future. Hodl
Go1dfish undelete link
unreddit undelete link
Author: BlazeWhale
submitted by removalbot to removalbot [link] [comments]

InfiniteCoin and it's potential

I honestly think that InfiniteCoin (IFC) has a lot of potential. It's fast transactions make it very usable, but more importantly the sheer number of IFC's removes any need for decimals.
BTC is struggling with decimals, people just do not like decimals. Sure they are trying to move over to millibits and so on, but it'll never be as good as saying "The price is X IFC"
Given the fact that there are sooo many coins out there it is also harder to manipulate the market. Sure there are a few sharks with way too many coins on their hands, just like all other altcoins. For instance last year it was showed that 71% of all bitcoins are just sitting in accounts, not up for trade or usage. With IFC the big number means you'll need billions of them (I am not aware of anyone having this many) to manipulate the market.
The Logo and name is also very recognizable, unlike a lot of the new ones that have sprouted up over the last months. I think this coin could become one of the 4-5 cryptocurrencies that will survive post-6 months from now.
At least this is my reasoning for investing a little in IFC. I urge you to do the same. All coins are dependant on the same thing: a community that helps it grow and people who invest and trade with it. This is a altcoin we have the chance to make into something and earn quite a lot of money if we want to. Come join me:D
submitted by WhyKingViking to CryptoMarkets [link] [comments]

so it's....

bitcoins "bits" (1/1000 bitcoins each) and "microbits" (1/1000/1000 bitcoins each) ?
i hear the terms millibits and microbits knocking around too.
none of this seems intuitive to me but's a new kind of money. there's always adjustment.
submitted by violencequalsbad to Bitcoin [link] [comments]

Testers needed: Bitcoin wallet for Chrome/ChromeOS

This is a preview of Happynine, a BIP 0032 Bitcoin wallet. Before you skip to the bottom of this post and install, please be warned that this is an early version that has plenty of bugs and missing features. I haven't done a very good job of documenting it, either, but I'd love to answer questions here about how to use it.
My first public call for testers is here on /chromeos. This is because you're the audience I wrote this app for. If you're into Bitcoin, you've heard the story over and over of Windows users wondering why their Bitcoin suddenly disappeared from their machines. This is the teachable moment when they really deeply realize the impact of a poor decision to entrust money to a malware-infested OS like Windows. ChromeOS is a much better platform for a use case like Bitcoin storage. (I know you guys already knew this.)
If you do install Happynine, I recommend sending a millibit or so to the wallet you create, then try sending a fraction of it back to your other wallet. So far I've had 100% success in real transactions with the app, but if you find a bug I don't want it to be with very much of your bitcoin. If you follow my advice to start small with 1 mBTC, at worst you'll lose about 60 cents (at today's USD exchange rates). Again, so far I have not experienced lost or misdirected transactions with the app, but that doesn't mean there aren't undiscovered bugs.
Have I sufficiently scared away everyone but the risk seekers? Good! Please read the README, install the app, inspect the source code, build it yourself, file bugs, and ask general questions here on this thread. Thanks in advance for your help and support!
Edit: almost forgot to mention! Since installing Crouton a week and a half ago, I've been doing development exclusively on my Toshiba Chromebook. So I can truthfully say that this Bitcoin wallet is developed for Chromebooks on Chromebooks.
submitted by sowbug to chromeos [link] [comments]

Fuck it....let's just use Satoshi....hear me out.

I think Bitcoin should be denominated in its smallest unit, the satoshi. Here's why:
*1. Many people think they are too late to the party and Bitcoin is too expensive. Using satoshi, people can buy 1,000,000 for less than 10 bucks. Millionaires! For less than 10 bucks! I think this will be more appealing to people just getting started but can't afford a whole Bitcoin. It allows the price of BTC to reach the stratosphere without intimidating newcomers who just want to buy and use the currency.
*2. Prices are prettier. People don't mind high numbers in currency (look at Yen, Yuan, or Pesos) but nobody wants to look at a decimal place with a bunch of zeros after it. It is not something we can easily get used to IMO.
Which looks better?: .00002341 BTC, or BTC-S (new symbol?) 2,341 or 2,341 satoshi
*3. The deflationary nature of Bitcoin becomes more evident if prices are displayed in satoshi. Last week my coffee cost 350,000 satoshi...this week it's only 100,000! Bitcoin is making everything cheaper by the day...therefore I feel I have more money. (or the inverse, of course, but we won't discuss that :P)
*4. Millibits, Microbits, etc. aren't attractive names. Satoshi is beautiful to my ears!
submitted by shenanigoat to Bitcoin [link] [comments]

DIE ZEIT VOM BITCOIN IST JETZT What is Bitcoin: Cryptocurrency को India में Supreme Court ... Eyeline Crypto Trading - Official Presentation - YouTube Milli - BitCoin КРАН (2016) - 10000 сатоши за 1 клик 2й день подряд! 10 Million Dollar Bitcoin End Game (Original version ...

Nowadays, going to buy a small product or a coffee in a shop and pay with Bitcoin would be quite difficult. However, Bitcoin can be divided into smaller units and denominations that would make it easier for Bitcoin users to spend and use it. Bitcoin = 1 BTC; DeciBit = 0.1 BTC; CentiBit = 0.01 BTC; MilliBit = 0.001 BTC; MicroBit = 0.000001 BTC /r/btc was created to foster and support free and open Bitcoin discussion, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top... Millibit. Considering how bitcoin provides 8 digits after the decimal, some new subunits may have to be created as more time progress. A subunit that already exists today is called a millibit ... Buying MilliBit is as easy as buying Bitcoin—after all, MilliBit is just Bitcoin on a smaller scale. Most fiat to cryptocurrency exchanges have minimum order amounts, and while you may not be able to buy just one MilliBit, you’ll still be able to buy Bitcoin in fractions. Coinmama, for example, has a minimum order amount of $60, which at the time of this writing is roughly 15 MilliBit, or ... The Case For a Better Denominated Bitcoin. The notion of re-referencing bitcoin isn’t new; in fact it’s older than scaling debates. The most commonly floated solution, as addressed on these pages months ago, is to switch to the millibit. As we wrote at the time, “One mBTC, otherwise known as a millibitcoin, is one thousandth of a whole bitcoin, or 0.001BTC.

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