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Diffstat (limited to 'bip-0176.mediawiki')
| -rw-r--r-- | bip-0176.mediawiki | 16 |
1 files changed, 8 insertions, 8 deletions
diff --git a/bip-0176.mediawiki b/bip-0176.mediawiki index 8a49bfa..2f5ee9f 100644 --- a/bip-0176.mediawiki +++ b/bip-0176.mediawiki @@ -16,7 +16,7 @@ Bits is presented here as the standard term for 100 (one hundred) satoshis or 1/ == Motivation == The bitcoin price has grown over the years and once the price is past $10,000 USD or so, bitcoin amounts under $10 USD start having enough decimal places that it's difficult to tell whether the user is off by a factor of 10 or not. Switching the denomination to "bits" makes comprehension easier. For example, when BTC is $15,000 USD, $10.05 is a somewhat confusing 0.00067 BTC, versus 670 bits, which is a lot clearer. -Additonally, reverse comparisons are easier as 59 bits being $1 is easier to comprehend for most people than 0.000059 BTC being $1. Similar comparisons can be made to other currencies: 1 yen being 0.8 bits, 1 won being 0.07 bits and so on. +Additionally, reverse comparisons are easier as 59 bits being $1 is easier to comprehend for most people than 0.000059 BTC being $1. Similar comparisons can be made to other currencies: 1 yen being 0.8 bits, 1 won being 0.07 bits and so on. Potential benefits of utilizing "bits" include: @@ -28,7 +28,7 @@ Potential benefits of utilizing "bits" include: == Specification == Definition: 1 bit = 100 satoshis. -Plural of "bit" is "bits". The terms "bit" and "bits" are not proper nouns and thus should not be capitalized unless used at the start of a sentence, etc. +Plural of "bit" is "bits." The terms "bit" and "bits" are not proper nouns and thus should not be capitalized unless used at the start of a sentence, etc. All bitcoin-denominated items are encouraged to also show the denomination in bits, either as the default or as an option. @@ -37,16 +37,16 @@ As bitcoin grows in price versus fiat currencies, it's important to give users t Existing terms used in bitcoin such as satoshi, milli-bitcoin (mBTC) and bitcoin (BTC) do not conflict as they operate at different orders of magnitude. -The term micro-bitcoin (µBTC) can continue to exist in tandem with the term "bits". +The term micro-bitcoin (µBTC) can continue to exist in tandem with the term "bits." == Backwards Compatibility == -Software such as the Bitcoin Core GUI currently use the µBTC denomination and can continue to do so. There is no obligation to switch to "bits". +Software such as the Bitcoin Core GUI currently use the µBTC denomination and can continue to do so. There is no obligation to switch to "bits." The term "bit" has many different definitions, but the ones of particular note are these: -* 1 bit = 1/8 dollar (e.g. That candy cost me 2 bits) -* bit meaning some amount of data (e.g. The first bit of the version field is 0) -* bit meaning strength of a cryptographic algorithm (e.g. 256-bit ECDSA is used in Bitcoin) +* 1 bit = 1/8 dollar (e.g., that candy cost me 2 bits {or 1/4 dollar}) +* bit meaning some amount of data (e.g., the first bit of the version field is 0) +* bit meaning strength of a cryptographic algorithm (e.g., 256-bit ECDSA is used in Bitcoin) The first is a bit dated and isn't likely to confuse people dealing with Bitcoin. The second and third are computer science terms and context should be sufficient to figure out what the user of the word means. @@ -54,4 +54,4 @@ The first is a bit dated and isn't likely to confuse people dealing with Bitcoin This BIP is licensed under the BSD 2-clause license. == Credit == -It's hard to ascertain exactly who invented the term "bits", but the term has been around for a while and the author of this BIP does not take any credit for inventing the term.
\ No newline at end of file +It's hard to ascertain exactly who invented the term "bits," but the term has been around for a while and the author of this BIP does not take any credit for inventing the term. |