BREAKING: Bitcoin Bit falls 1.3 US Cents!

At this point it’s probably time to start thinking about a whole Bitcoin different. The combination of the price and the decimal places make understanding Bitcoin conversation too confusing.

Have you ever tried to figure out how much something costs when it’s advertised like 0.0003234 BTC?!?!?

Here is a little trick, that might soon become common in Bitcoin software, that I use to convert between Bitcoin and USD.

This might be a little confusing, please message me with questions.

Here we go:

Step 1:

  • The smallest unit in Bitcoin is called a “Sat”, think of a Sat like a penny.

Step 2:

  • A “Bit” is a unit that is made up of 100 Sat. Just the way that a United States Dollar is equal to 100 Pennies.

Step 3:

  • A Bitcoin is 1 Million Bit.

Side node: the future “dollar”, a Bit, can be obtained for $0.013 USD.

Putting it all together; The main Bitcoin software and others are considering moving to using the Bit denomination as the primary unit of display in their applications.

https://github.com/bitcoin/bips/blob/master/bip-0176.mediawiki

I believe that once we start using Bit as over Bitcoin, it will be much easier to understand the cost of goods and services.

 

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