I get BTC, sats, but now I gotta learn about bits. Is it a lower denomation of sats!?
Asking for a friend of course...
Discussion
Bots is the old name for sats that didn’t catch on 🫡
Bits*** nostr:npub1xtscya34g58tk0z605fvr788k263gsu6cy9x0mhnm87echrgufzsevkk5s has a story behind it, I think
I added bits to the bitcoin-qt gui. I like it because when 1 btc = $1 mil, then $1 usd would be 1 bit, and 1 sat would be 1 cent. 100 sats = 1 bit. Its mentally easy for people to reason about for a near term price of bitcoin.
I use bits when determining the sizes of my lightning channels. I think the only other person who agreed with me was jimmy song (who authored bip176) and adam back.
The bit denomination has also been used historically:
Ahh I see.
The “bits” people don’t even agree what bits are. Some of them want to use bits instead of sats, but others use bits as a completely other denomination where 1 bit = 100 sats. 😂
Yup. This "bits" was a thing back around 2015ish or whenever it was that btc hit $1000. I made a calculator for it. There was talk of bits, ubits/microbits, millibits, mbits. It was/is confusing (reason I made the calc). I say stay "sats" as that's where we're heading.
https://sbc-v7.on.fleek.co/archive/legacy-20230716/index.html
I like sats better