Bitcents?
Is Bitcent the official term for a hundrendth of a Bitcoin? Soon the value of Bitcoins will be so high that it would be more practical to use Bitcents or even Bitmills (http://en.wikipedia.org/wiki/Mill_(currency)) (or Bitmilles). I think that the Bitcoin value will rise faster also. People are more interested buying 100 Bitcents or 1000 Bitmills for $3 than 1 Bitcoin for $ 3, right?
1.02 - One bitcoin and two bitcents
0.001 - One millibitcoin (nickname “one Millie”)
0.000001 - One microbitcoin (nickname “one Mike”)
0.00000001 - The bitcoin base unit (nickname “one Satoshi”)
Is Bitcent the official term for a hundrendth of a Bitcoin?
Nothing is official.
Myself, I think the use of the “bitcent” terminology should be discouraged. I’ve laid out my rationale in other threads, but I’ll do it again:
Human beings are not particularly adept at dealing with large numbers and/or great variations in orders of magnitude. Nevertheless, in the West people have been educated to group orders of magnitude into threes: thousands, millions, billions, etc. Now, Bitcoin currently has 8 decimal cases. This means that further subunits will be demanded even if the term “bitcent” becomes widely used. These may be called millicents, microcents, or whatever. And herein lies a huge potential source of confusion, since we would have a system which would mix two different groupings for orders of magnitude: a two-order grouping (1BTC = 100 bitcent) and a three-order grouping (1 Bitcent = 1000 millicent).
If you still don’t see this as a problem, try to answer instinctively (and correctly!) to the following question: “How many Bitcoins in a million millicents?”. Do you understand now why mixing different order of magnitude groupings within the same system is a recipe for disaster?
Hence, I propose that instead of talking in bitcents we encourage the use of millicoins, microcoins, and nanocoins. That way the entire system relies on a single three-order grouping.
Hence, I propose that instead of talking in bitcents we encourage the use of millicoins, microcoins, and nanocoins. That way the entire system relies on a single three-order grouping.
+1