I see further arguments supporting the “bit" denomination:
huge benefit:
- amounts denominated in bits fit nicely into legacy database
structures and UIs with two decimal places for currency. This change to the
usual currrency precision is a huge benefit for integration into existing
financial software.
nice to have:
- while fraction prefixes m for 1/1000 and u for 1/1000000 are obvious
to engineers and geeks, they are a foreign concept to many. Chances confusing
magnitudes would be high if alternative scales were offered.
- bit assigns an easy to comprehend meaning to the second part of the
Bitcoin name: I think the term “(a whole) coin" would quickly catch on as a
synonym for a million bits.
Tamas Blummer
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