BIP Proposal: Utilization of bits denomination
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Tamas Blummer via bitcoin-dev
2017-12-24 04:26:04 UTC
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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