Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.


Bitcoin “Bits” Denomination Suggested in Bitcoin Improvement Proposal

Bitcoin "Bits" Denomination Suggested in Bitcoin Improvement Proposal

Support free writers: > send a tip

written by

Bitcoin developer Jimmy Song has encouraged for the use of “bit” for simpler Bitcoin denominations, proposing in BIP 176 published in December 2017 that the denomination be formalized. BIP 176 calls for Bitcoin amounts to be denominated in bits, where 1 bit = 100 satoshis or BTC 0.000001.

Song believes that the bits denomination is considered useful because sending small amounts of money with Bitcoin can become confusing due to the many decimal places required. Missing by a decimal can cause a user to send an order of magnitude less or more than intended. For example, at the current Bitcoin exchange rate of USD 7,700 as of 23 July 2018, USD 1 would be 130 bits instead of BTC 0.00013.

Additionally, using bits allows easier comparisons of the value of fiat currencies relative to Bitcoin. The JPY is worth 1.17 bits, and the KRW is worth 0.11 bits, for example. This is more illustrative than comparing amounts in Bitcoin which have many decimal places.

Implementing bits will become even more important if Bitcoin’s price rises by orders of magnitude. Should Bitcoin hit USD 100,000 then USD 1 will equal 10 bits, and if Bitcoin hits USD 1 million then bits will be at parity with the dollar.

Some arguments against this proposal take into account that “bits” is already used as several computing terms and could further confuse users, but Song believes there are sufficient contexts that would prevent this.

Micro-Bitcoin (µBTC) has already been implemented in the Bitcoin Core wallet GUI, which is BTC 0.001. This implementation was made for the same reason Jimmy Song is calling for bits but was put into place years ago when Bitcoin’s price was much lower. Perhaps in the future, even bits will be insufficient, and satoshi (BTC 0.00000001, the smallest Bitcoin denomination) could be the best denomination to use when transacting Bitcoin.

Adding bits to the Bitcoin Core wallet software can be made with a simple addition to the GUI code, without requiring any changes to Bitcoin’s underlying protocol. BIP 176 has not been implemented yet officially, but anyone who runs a wallet service, payment service, or exchange can code bits into their software if they want to.


Follow on Twitter at

Telegram Alerts from at

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »


bitcoin shop miami

Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter