The decimal psychology of Bitcoin will make people come up with denominations that will soon replace the word Bitcoin
These denominations already exist, down to the 100 millionth of a bitcoin, we call that lowest denomination a "satoshi".
as Bitcoin increases in value, the word Bitcoin will only be associated with big purchases like a car or a house, you would not hear the word Bitcoin at a supermarket for example.
So let us use the average price of some products, and price them in USD and then in Bitcoins
Can of coke = $1
Smartphone= $1,000
House= $1,000,000
in Bitcoins (today's rate) that's:
Can of coke = 0.0002 Bitcoins
Smartphone= 0.2 Bitcoins
House= 200 Bitcoins
No cashier is going to say : "that would be zero point zero zero zero two bitcoins please"
So instead prices will look like something this:
Can of coke = 2,000 Bits
Smartphone= 200,000 Bits
House= 200 Bitcoins or 200,000,000 Bits
(Even for mass adoption you can say to people there will be only 21 Trillion Bits, and for a $100 bucks today you can get 20,000 Bits)
As Bitcoin increases in value to say ($100,000) a can of coke would be 10 bits in ~2020 and may become 1 bit per can in ~2030, if things go the way they are of course.
So how will the term Bit replace the term Bitcoin? and why hasn't the term been used yet?
You just answerer your own question. What other explanation are you looking for?
and why hasn't the term been used yet?[/b]
Two reasons...
(1) Because Bitcoin is only recently valued in fiat at levels that could buy a car, and
(2) Most reatailers...err cashiers...don't accept bitcoin for payment.
Do you want to change that? Start asking every retailer you buy things from "do you accept bitcoin?" The more we do that the more it ceases to be foreign to people.
