Last updated on January 2nd, 2018 at 12:00 am
A surprising trend has emerged recently. People are using bit coins and bit coin instead of bitcoins and Bitcoin. To go along with our introductory articles on Bitcoin and digital currency, such as “What is Bitcoin?“, we have decided to clear this up for new users.
What Are Bitcoins or Bit Coins?
Let me address this immediately. The correct term is bitcoins, not bit coins. Bitcoins are units of currency that are created, through the process of Bitcoin mining. Bitcoins are not physical objects, which is part of the reason they should not be termed bit coins, in the way that one might mention silver coins or gold coins. The other reason is simply the fact that the original creator of the Bitcoin protocol, known simply as Satoshi Nakamoto, also gave the currency its single word name: bitcoin. You may notice that I am using seemingly random capitalization on the word Bitcoin or bitcoin, and there is a reason for that as well.
Then, What is Bitcoin or Bit Coin?
While bitcoins are the currency associated with the Bitcoin network, the capitalized version of the word refers to Bitcoin as a whole. There is only one “Bitcoin” and that is the Bitcoin protocol. Capitalization is also used when referring to something associated with Bitcoin, but not Bitcoin itself. The Bitcoin network, which is the peer-to-peer network that makes the entire system work; the Bitcoin community, which refers to individuals that use bitcoins, or are involved with the various Bitcoin related forums, websites, etc.; and Bitcoin businesses, which are businesses that either accept bitcoins as a method of payment, or businesses that are built specifically for Bitcoin.
In this case, the term Bit coin make no sense, as it is not even referring to a coin, or currency, of any sort.
The only exceptions to the capitalization rules mentioned above are when the currency, as a singular bitcoin or plural bitcoins, are used at the start of a sentence, or in a title.
So, It is Bitcoin and Bitcoins, not Bit Coin and Bit Coins?
Rather, outside of the format of a title, as used above, it would be “Bitcoin and bitcoins, not Bit coin and bit coins.” I know this seems like a small issue, but when a currency and a protocol share a name, there needs to be differentiation between the two. In fact, this is one of the reasons that many members of the Bitcoin community support the move to focusing on smaller units of the currency, such as bits, which are equal to 0.000001 bitcoins. This means that each bitcoin would be composed of 1 million bits, and hopefully remove some of the confusion between Bitcoin and bitcoin, and put a stop to the term “bit coins.”
Will that work? Maybe. However, one thing that is known to alleviate such confusion is clear instruction and education. I hope this has helped on that front.