HOMEQUESTION
What was the logic/reason behind the name "Bitcoin"?
How did Satoshi Nakamot come up with this name? Or there was someone else who named it?
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I think the coin part is self explanatory. As with any currency there is a decimal of that currency too. These decimal or parts that make up the whole to create a whole coin, Often given a title like pound or dollar.

In the case of Bitcoin. The coin is made up from Bits. Bits are the part that make up the whole coin Bitcoin.

In computer language. Things start of with a bit 8 of these bits make up a byte. A Bitcoin would be equal to 1 million bytes. Being a digital asset or currency made up of bits and to be a coin, The combination of them both bring about the term Bitcoin.

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1 Comment

Bitcoin is made up of 1 million bits. 1 bit is equal to one Satoshi hence the name Bitcoin.

Hopefully one day it will be worth a million and then each bit or Satoshi will be valued at \$1. That would make things a lot easier for everyone to understand.

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