Exploring Liteverse.io: The first NFT marketplace on the Litecoin network with my first collection dedicated to the Mighty Mia Event #dancingforjoy + Quick Sign up and funding tutorial

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As one true OG  Litecoin   enthusiast, I wanted to test the site, or better, the NFT marketplace  Liteverse.io  since its launch in 2022. At first, I claimed Litecoin Summit collectors NFT. But, for several reasons, the test of minting my first NFT got a bit delayed. But now I finally have the time and the need to make use of it for a larger cause. I am sad I procrastinated a little. As it would have been a great honor to be the first one to give it a try, but given my lack of technical skills to use just code to mint outside of a marketplace, waiting was a great idea since the site is super user-friendly and it's quality has improved considerably. I would say Liteverse.io is ready for the mainstream. Minting on it or acquiring an NFT on the Litecoin network is now a Piece of cake! In this article I will describe my experience, the reason why my first series of NFTs was created, and most importantly the advantages and disadvantages of creating an nft (Non-fungible Token) or an nft
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Should we be bagging bits rather than stacking sats?

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In a recent Tweet, Adam Back raised a very important question about the "Nickname" we use to refer to a fraction Bitcoin. According to Adam Back (who is one an early Bitcoin adopter and also one of the figures who many believe to be Satoshi Nakamoto) using the term Sats, or Satoshis, to describe the smallest fraction of Bitcoin can be confusing to the average user. He encourages using Bits instead.


The word bit or bits is not often used to describe fractions of bitcoin anymore, but before the introduction of Sats 1/100 of a Bit, Bits was all we got. During a tweet storm regarding bits and sats, Adam Back goes on to describe a curiosity about Bitcoin. A fact that not many of us know about the early days of Bitcoin. 


According to Adam: "Apparently early bitcoin had only BTC and old bitcents. 2.1billion old bitcents was 21mil BTC. Story I heard from early developers, was @halfin (Hal Finley) persuaded Satoshi it wasn't enough for world population, and so Satoshi added 1million divisions, moving the new bitcent to 1/100th bit, A bit being 1millionth part of a bitcoin. Where 1bit=100bitcents, like 3.45 bits = 3bits and 45 bitcents. Later community honorifically dubbed the bitcent the satoshi or sat for short. But afaict it was intended to be 2 digit decimal bitcent after the smallest base unit bit." 


Adam goes on to suggest a new Bitcoin trend. For those who have been stacking sats currently valued close to $0.0002 of a dollar he explains it makes more sense to cut some zeros from our lingo and refer to the same action as buying bits, currently valued close to $0.02. Anyone newly adopting Bits of Bitcoin can gain a much easier understanding of its conversion to Dollar or other fiat currencies by using Bits. It is just more practical. The idea is that as the price of Bitcoin grows and eventually hits 1 million dollars 1 Bit would be equal 1 dollar. how cool is that! 


He reinforces the idea by not discarding our dear Sats. Instead by emphasizing its important role as decimals for our Bits. In his words: "There is something poetic about a bitcoin being made of bits. And the atom, and unit of account of digital commodity money being a "bit" but having decimals under it for bitcents (or sats) helps give accurate / unrounded pricing."


In conclusion, I think it is great to bring to light anything that can help facilitate Bitcoin understanding. Sometimes a simple change can make a magnificent difference. Thank you, Adam, for your awesome observation and I will move on  spreading the word while bitting bits of the big Bitcoin pie.

 

Do not hesitate to bite few bits. 


Ps: Quick curiosity about this text... It has been corrected by Adam Back himself and love that it inspired a new topic of conversation. If curious stop by his thread! Love this amazing exchange of ideas, it is what decentralization is all about! Honored.  

https://twitter.com/adam3us/status/1335638814426083335?s=20

All my best,

Michelle M

www.mammycrypto.com

Social Media links: https://cointr.ee/mammycrypto



Comments

Thompson Professionals said…
I am not good at math or with numbers in general, so I struggle to remember how many sats. Embarrassing but true.

So I love the Bits idea for the sheer simplicity. BTC at a million gives us $1 Bits. Seems easier.

But I know I'm in the minority on this one.
:) Anywhoo I SAW THIS! :) WTG!! Keep on rising!
December 17, 2020 at 4:11 PM
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