We previously announced our plans to migrate to "bits". Today, we're launching support for six decimal places on our invoices – completing step one of that migration.
Over the past few months, many major Bitcoin projects have added support for "bits" as a denomination of bitcoin. The bit is a convenient unit for everyday transactions, allowing for much friendlier numbers when buying groceries, getting a coffee, or even sending that coffee over the Internet.
Here's an updated summary of our plans:
Expand invoice amount to six decimal places, up from four.
✓ Completed on 2014-12-16!
- Drop leading zeroes from invoice amounts. Prices are now expressed in
micro-bitcoins (µBTC or "bits").
- When necessary, add two decimal places to accomodate further bitcoin value appreciation.
With today's update we're moving forward with this migration, including support in Copay, our multi-signature wallet, and Insight, our blockchain explorer.
Once complete, this migration will greatly simplify the payment experience for both businesses and consumers. In addition to having a powerful digital currency, bitcoin users will now have a familiar, non-fractional measurement for the value of their transactions.
Thanks to all of our peers in the community who have added support for bits and who are in the process of taking this next step for bitcoin transactions.