Are Bits Real Money

Maria Garcia
• Friday, 11 December, 2020
• 8 min read

The word bit is a colloquial expression referring to specific coins in various coinages throughout the world. In the U.S., the “bit” as a designation for money dates from the colonial period, when the most common unit of currency used was the Spanish dollar, also known as “piece of eight”, which was worth 8 Spanish silver reals.

bits quick
(Source: get-quick-bits-fast-2018.pw)


The supposed value of the bit is twelve and a half cents, eight to the dollar. But if you have not, and lay down a quarter, the bar-keeper or showman calmly tenders you a dime by way of change; and thus you have paid what is called a long bit, and lost two and a half cents, or even, by comparison with a short bit, five cents.

Roger Miller's song King of the Road features the lines: Ah, but two hours of pushing' broom buys an / Eight by twelve four-bit room referring to signs stating “Rooms to let, 50¢.” In Britain, Ireland and parts of the former British Empire, where before decimalization a British-style currency of pounds, shillings and pence was in use, the word “bit” was applied colloquially to any of a range of low-denomination coins.

When Amazon bought Twitch for $970 million in 2014, some longtime fans of the streaming site didn't know what to expect. Twitch had grown its membership base organically, and the idea of a corporate company worth billions swooping in to take control left some nervous about the future.

To be clear, Amazon has not confirmed anything yet, but some early reports indicate that Twitch could be taking a cut of up to 29 percent. Theoretically, if all the money donated on Twitch today was sent through the Bits' system instead, streamers would lose a good chunk of their income due to Twitch/Amazon taking its cut off the top.

To be fair, other fans have pointed out that an alternate currency that is officially sanctioned by Twitch might actually encourage more people to donate money than would otherwise do so. Twitch officially getting behind donations could also potentially stop or lower PayPal chargeback attempts by troll viewers.

(Source: www.youtube.com)

If Bits does prove to be successful, it wouldn't be surprising to see Google's YouTube Gaming follow suit. In the meantime, Twitch will continue to work on other major projects, like developing a program to combat racism in its chat channels.

At first glance it seems like nothing worth paying attention to, a joke praised by out-of-touch internet nerds and ivory tower intellectuals. At first glance it seems like nothing worth paying attention to, a joke praised by out-of-touch internet nerds and ivory tower intellectuals.

This is a rule which is baked into the bitcoin network, and has a very high degree of security. This is an open and shut case; digital currency does not wear, tear or break.

However, you can buy some physical items which have bitcoin addresses stored on them, for more information see open dime and Cassius coins. Bitcoin has frangibility problems because technically transactions are traceable.

When you make a bitcoin transaction, the coins you spend from your wallet to another wallet have a traceable history back to the point where those coins were mined from the network. Therefore, in the future some coins could be seen as more valuable because they are clear, meaning they have not been dirtied by touching wallets of unfavorable services.

money save guilt bitcoin ways disciplines help
(Source: www.futuremoneytrends.com)

This ensures that even on a global scale people could transact in fractions of bitcoin, if the value is to increase it is likely that casual daily spending will be in bits and mill bits. An example of this would be heading to your local café and purchase a coffee for 100 mill bits.

A bitcoin can be stored on your phone, tablet, computer, or even a bitcoin-specific hardware wallet. This is much lighter than lugging around a hunk of gold, or carrying a wallet of cash.

It has never before been possible to move significant amounts of value across the world within seconds for almost no cost. The table below represents how bitcoin and cryptocurrencies, in general, compare to gold and sovereign currency as money.

Note: This chart doesn’t take into account that bitcoin has frangibility issues which make both gold and fiat better in that particular category. This is a problem that could be solved in the future if the network adapts additional privacy features.

Before sovereign currency, gold was the medium of trade for many nations, and to this day still is a very good store of value. Eight years in bitcoin is still a very young currency, each day it remains active and secure it proves that bitcoin is standing the test of time.

(Source: www.youtube.com)

In early America, “bit” was used for some Spanish and Mexican coins that circulated and were worth one-eighth of a peso, or about 12 and one-half cents. It is also called a piece of eight and circulated in the English Colonies and freely in the USA following the Revolutionary War.

It is the renowned piece of eight that became part of the Spanish Main pirate lore. The coins minted until 1734 technically, are called a cob coins, because they were originally made by hand stamping “tail ends of bars” or “Cabot DE Barry”, which were sliced as planets from rudely cast, more or less round, bullion bars which were assayed and carefully weighed.

“Cab” might well have given us the name of cob, although it does mean a lump or small mass (as of coal). Cob coinage was made at the first mint in the Americas in Mexico City, established in 1535.

Authorized by a Spanish Royal Decree dated 14 September 1519 to melt, cast, mark and put aside the royal-fifth of the gold and silver being collected from the Aztecs in Mexico City (Tenochtitlan). He used the palace of Away call (father of Moctezuma II) for the task.

When Cortes moved into a home in 1521 in what is today the Mexico City suburb of Coach, he established the second foundry in order to meet the demand for currency and produced “more than 130,000 Castellanos”, according to information in documents collected by Francisco Antonio de Lorenzana. When the Viceroyalty of New Spain was established by Spanish Royal Decree signed by the Queen of Spain the 11th of May 1535, the Casa de Moneda (house of coin or mint) was formally established.

bit coin bill side lay dollar face preview
(Source: www.dreamstime.com)

Beginning sometime in April 1536, according to the best estimates, the first mint of the Americas started coining operations. Cobs did not start pouring-out into world marketplaces until the reign of Phillip II, after 1556.

These crudely minted reals (literally, royals) of silver were undated until 1580 when some were and others were not marked with the year of coinage. Silver USA dollars and lesser value coins also disappeared from circulation.

One hundred and fifty years later, in January 1882, the Casa de Moneda began stamping coins with a steam press purchased from Morgan, Orr & Co. of Philadelphia. In the early 1900s Mexico installed its first hydraulic press, also bought in the USA.

Mexican, or to be more exact, coins from New Spain (the official name at the time), were made primarily because it was the most convenient means of exporting and transporting the huge quantities of silver being mined. Gold coins called “escudos” (shields) or doubloons were also produced.

The silver pieces of eight began their travels from the New World to Spain and then on to Asia and Africa. The colonists were supposed to ship any and all coins to Mother England in payment for manufactured goods.

money pk
(Source: short4u.pk)

So, the English Colonies decided to use paper money which served them well until they attempted to finance the USA Revolutionary War with it. Immediately, part of the vacuum was filled by the milled Spanish-American silver issues based on the real system in denominations of 1/8R through afterwales.

Many believe these expressions to be slang, yet, history suggests they are perfectly good nomenclature. To this day, in the USA we see the use of dollar or crown instead of real or “peso” even for modern Mexican coins.

The introduction of the decimal system divided the piece of eight into one hundred parts or cents and became the standard for coinage throughout the world. In 1869 Mexico discontinued the piece of eight and replaced it with the peso, which was identical in silver content and weight, but two millimeters smaller.

The Maria Teresa Theiler was first struck in 1790 and is still being coined and to this day is used in many countries. These stamps are called “chop marks” and can be seen on some coins being sold to collectors today.

In the meantime, the peso was discontinued until 1898, and when it reappeared it was with a design very similar to the piece of eight. Today, only the Maria Teresa Theiler is being struck, albeit with an old date.

pizza hut crust gluten business pies pizzas
(Source: nytimes.com)

Bit donations appear a cheer message, or an animated emoji directly on the screen of your favorite Twitch streamer. You can also earn some pretty sweet badges to highlight your support of your favorite streamers community.

Twitch Streamers like Ninja and Sodapoppin receive thousands of messages during their stream. Sometimes they only read comments and messages when they are donated with a cheer of Twitch Bits.

When a viewer donates Bits an animated emote gets blasted onto your favorite streamers screen along with your message. Not only does this allow your favorite streamer to not miss your message, this is also a great way to support all Twitch Partners and Affiliates.

Make sure you are logged into your Twitch account and go into a channel where bit donations are enabled. You will also get a prompt at the top of the menu that says Watch Ad; this will allow you to earn Free Twitch Bits.

Twitch has recently added a ton of support for mobile users. Once you finish watching the Ad, you will earn free Twitch bits based on the length of the advertisement.

nyu campus shanghai worker york
(Source: nytimes.com)

Twitch RPG is Twitch’s research arm that helps create a better community for both the viewers and streamers. Simply sign up on the site, vote on new emotes, take surveys and more to earn free Twitch bits.

People have been known to hack macros or bots to farm more bits, but these are easily caught and often banned. Interacting with your favorite streamers, by donating Bits through cheering was now possible in the following countries: Australia, Austria, Belgium, Bulgaria, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Israel, Lithuania, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Spain, Slovakia, Sweden, Switzerland, US Outlying Islands, UK, and US.

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