ForexMinute.com – BitPay recently expanded its invoice amounts to six decimal places in order to assist users in buying goods of cheaper value via Bitcoin.
“Over the past few months, many major Bitcoin projects have added support for “bits” as a denomination of bitcoin,” wrote BitPay’s developer Eric Martindale in a press statement. “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.”
Martindale further informed users to migrate this service into their multi-signature wallet and blockchain explorer, Copay and Insight, respectively. Once implemented, the new six-decimal feature will provide businesses and users the ease of shopping without worrying about the downward limitations in their invoices.
The roots of this new feature lays in one of the BitPay’s posts in early May this year, in which the company’s core developer Jeff Garzik discussed the topic of Bitcoin and decimal places in detail. “More than just a debate over naming (“bits or µBTC”), this is a human interface and technical issue that warrants careful consideration,” he said and proposed a summary of their plans to tackle the issue. It is listed below:
- Expand invoice amount to six decimal places, up from four. Implemented on December 16th 2014
- Drop leading zeroes from invoice amounts. Prices are now expressed in micro-bitcoins (µBTC or “bits”).
- When necessary, add two decimal places to accommodate further bitcoin value appreciation.
Over the next months, BitPay will implement the other two plans.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org