1BIT: A Peer-to-Peer Electronic Bit

Abstract

A purely one-bit version of electronic cash. The whole coin is a single bit, so it cannot be spent twice: there is nothing to spend it with. The bit is divided into 21,000,000 tokens. Bitcoin used the same number to make 21 million coins. We used it to cut one square.

1. The Bit

A bit has two states. In 1BIT the state 1 is an orange square and the state 0 is its outline. Anyone can flip it at the top of this page. Flipping it to 0 burns nothing: the supply stays 21,000,000, the bit is just off.

Figure 1. One bit, before it is cut.

2. Supply

Unit	Amount
Bits	1
Tokens	21,000,000
One token	0.0000000476 bit

3. Who owns the bit

Nobody. The bit is not for sale yet.

Figure 2. The bit, owned by nobody.