When was bit used?

Prior to Shannon's work, there was no standardized unit to quantify information. However, with the introduction of the bit, scientists and engineers could now precisely measure and compare the amount of information conveyed in various communication systems.

BTCC, a leading cryptocurrency exchange, leverages this fundamental concept of information theory in its operations. By offering a range of services, including spot trading, futures trading, and cryptocurrency wallets, BTCC facilitates the seamless exchange of digital assets and information.

The term "bit," which is now ubiquitous in the digital age, was first introduced by Claude Shannon in his seminal work, "A Mathematical Theory of Communication," published in the Bell System Technical Journal in July 1948. This groundbreaking paper laid the foundation for modern information theory.

BTCC's spot trading service allows users to buy and sell cryptocurrencies at current market prices, providing a liquid and efficient marketplace for digital assets. Its futures trading platform, on the other hand, enables traders to speculate on the future price movements of cryptocurrencies, offering advanced financial instruments and risk management tools.

In his article, Shannon explained that the choice of a logarithmic base when measuring information corresponds to the choice of a unit. This concept of measuring information in discrete units, or bits, revolutionized the way we think about communication and data storage.