advantages of trading satoshis instead of whole bitcoins - page 2.

lonelygrimm

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Absolutely, it's easier to understand how markets work in satoshi then invest more than 1 Btc.

Like other reply before, it's happening because wallet interface from the start and they would not change it until now. If this still continue, i'm afraid that people will not interest to invest bitcoin because they think it's impossible with this number unit to afford a bitcoin, even though we know we can buy bitcoin any amount as long it's still bigger than fee Grin

I really hope the exchanger and wallet provider will hear about this situation.

Iranus

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IMO the best unit is "bits", or microbitcoin, because 1 bitcoin = 1 million bits.

In theory if BTC was adopted as a mainstream currency (which I personally see as unlikely), and the price was 1 million dollars, one bit would be worth one dollar and you could have two decimal places (satoshi in reality) per bit.

Bits would also be effective if the price stays roughly as it is, because one bit will be worth one US cent when the BTC price is 10,000 dollars (and right now it's worth about half of a cent).

Even though most of us know that "one Bitcoin" is completely irrelevant, it is sort of a mental barrier for people.

ccowl

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What happens when you want to move your 1000 satoshi from one wallet to another? Don't you still have to pay 0.00100000 BTC transaction fee?

michellee

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Quote from: vroom on August 31, 2017, 08:25:46 AM

The high bitcoin price seems to be an obstacle for people who want to invest in it. Some may think, buying only a fraction of a bitcoin makes no sense. what should they do with less then 1 bitcoin?

Why not start listening and trading satoshis on exchanges? People who can not afford an whole bitcoin can buy thousands of satoshis. Of course, that has the same value and everything, but some folks it may help to feel better. I think this would help to become bitcoin more mainstream.

Google did something similar with their stocks. The primary google stock become to expensive, so they started a cheaper one.

what do you think, does this make sense?

I think its better to start from satoshis first if we are new with trading because it is makes us to learn to analyze the market beside that, we can learn step by step. the most important is if we are lose, we are not lose in big amount and we still have another satoshis to buy other coins and not just trading bitcoin pair usdt.

talkbitcoin

legendary

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All I know is that I know nothing.

it is just the common misunderstanding because of the interface that wallets and exchanges use. in fact at code base there is nothing called "bitcoin" there is only satoshis. you send 1,000,000 satoshi not 0.01 bitcoin.

but since everything is old and a long time ago it bitcoin was worth less than a dollar, i think that is why it has still stuck with us.

but other smaller units exist https://en.bitcoin.it/wiki/Units and there are a lot of them. i also agree with using Satoshi. it is best and easiest to understand instead of mBTC, uBTC, Bits,...

Quote from: vroom on August 31, 2017, 08:25:46 AM

Google did something similar with their stocks. The primary google stock become to expensive, so they started a cheaper one.

since bitcoin is decentralized it would take time. i think at some point the wallets need to start using Satoshi in the interface as price goes higher. currently 1000 satoshi is about 4.6 US cents. and pretty soon 100 satoshi will be 1 US cent too. and that would be a start.

vroom

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The high bitcoin price seems to be an obstacle for people who want to invest in it. Some may think, buying only a fraction of a bitcoin makes no sense. what should they do with less then 1 bitcoin?

Why not start listening and trading satoshis on exchanges? People who can not afford an whole bitcoin can buy thousands of satoshis. Of course, that has the same value and everything, but some folks it may help to feel better. I think this would help to become bitcoin more mainstream.

Google did something similar with their stocks. The primary google stock become to expensive, so they started a cheaper one.

what do you think, does this make sense?

Topic: advantages of trading satoshis instead of whole bitcoins - page 2. (Read 653 times)