Topic: Bitcoin fractions in the Future?! (Read 193 times)

there are smaller units in bitcoin, the 8 decimals have different names. it is just that people never used them much mainly because price was always low. for example in the past 8 years price was below $1200 with majority of it being below $700 and that meant the smaller units were nearly meaningless.

but now it has only been a rather short time after the price went up so high that smaller units started becoming meaningful. for instance 1 mBTC is not a meaningful value in USD. and as the price rises people will eventually choose of these units and start using them.

the most popular ones are:
mBTC = 0.00100000BTC
uBTC = 0.00000100BTC
bits = 0.00000100BTC
Satoshi = smallest unit 0.00000001BTC
all the rest: https://en.bitcoin.it/wiki/Units

Yes it is very important, I hope after the launch of the Lightning network, payments p2p will displace payment through the cards.

$100/$50,000 = BTC0.002!

and in my opinion your confusion is because you are thinking in terms of dollar. think about bitcoin as an stand alone currency.

if i tell you the jacket is worth $100.99 you are not going to think about it. you will give me a hundred dollar bill and 99 cents or 1 dollar and get 1 cent back. it has become automatic.

now imagine i tell you the jacket is worth 0.0021BTC. if you think of bitcoin as a currency like any other you are not going to think what does 0.0021BTC means. you will give me a 0.0021BTC bill (which is  a transaction in bitcoin worth that much).

There's mBTC (milliBitcoin) but it's hardly being used. It's equal to .001 (1/1000), and is the default base unit used in Electrum. In your case, the jacket would cost you .12 mBTC, which is a little easier to type, and maybe say out loud. There are also bits, which are one-millionth of a Bitcoin, but that's even rarer.

Other denomination names are going to pop up once necessary, I'm sure.

This reminds me of a post which emphasised on why satoshi was used as the least count for Bitcoin back when a single satoshi was deemed completely worthless. Even today at the $16k mark, (as of right now) one can say a single satoshi carries no value but entering the future where prices are expected to skyrocket, maybe it would find itself close 0.01 USD which is a lot, to be the smallest unit of BTC

I am thinking about it too. Really interesting. The thing is that on my mind such price of 1BTC in some extent limit using of BTC, its liquidity. When 1BTC price will be 50000 it’s hard to imagine how it will be look like.

I am just wondering what will happen when Bitcoin price hits say, $50,000. Even with the current price, $1000 will get you like BTC0.06 (at time of post), so when the price hits $50,000 (and I believe in it to do so) and if everyone is using it everyday to buy things such as groceries, surely something needs to change so people aren't having to calculate like BTC0.000000015 to buy a loaf of bread. I guess what I'm asking is, is there a unit of measurement in between 1BTC and 1 Satoshi? As the price rises, $10 becomes even less and the zero's keep moving in after the decimal point.

E.g. (we are now 5 years into the future and BTC1 has a value of $50,000)
I go into a shop and want to buy a jacket, its $100, but I want to use BTC to pay for it (BTC0.00012), I know that it will be automated in a shop where the value in dollars would be taken from your wallet but when its not automated and the users are having to make these calculations it doesn't seem user friendly to me. Maybe its not supposed to be.

I apologise for the some what confusing post and I hope I have expressed my thoughts accurately enough for you to understand what I mean, it seemed so clear in my head!

In short, as the price rises, is something going to re-adjust to the new price or are the decimals just going to keep getting smaller?
Please let me know if this post is not allowed here

Thanks for reading and I hope it makes some sense to someone!

Kind regards