Hello
Instead of using mBTCs I suggest we start using Satoshis. Here's why:
No decimal point - The chief complaint among ordinary people is that they are confused by the long line of digits after the decimal point. If we use Satoshis alone there will be no confusing decimal points. It'll be all integers.
Lots of precedents - While at first glance it might appear that 100 million Satoshis (1BTC) is a large number that people will struggle with, the reality is quite different. Quite a few countries have currencies where a single unit isn't worth much. Examples are Japan, Indonesia, Turkey, South Korea, India, Pakistan etc. People in these countries have adapted to prices in thousands and millions of currency units. So people will not find using Satoshis problematic.
Easy to articulate - Most languages have names for large denominations like "millions" or "thousands". In India for example people use crore (10 million) and lac (100,000) so 1 BTC would be 10 Crore. Another example in English speaking countries we use the kilo suffix 'k' to mean thousand. Lots of existing words that can be reused. People will not have to learn new terms like "mBTC".
So what do you guys think?
Instead of using mBTCs I suggest we start using Satoshis. Here's why:
No decimal point - The chief complaint among ordinary people is that they are confused by the long line of digits after the decimal point. If we use Satoshis alone there will be no confusing decimal points. It'll be all integers.
Lots of precedents - While at first glance it might appear that 100 million Satoshis (1BTC) is a large number that people will struggle with, the reality is quite different. Quite a few countries have currencies where a single unit isn't worth much. Examples are Japan, Indonesia, Turkey, South Korea, India, Pakistan etc. People in these countries have adapted to prices in thousands and millions of currency units. So people will not find using Satoshis problematic.
Easy to articulate - Most languages have names for large denominations like "millions" or "thousands". In India for example people use crore (10 million) and lac (100,000) so 1 BTC would be 10 Crore. Another example in English speaking countries we use the kilo suffix 'k' to mean thousand. Lots of existing words that can be reused. People will not have to learn new terms like "mBTC".
So what do you guys think?
There is nothing confusing about using Satoshi or BTC or even the currency of your choice. It is all base 10 numbers. There have been proposal to use numbers that are beyond base 10. That is what I think would be confusing. Satoshi is better because it is in honor of the creator of Bitcoins.
