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Topic: How much is a mBTC equal to? - page 2. (Read 163379 times)

hero member
Activity: 658
Merit: 500
Buy and sell bitcoins,
July 02, 2014, 11:37:56 PM
#29
OP is right -- too confusing. Smiley Screw this whole SI unit thing. BTC is a unit already, and it's widely accepted. This unit changing idea is so obviously pegged to USD value, that it means we'll go from mBTC, onto uBTC, satoshis, etc. etc. Or "bits" -- what the hell is that? Just some made up crap.

BTC is a unit.....

If you screw the metric system have fun without measuring in kilometers, kilograms, centimeters, Celsius, ampere, volts, ohms, watts, joule, newton, pascal, kelvin, gigahertz, terabytes, and what not.

Have fun with your feet, bananas, inches, spider legs and whatever tools you have laying around there caveman.

You're missing the point. Apparently it went way over your head. I have no problem with the metric system. Roll Eyes

BTC is already a unit. What legitimate reason is there to peg it to fiat value -- seemingly the only justification for perpetually changing its unit? Every few years, we gonna change the unit? How many different wallet standards will there be, and how many people are going to send irreversible payments in the wrong order of magnitude?

The dollar is perpetually being devalued -- the inverse of BTC. Do we constantly change the dollar's accepted unit, as it loses value? No; it is a standard that people are used to and understand. Same goes for BTC.

We're not really making up new terms though. We are simply affixing already established metric prefixes to the units that we already know in order to distinguish their denomination. Here is a link to a few common metric prefixes. As you can see, calling an amount a centibitcoin is no different from calling a hundredth of a dollar a cent. We can also call it a megasatoshi.

As far as wallet standards go, using different standard units is indeed an annoyance. However, as long as people understand how much a unit is as opposed to a satoshi, then there really shouldn't be a problem. It's not like a satoshi will be worth 0.01 USD anytime soon, so we won't be needing a new unit beyond it.

Nobody said anything about "making up" terms. I am aware of the metric system, LOL. This is not about what the metric system is -- it is about whether it is useful or applicable here. I argue that it is not. Again, I see no reason to peg BTC value to USD value, and as your last point suggests, that's what this is really all about.

Would someone explain to me why that is necessary?
sr. member
Activity: 399
Merit: 257
July 02, 2014, 11:09:24 PM
#28
OP is right -- too confusing. Smiley Screw this whole SI unit thing. BTC is a unit already, and it's widely accepted. This unit changing idea is so obviously pegged to USD value, that it means we'll go from mBTC, onto uBTC, satoshis, etc. etc. Or "bits" -- what the hell is that? Just some made up crap.

BTC is a unit.....

If you screw the metric system have fun without measuring in kilometers, kilograms, centimeters, Celsius, ampere, volts, ohms, watts, joule, newton, pascal, kelvin, gigahertz, terabytes, and what not.

Have fun with your feet, bananas, inches, spider legs and whatever tools you have laying around there caveman.

You're missing the point. Apparently it went way over your head. I have no problem with the metric system. Roll Eyes

BTC is already a unit. What legitimate reason is there to peg it to fiat value -- seemingly the only justification for perpetually changing its unit? Every few years, we gonna change the unit? How many different wallet standards will there be, and how many people are going to send irreversible payments in the wrong order of magnitude?

The dollar is perpetually being devalued -- the inverse of BTC. Do we constantly change the dollar's accepted unit, as it loses value? No; it is a standard that people are used to and understand. Same goes for BTC.

We're not really making up new terms though. We are simply affixing already established metric prefixes to the units that we already know in order to distinguish their denomination. Here is a link to a few common metric prefixes. As you can see, calling an amount a centibitcoin is no different from calling a hundredth of a dollar a cent. We can also call it a megasatoshi.

As far as wallet standards go, using different standard units is indeed an annoyance. However, as long as people understand how much a unit is as opposed to a satoshi, then there really shouldn't be a problem. It's not like a satoshi will be worth 0.01 USD anytime soon, so we won't be needing a new unit beyond it.
hero member
Activity: 658
Merit: 500
Buy and sell bitcoins,
July 02, 2014, 10:41:48 PM
#27
OP is right -- too confusing. Smiley Screw this whole SI unit thing. BTC is a unit already, and it's widely accepted. This unit changing idea is so obviously pegged to USD value, that it means we'll go from mBTC, onto uBTC, satoshis, etc. etc. Or "bits" -- what the hell is that? Just some made up crap.

BTC is a unit.....

If you screw the metric system have fun without measuring in kilometers, kilograms, centimeters, Celsius, ampere, volts, ohms, watts, joule, newton, pascal, kelvin, gigahertz, terabytes, and what not.

Have fun with your feet, bananas, inches, spider legs and whatever tools you have laying around there caveman.

You're missing the point. Apparently it went way over your head. I have no problem with the metric system. Roll Eyes

BTC is already a unit. What legitimate reason is there to peg it to fiat value -- seemingly the only justification for perpetually changing its unit? Every few years, we gonna change the unit? How many different wallet standards will there be, and how many people are going to send irreversible payments in the wrong order of magnitude?

The dollar is perpetually being devalued -- the inverse of BTC. Do we constantly change the dollar's accepted unit, as it loses value? No; it is a standard that people are used to and understand. Same goes for BTC.
legendary
Activity: 1106
Merit: 1005
July 02, 2014, 10:37:08 PM
#26
OP is right -- too confusing. Smiley Screw this whole SI unit thing. BTC is a unit already, and it's widely accepted. This unit changing idea is so obviously pegged to USD value, that it means we'll go from mBTC, onto uBTC, satoshis, etc. etc. Or "bits" -- what the hell is that? Just some made up crap.

BTC is a unit.....

If you screw the metric system have fun without measuring in kilometers, kilograms, centimeters, Celsius, ampere, volts, ohms, watts, joule, newton, pascal, kelvin, gigahertz, terabytes, and what not.

Have fun with your feet, bananas, inches, spider legs and whatever tools you have laying around there caveman.
legendary
Activity: 1106
Merit: 1005
July 02, 2014, 10:32:35 PM
#25
and, is it anything like uBTC?

It's based on the metric system (google it if you don't know it)

You probably already know centi, from percent, centimeter, and cents. It means 1/100th of something

m (lower case) stands for milli, which means 1/1000th of something (in this case bitcoin, so 0.001 bitcoin or 1/10th of a cent)


uBTC is a different way of spelling μ (Greek lowercase 'mu' where m is derived from, because m was already taken for milli, and M for Mega)  and it means micro (1/1000000) or 1 millionth of something.

After micro comes nano, but that is even smaller than a satoshi, which is not currently supported (maybe in the future). You may have heard of nano before. Computer chips are so small they are measured in nanometers.
hero member
Activity: 896
Merit: 1000
July 02, 2014, 04:24:43 PM
#24
So 1 mBTC = 0.00100000 BTC?

I love to see a full digits length!

How much will be 0.01985 mBTC then?

1 BTC = 1000 mBTC

1 mBTC = 0.001 BTC
sr. member
Activity: 294
Merit: 250
July 02, 2014, 02:25:00 PM
#23
OP is right -- too confusing. Smiley Screw this whole SI unit thing. BTC is a unit already, and it's widely accepted. This unit changing idea is so obviously pegged to USD value, that it means we'll go from mBTC, onto uBTC, satoshis, etc. etc. Or "bits" -- what the hell is that? Just some made up crap.

BTC is a unit.....

I agree that fractional units of BTC is confusing right now, but I also think that as the BTC value increases in economies around the world, the practicality of fractional units and their corresponding names will be appealing. Your comment about the units being 'pegged to the USD value' are partially true. If you peg BTC value to any fiat though it would be the same, and that pegging is just a current approximation of value in that economy.

For example, I recently paid .004658 BTC for a sandwich here in Seattle. It would have been much easier to quickly wrap my head around price if I didn't have to count trailing digits correctly - just basic human cognition. In small purchase cases, a fractional unit would have been helpful, e.g. 4.65 mBTC in this case.

By the way, 1 meter is a unit..... and centimeters, millimeters and so on have proven useful and therefore been widely adopted.

hero member
Activity: 896
Merit: 1000
July 02, 2014, 09:57:19 AM
#22
OP is right -- too confusing. Smiley Screw this whole SI unit thing. BTC is a unit already, and it's widely accepted. This unit changing idea is so obviously pegged to USD value, that it means we'll go from mBTC, onto uBTC, satoshis, etc. etc. Or "bits" -- what the hell is that? Just some made up crap.

BTC is a unit.....

It is true that "btc" is a unit, but it is very reasonable and logical to use different units like "mbtc", "μbtc" and "sat", for different kinds of purpose.

For example meter "m" is a unit, but we also have and use nm, mm, cm, km as well for measurements of different kinds of stuff.
Another example would be B, KB, MB, GB, TB, etc. Smiley
full member
Activity: 224
Merit: 101
July 02, 2014, 09:54:25 AM
#21
Quote
Posted by: GeorgeFeb
Insert Quote
So 1 mBTC = 0.00100000 BTC?

I love to see a full digits length!

How much will be 0.01985 mBTC then?

0.00001985 BTC  Grin

Damn, I thought so, cheers! Smiley
newbie
Activity: 28
Merit: 0
July 02, 2014, 09:46:56 AM
#20
Quote
Posted by: GeorgeFeb
Insert Quote
So 1 mBTC = 0.00100000 BTC?

I love to see a full digits length!

How much will be 0.01985 mBTC then?

0.00001985 BTC  Grin
full member
Activity: 224
Merit: 101
July 02, 2014, 09:35:48 AM
#19
So 1 mBTC = 0.00100000 BTC?

I love to see a full digits length!

How much will be 0.01985 mBTC then?
hero member
Activity: 658
Merit: 500
Buy and sell bitcoins,
July 02, 2014, 03:36:02 AM
#18
OP is right -- too confusing. Smiley Screw this whole SI unit thing. BTC is a unit already, and it's widely accepted. This unit changing idea is so obviously pegged to USD value, that it means we'll go from mBTC, onto uBTC, satoshis, etc. etc. Or "bits" -- what the hell is that? Just some made up crap.

BTC is a unit.....
newbie
Activity: 27
Merit: 0
July 02, 2014, 02:34:06 AM
#17
1 mBTC = 1BTC /1000

1 mBTC = 0.001 BTC
newbie
Activity: 54
Merit: 0
July 01, 2014, 08:06:11 PM
#16
Bitcoin definitely needs reverse devaluation Smiley
full member
Activity: 196
Merit: 101
February 20, 2014, 04:31:35 PM
#15
mBTC is short for milibitcoin
so mili is 0.001 out of a whole unit which means mili bitcoin is 0.001 bitcoins Wink
newbie
Activity: 23
Merit: 0
February 20, 2014, 03:57:48 PM
#14
between 1000 - 00000000000,1
newbie
Activity: 42
Merit: 0
February 20, 2014, 01:26:23 PM
#13
$3.50.  prove me wrong
legendary
Activity: 1414
Merit: 1000
February 20, 2014, 09:51:45 AM
#12
As far I know 0.001
newbie
Activity: 6
Merit: 0
February 20, 2014, 09:12:54 AM
#11
1 mBTC = 0.001 BTC (milli BTC)
1 uBTC = 0.001 mBTC (micro BTC or millionth of BTC)
1 satoshi = 0.01 uBTC (smallest unit of divisibility, hundred milltionth of a Bitcoin).

Remember those are the current limits these can be changed by the Devs at a later date
member
Activity: 108
Merit: 10
January 31, 2014, 05:21:55 AM
#10
1 mBTC = 0.001 BTC (milli BTC)
1 uBTC = 0.001 mBTC (micro BTC or millionth of BTC)
1 satoshi = 0.01 uBTC (smallest unit of divisibility, hundred milltionth of a Bitcoin).
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