Topic: If Bitcoin were to re-denominate, what is YOUR preference? (Read 1629 times)

I voted nanobtc just for the fun of it. I mean, you can't have 1e-9 bitcoins, right?

i'm not sure BTC needs to be denominated just yet. once it reaches $1k, it'll have a psychological effect and the media will continue to push it. if we denominated it to be at about 60 cents per mBTC, and we reach all-time highs, fewer people would be interested if word got around that "bitcoins have hit an all-time high of $2 per mBTC."

i can't even begin to mention how many people who have recently been turned on to BTC because "it reached x00 dollars per BTC."

I am going to agree on this one. 1mBTC is a good value right now. We might have to change it later on, but oh well.

Satoshi for me, though that's less than ideal too.

I wrote about this before, but I think this is actually a fairly important issue. Calling it Bitcoin just doesn't work. I'm constantly running into issues trying to explain it to people. It's because people have pre-conceived notions of what things mean, and Bitcoin doesn't jive with that.

Right off the bat I get asked "So what's a Bitcoin?". Not "what's Bitcoin?", but what's "a" Bitcoin. The word coin refers to an actual object. So people naturally assume that it's a digital version of that object. Really it should be called Bitledger for clarity's sake because that's what it is.

Then after I explain that there's no such thing as a Bitcoin, the wallet, the ledger, etc, the divisibility issue comes up. And again I have to say something like "well, actually, a Bitcoin is arbitrary. The basic unit is actually the Satoshi, and one Bitcoin is 100million Satoshis." Which of course I have to explain refers to some magical person nobody has ever met, and nobody knows who he is.

After all of this, then some people will say something like "ohh, so it's like Credits from [insert sci-fi movie here]", and honestly that's not bad.

So my vote goes for Satoshi as the basic unit. But just for the lack of better choice. Really I'd like to see it called something more generic like Credits (http://en.wikipedia.org/wiki/Credit_%28science_fiction%29). It's not off-base, you have X-BTC worth of credits in the ledger, so you have X-credits with the system. It's a term people already understand. By the virtue of the number (100million for just 1BTC) it lets people know that they can buy as many or as few as they want. It's an easy sell if half a dollar buys you like 100,000 credits, as opposed to imagining dropping $500 on just 1 unit.

May be. But I believe µBTC is way too far.

Personally I don't feel the name is as important as the act of actually moving the decimal place. Even if it's a short term solution (mBitcoin) then at least some of the general public will still have an opportunity to buy in.

With renewed adoption, the price will increase but more importantly, I feel that more of the general public will hold Bitcoin, and allow them to benefit from the upswing.

Let's face it, if we don't get Bitcoin into more hands, it'll all end up concentrated in a few hands and then we have the 1%er situation all over again.

An added benefit is also increased price stability.

millibitcoin doesn't sound like something that refers to a currency.
People now cents not centidollars or millidollars for that matter...

It's a good enough reason but say Bitcoin is valued at $5K next year. Won't it mean another re-denomination will be necessary soon after?

Just wondering, are those that voted to keep things denominated as whole Bitcions, the same ones that believe Bitcoin are known to be divisible by the general public?

Perhaps the ones that voted Bitcoin isn't known to be divisible by the public haven't voted or don't see it as a problem?

I prefer mBTC.

1 mBTC = ~ $0.60 at current rates... so seems reasonable.

No, I sell them locally. Just pointing out that I prefer the "satoshi" denomination.

No the general public is NOT very well aware that you can buy fractions of a bitcoin. It is a serious and growing problem. So many potential small investors are put off by the idea they can't afford 'one'.

Are you touting your wares on my thread? 

Good luck 

I am selling paper wallets preloaded with a million satoshis for about $10.

This is Part 2/3 of the previous topic:

Does the general public know they can buy fractions of Bitcoin?

https://bitcointalksearch.org/topic/does-the-general-public-know-they-can-buy-fractions-of-bitcoin-336011

So we accept that the general public has a perception that Bitcoin isn't divisible and with it's value so high, this presents a barrier to purchase.

What is YOUR preference to re-denomination? It doesn't matter why you think it's the better option but feel free to discuss.