Topic: is it possible to change the denominations? (Read 480 times)

Also it feels wierd because we are actually working toward the satoshi not away from it atm. This is awkward imo. I think the current BTC should be called a satoshi, then we would be working away from it due to the currencys deflationary nature, and the satoshi would slowly become a legend as its suppose to imo. "The satoshi was the denomiation we used on the exchanges when bitcoin began and it is the equivalent of 100,000,000 bitcoin" child "wow? single persons could have 100,000,000 bitcoin!?" adult/father "Yes, some people even had several." child "several hundred million bitcoin wow!"

i understand. but atm. we are calling 1 satoshi 0,0000001 BTC, but it should be the other way around imo.... 1 BTC should be 100.000.000 Satoshi. And then taken a step further, the smallest amount should not be called satoshi, but rather Bitcoin. I think it makes more sense. To be honest i think places can even adopt this system today if they wanted. It would just be a matter of how they display the denomination. I bet the first mining pool to adopt a system that doesent display "0,00002323 BTC" mined today but rather "2323 Bc" or a similar system will become the more popular, because it just doesent feel as rewarding getting 0,000034 of somthing than it does getting 34 of something.... even tho the two numbers represents exactly the same value

It might already be there, but I kind of agree 1 Satoshi should be the default. That gives the illusion of more growing opportunity.

This is already implemented in your Bitcoin Client. Go to Settings and change denominations to mBTC or even µBTC. Done.

hello,

is it possible to change the denominations so they have a better feel?

atm we have 1 bitcoin, and then we work the way down, getting odd numbers with decimal places which just feels wrong and looks awkard.

1 BTC        = BitCoin = 100,000,000 Satoshis
0.01 BTC     = 1 cB or 1 cBTC (bitcent)
0.001 BTC    = 1 mB or 1 mBTC (bitmill)
0.000001 BTC = 1 μB or 1 μBTC (mike)
0.00000001 BTC = Satoshi

Its something i copy pasted from another thread, but thats how the standard more or less is today, but is it possible to agree on some changes so it becomes

1 BTC = 100,000,000 Bitcoin
1 Bitcoin = The smallest atomic amount

Then we actually work our way UP from there. For example atm. i have 11 bitcoin. Thats in reality 1.100.000.000 Satoshis. Id prefer if the smallest amount was called Bitcoin instead of satoshis. Then we can call the currect Bitcoin or BTC a satoshi. It will ultimately become very valuable if bitcoin becomes successful, and thus its a greater honor. It wont be used as much. 1 BTC would probably eventually have the equivalent value of a goldbar, so i think it makes sense to call the current BTC Satoshi. If we called the smallest atomic amount possible then or rather the minimum amount you could send BITCOIN, then the system becomes more transparent and pricing easier. We could then let the market decide on proper denominations. For example 1 Kilobitcoin(kBc), would be 1000 of the smallest atomic amount. One Megabitcoin (mBc) would be 1 million of the smallest atomic amount. in fact in this system what we call a BTC today would be 100 kBc. I personally feel these kinds of denominations makes having bitcoin and mining it much more rewarding, because having 0,03435 bitcoin feels awkward, and mining 0,004343 bitcoin also feels awkward so on so forth. of course changing the denominations or names wont impact the actual value underlying but the currency itself would just have a better feel imo, which ultimately adds to its strength.