I don't like bits
I like bitcoins
Topic: millibitcoins - page 2. (Read 3322 times)
I don't see a problem with "bit". The only objection I've seen is that it could be confused with informational bits, but those very rarely come up in the same context. British use pound for both currency and weight, and that doesn't seem to be a problem. I think bits is a very marketable name with a real chance to catch on.
mBTC and uBTC are very easy to understand. Or do you think people using Bitcoin dont have idea what SI unit prefixes are ?
I wouldn't personally object to the SI-prefixes, hell I was a proponent for them once. My problem with them is that they doesn't seem to work very well. I've had more than one conversations where the prefixes causes some sort of mental hiccup with people, shifting focus from the point I'm trying to get across. People aren't used to counting money in fractions, and this makes them very skeptical. Also, using too many different units is potentially a big problem as it could cause some huge fuck-ups. A currency needs as few names for different units as possible.
And as I said earlier, I live in a country that uses the metric system. If the SI-prefixes isn't very marketable for currency here, I don't think they are very usable anywhere.
Another user worded it perfectly in another thread.
+1 for 1 million bits in a coin. I feel like that would be perfect when 1 btc is in the ballpark of $10k, therefore a bit is in the ballpark of a cent. Its still workable now but its also looking forward to the future. With a 10k valuation, prices for things won't need decimal points, they'd look like dollar prices do today except without the dot which I think is very intuitive. Bits is easy to say and intuitively derives from bitcoin.
Too many names for things is confusing, especially when they can be confused with each other like milli and microbits. Now we'll have bitcoins for large sums, bits for small sums, and satoshis for the technically inclined (laymen need not worry about this term).
Bits also work if bitcoin ever reaches a valuation of a million $ each, then bits are equivalent to dollars and prices can reintroduce two numbers after a decimal point like we use now.
"Bits" is simple, intuitive, marketable and forward-looking. I really think this is our best bet. Too many names for things is confusing, especially when they can be confused with each other like milli and microbits. Now we'll have bitcoins for large sums, bits for small sums, and satoshis for the technically inclined (laymen need not worry about this term).
Bits also work if bitcoin ever reaches a valuation of a million $ each, then bits are equivalent to dollars and prices can reintroduce two numbers after a decimal point like we use now.
I don't see a problem with "bit". The only objection I've seen is that it could be confused with informational bits, but those very rarely come up in the same context. British use pound for both currency and weight, and that doesn't seem to be a problem. I think bits is a very marketable name with a real chance to catch on.
mBTC and uBTC are very easy to understand. Or do you think people using Bitcoin dont have idea what SI unit prefixes are ?
We need to use the word 'bits' for a millionth of a bitcoin instead.
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.
And I live in a country that uses the metric system.
Bits is so much more psychologically appealing as well. Imagine this conversation.
"Bitcoin is to expensive"
"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."
"Oh"
Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.
Just my 2 bits.
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.
And I live in a country that uses the metric system.
Bits is so much more psychologically appealing as well. Imagine this conversation.
"Bitcoin is to expensive"
"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."
"Oh"
Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.
Just my 2 bits.
I made a thread all about that. Not sure that "bit" is the best short name, though. One guy recommended bai.
I don't see a problem with "bit". The only objection I've seen is that it could be confused with informational bits, but those very rarely come up in the same context. British use pound for both currency and weight, and that doesn't seem to be a problem. I think bits is a very marketable name with a real chance to catch on.
People would be confused, 1mBTC = 1.10 USD and 1 LTC = 40 USD ? They may think LTC is better because of higher price 
Considering how prices affect the decisions of newcomers i think yes thats possible.
40$ dollars is still quite cheap after all, if you think that something similar that was worth 40$ some months ago now worths 1000+ .
BTC has a much stronger network effect, it is years ahead of LTC
LTC is like RC Cola compared to BTC Coke
mBTC would have a real effect on people looking to get in who perceive BTC to be "too expensive"
LTC is like RC Cola compared to BTC Coke
mBTC would have a real effect on people looking to get in who perceive BTC to be "too expensive"
We need a split into 1000 millibitcoins, which would be just over $1 each at the current price. They'd fly off the shelves, and effectively kill LTC and all the other altcoins.
How can we initiate the change to mBTC?
How can we initiate the change to mBTC?
I don't think this is a very sophisticated strategy to kill LTC. (why kill it anyway, just buy some ltc and harvest great gains
)I mean LTC can switch to mLTC and it 'll still be "cheaper" right?
People would be confused, 1mBTC = 1.10 USD and 1 LTC = 40 USD ? They may think LTC is better because of higher price
And buying LTC now? No way!
Why do you consider Bitcoin even at current prices to be the best investment ever but Litecoin at current prices to be bad? Litecoin does the same thing, can do it quicker, and at present still offers hobbyist miners a chance of getting involved.
We need a split into 1000 millibitcoins, which would be just over $1 each at the current price. They'd fly off the shelves, and effectively kill LTC and all the other altcoins.
How can we initiate the change to mBTC?
How can we initiate the change to mBTC?
i support this the mXBT/ mBTC movement 100% . I believe its an important step for the mainstream to get into bitcoin, right now the masses mentality is "bitcoin is too expensive" however when they look at it from mXBT / MBTC point of view it'll look affordable, especially if it's going to be used as a currency.
A good comparison is Gold, a TT bar is the equivalent of 1 Bitcoin and 1 ounce is the main unit of measure for the price of gold globally.
It's time to make the switch asap before Bitcoin going full mainstream in 2014, exchanges should start by pricing bitcoin by mxbt and xbt this will help the transition.
We need a split into 1000 millibitcoins, which would be just over $1 each at the current price. They'd fly off the shelves, and effectively kill LTC and all the other altcoins.
How can we initiate the change to mBTC?
How can we initiate the change to mBTC?
Why would you want to kill all the competition ? I thought free market libertarians believed in competition and were against monopolies.
I vote for mBTC, short and simple
It is inevitable
It is inevitable
I don't think it's a good idea to combat misconception with confusion.
Definitely time to switch to mBTC IMO
We need a split into 1000 millibitcoins, which would be just over $1 each at the current price. They'd fly off the shelves, and effectively kill LTC and all the other altcoins.
How can we initiate the change to mBTC?
How can we initiate the change to mBTC?
I don't think this is a very sophisticated strategy to kill LTC. (why kill it anyway, just buy some ltc and harvest great gains
)I mean LTC can switch to mLTC and it 'll still be "cheaper" right?
People would be confused, 1mBTC = 1.10 USD and 1 LTC = 40 USD ? They may think LTC is better because of higher price
And buying LTC now? No way!
We need to use the word 'bits' for a millionth of a bitcoin instead.
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.
And I live in a country that uses the metric system.
Bits is so much more psychologically appealing as well. Imagine this conversation.
"Bitcoin is to expensive"
"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."
"Oh"
Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.
Just my 2 bits.
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.
And I live in a country that uses the metric system.
Bits is so much more psychologically appealing as well. Imagine this conversation.
"Bitcoin is to expensive"
"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."
"Oh"
Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.
Just my 2 bits.
I made a thread all about that. Not sure that "bit" is the best short name, though. One guy recommended bai.
I vote for Satoshi
0.000 000 01 BTC = 1 Satoshi (Sat)
0.000 01 = 1 kilo-Satoshi (kSat)
0.01 = 1 Mega-Satoshi (MSat)
currently $1 is 11.5 Mega-Satoshi
0.000 000 01 BTC = 1 Satoshi (Sat)
0.000 01 = 1 kilo-Satoshi (kSat)
0.01 = 1 Mega-Satoshi (MSat)
currently $1 is 11.5 Mega-Satoshi
We need a split into 1000 millibitcoins, which would be just over $1 each at the current price. They'd fly off the shelves, and effectively kill LTC and all the other altcoins.
How can we initiate the change to mBTC?
How can we initiate the change to mBTC?
I don't think this is a very sophisticated strategy to kill LTC. (why kill it anyway, just buy some ltc and harvest great gains
)I mean LTC can switch to mLTC and it 'll still be "cheaper" right?
You can set mBTC in Bitcoin-qt, what is the deal?
well, if we keep this 1000 dollar price very stable... it might.
But, we will eventually end up using µBTC or bits as the guy mentioned above in the future
But, we will eventually end up using µBTC or bits as the guy mentioned above in the future
We need to use the word 'bits' for a millionth of a bitcoin instead.
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.
And I live in a country that uses the metric system.
Bits is so much more psychologically appealing as well. Imagine this conversation.
"Bitcoin is to expensive"
"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."
"Oh"
Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.
Just my 2 bits.
http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/
I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.
And I live in a country that uses the metric system.
Bits is so much more psychologically appealing as well. Imagine this conversation.
"Bitcoin is to expensive"
"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."
"Oh"
Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.
Just my 2 bits.
Good idea. Anybody wanna take a stab at a succinct template email to them? And maybe an email list of exchanges? Then we could all fire away.
Sort of like those emails we receive to write our Congressmen
Sort of like those emails we receive to write our Congressmen
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