New Bitcoin Units. AlternativeTo mBTC, uBTC

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

// that's just to cover up the fact that it's silly to say "I'm flying at 25,000 feet altitude". //

Same. "I paid 0.002 / 2 mBTC for coffee." is also sounds silly.

200 BTC^T ?!

/

That's enough precision.

mBTC is also a new unit. Thousandth of one BTC. What I'm saying is , we don't have to always break this way.

Yes, mBTC is standard, and some fancy name would help in mBTC adoption.

I've just explained the other way, which is also kind of 'metric'.

1.05 million, 1.05 billion, 1.05 trillion, etc. is just to adjust with base 21M units.

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: btcusr on November 29, 2013, 07:11:31 AM

Quote from: Martijnvdc on November 29, 2013, 07:06:37 AM

No offense, but that sounds like a horrible idea...
There is simply no reason to use other units... Why make it more complex?

Horrible names? Yes. May be.

It's just an idea. Someone would come up with a good name.

But we need smaller units as we go up.

Anyone know "flight level", as in FL250.. Cool

that's just to cover up the fact that it's silly to say "I'm flying at 25,000 feet altitude".

zimmah

legendary

Activity: 1106

Merit: 1005

why change something that is simple and make it more confusing?

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

Quote from: Qoheleth on November 29, 2013, 12:36:08 PM

Quote from: Cryddit on November 29, 2013, 10:04:52 AM

Just use metric prefixes. It's not worth the trouble of explaining anything else to all newcomers.

I'm totally in favor of SI prefixes starting with micro-bitcoins. But "milli-bitcoin" sounds and looks too much like "million bitcoin", which is a much more "expected" construction in the world of money and finance. (That's why I use "minicoin" myself, although I'm open to better alternatives.)

OP's construction is an interesting one (measuring the value of a blockchain balance by its "percentage of the pie"), but I think it'd be too difficult to introduce at this late stage.

Thanks..

Idea is like, take all 21M bitcoins, and break it into million, billion, trillion parts. This is just 'metric'.

invisiblehand

newbie

Activity: 49

Merit: 0

If there is a push for mBTC right now it will facilitate us getting to the next order of magnitude faster

People are already familiar with millimeters and milligrams

By convention million would be denoted MBTC not mBTC

Qoheleth

legendary

Activity: 960

Merit: 1028

Spurn wild goose chases. Seek that which endures.

Quote from: Cryddit on November 29, 2013, 10:04:52 AM

Just use metric prefixes. It's not worth the trouble of explaining anything else to all newcomers.

I'm totally in favor of SI prefixes starting with micro-bitcoins. But "milli-bitcoin" sounds and looks too much like "million bitcoin", which is a much more "expected" construction in the world of money and finance. (That's why I use "minicoin" myself, although I'm open to better alternatives.)

OP's construction is an interesting one (measuring the value of a blockchain balance by its "percentage of the pie"), but I think it'd be too difficult to introduce at this late stage.

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

21 million is base unit, and it's not going to be easy to use, as the exchange rate increases.

So, my proposal is to break it (21 million BTC) into million, billion, trillion parts, and use it day-to-day..

M, B, T, Q, R, S.

BTC^M, BTC^B, BTC^T, BTC^Q, BTC^R, BTC^S

invisiblehand

newbie

Activity: 49

Merit: 0

I think mBTC will soon come into common parleyance

Cryddit

legendary

Activity: 924

Merit: 1132

Just use metric prefixes. It's not worth the trouble of explaining anything else to all newcomers.

Remember the weird 'wizarding money' in the H Potter books? seventeen knuts to the sickle, 21 sickles to the Galleon? You wanna explain something that's going to sound like *that* to newcomers, every time somebody joins up?

I think Rowling was poking fun at the old English pounds/shillings/pence debacle. Fortunately replaced by the decimal Euro at this point, which is much easier to deal with if you haven't been using the pounds/pence/shilling idiocy all your life.

solomon

full member

Activity: 120

Merit: 100

Exactly. Use bitz if you think it'll get confused with data.

I'm not sure how often people would confuse a bitcoin bit with a data bit anyway but you can use bitz or bbit or something similar. It solves two huge problems and replaces it with a minor and workable one.

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

If it's just the name you don't like, then you can suggest fancy names..

As long as it's simple, useful and easy to say, it's OK.

Martijnvdc

sr. member

Activity: 322

Merit: 250

Quote from: solomon on November 29, 2013, 09:09:50 AM

We've got it here: bits

1BTC = 1 000 000 bits
1mBTC = 1 000 bits (1 kbits)
1uBTC = 1 bit
1 bit = 100 satoshi

http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

It's easier for the layman and it doesn't come with the psychological drag of most people only being able to afford a fraction of a bitcoin, a 'milli-' or 'micro-' bitcoin. The psychology of it is important factor, as well as the fact that it's easier to count up using small base units (bits) than down into subdivisions of a huge base unit (BTC).

Also with enough appreciation in value, no one will be spending whole bitcoins, so it doesn't make much sense having a currency called bitcoin when people are only spending mikes and mikies

That would confuse people with an amount of DATA instead of an amount of money...

solomon

full member

Activity: 120

Merit: 100

We've got it here: bits

1BTC = 1 000 000 bits
1mBTC = 1 000 bits (1 kbits)
1uBTC = 1 bit
1 bit = 100 satoshi

http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

It's easier for the layman and it doesn't come with the psychological drag of most people only being able to afford a fraction of a bitcoin, a 'milli-' or 'micro-' bitcoin. The psychology of it is important factor, as well as the fact that it's easier to count up using small base units (bits) than down into subdivisions of a huge base unit (BTC).

Also with enough appreciation in value, no one will be spending whole bitcoins, so it doesn't make much sense having a currency called bitcoin when people are only spending mikes and mikies

XBBlade

member

Activity: 98

Merit: 10

Quote from: btcusr on November 29, 2013, 07:33:45 AM

Quote from: XBBlade on November 29, 2013, 07:30:05 AM

You say what? I honestly don't get it. (first post)

Just some fancy names Bitcoin subunits.

I see I voted to early an option seems to be added. I choose No, I still don't get it ^^.

(no offence)

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

Quote from: XBBlade on November 29, 2013, 07:30:05 AM

You say what? I honestly don't get it. (first post)

Just some fancy names Bitcoin subunits.

XBBlade

member

Activity: 98

Merit: 10

You say what? I honestly don't get it. (first post)

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

Quote from: Martijnvdc on November 29, 2013, 07:06:37 AM

No offense, but that sounds like a horrible idea...
There is simply no reason to use other units... Why make it more complex?

Horrible names? Yes. May be.

It's just an idea. Someone would come up with a good name.

But we need smaller units as we go up.

Anyone know "flight level", as in FL250.. Cool

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

Quote from: dalston5000 on November 29, 2013, 06:53:20 AM

more confusing

It'll become clear, as we use it..

Only 4 people don't like it..

Martijnvdc

sr. member

Activity: 322

Merit: 250

No offense, but that sounds like a horrible idea...
There is simply no reason to use other units... Why make it more complex?

dalston5000

newbie

Activity: 35

Merit: 0

more confusing

Topic: New Bitcoin Units. AlternativeTo mBTC, uBTC (Read 2505 times)