Right now one Satoshi is worth just $0.0001, and in my opinion there is no point in using such a small denomination. We should rather be using mBTC instead of BTC. As pr the current exchange rates, one BTC is equivalent to $11,800 and one mBTC is equal to $11.80. The Bitcoin price has increased over the years and since most of the users look at the price per unit rather than the total market capitalization, it gives an impression that Bitcoin is much more expensive that it actually is.
Rather than quoting the prices in mBTC, my suggestion is to redenominate Bitcoin. Currently we have a circulating supply of 17.865 million coins and a total supply of 21 million. Why can't we split all the existing Bitcoins by 10,000 through a hard fork? That will bring the price to $1.18 per coin, and much closer to the per unit value of US Dollar. The circulating supply would increase to 178.65 billion and the total supply would increase to 210 billion. And no one would ever complain that Bitcoin is expensive.
Rather than quoting the prices in mBTC, my suggestion is to redenominate Bitcoin. Currently we have a circulating supply of 17.865 million coins and a total supply of 21 million. Why can't we split all the existing Bitcoins by 10,000 through a hard fork? That will bring the price to $1.18 per coin, and much closer to the per unit value of US Dollar. The circulating supply would increase to 178.65 billion and the total supply would increase to 210 billion. And no one would ever complain that Bitcoin is expensive.
That's because you use USD, we don't(can't). To us (at this moment), a bitcoin is roughly 175 million to buy and 160 million to sell. A bitcoin is just 100 million satoshis.
The mBTC is clearly an $€ centrist point of view.
Re-denomination isn't bad per-se. It shouldn't really require a hardfork, simply an informational bip so that people stop calling 100 million satoshis 1 bitcoin.
The BIP could say something along the lines of: from now on, 1 bitcoin is not 100 million satoshis, but 100 thousand satoshis (100 000 000 to 100 000) if you were to please the $€ centrist mBTC crowd. Therefore there would be not 21 million bitcoins, but 21 billion (short scale) or 21 milliard (long scale).
Then those with 1 BTC would now have 1000 BTC, but in reality nothing else is changing, that's what re-denomination is about. You just turn mBTC into BTC and BTC into 1000 BTCs. Simple.
Unfortunately this also brings confusion. I know we have lived 3 re-denominations here in the past two decades, and the last one wasn't even a year ago, given hyperinflation dynamics, i expect another one soon and sooner until the useless idiots in power give up having a local coin, like what happened to Zimbabwe...
In the meantime, I'll stick calling things in either bitcoins or satoshis. I'm not going to deal with mBTC cents, thank you very much.
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