Topic: Should Bitcoin be denominated as mBTC? (Read 1495 times)
To be honest, posting a bitcoin figure in mBTC format makes Bitcoin sounds cheap. mBTC is very common to people who practice Bitcoin faucets.
I dont think we need to prepar to change the bitcoins units,but in a future yes, and i dont know how this will occur but change the units to mBTC is a good start, all depends of the price factor...
Quoting Bitcoin in mBTC terms will make it easier for people to relate to it and encouraged to invest in it rather than the huge BTC value that puts off a potential investor straight up upon seeing he cannot procure a full Bitcoin but just a piece of it.
I dont think we need to prepar to change the bitcoins units,but in a future yes, and i dont know how this will occur but change the units to mBTC is a good start, all depends of the price factor...
Would make sense in allot of places. instead of denominating values with full BTC's (which is a rather big sum) using mBTC is more convenient, I already seen multiple websites applying it like that.
I've seen it done in some casinos and dice betting sites. Things like that. But for purchases (i.e. Bitpay), price discovery (major exchanges), and most other things, BTC denomination is the norm. We've been doing it since 2009. Don't fix what ain't broke!
In fact many places are already doing this, the sportsbetting sites in my mind. Everyone is free to do it, but I think it would not help mass adoption. Regular people first want to see big numbers and they are used to Bitcoin, so do not introduce to them something new.
Would make sense in allot of places. instead of denominating values with full BTC's (which is a rather big sum) using mBTC is more convenient, I already seen multiple websites applying it like that.
With the current bitcoin price it certainly makes sense to use mBTC so it is closer to USD.
Should we really pursue USD? A fiat currency with enormous inflation? Bitcoin is different, let it stay different!I think it shouldn't be denominated. I'm used to counting it as it is and since people had no problem with that for many years why should we even consider it?
No we should be using Satoshis. Currently $1 US is equal to just 25,000 Satoshis. So we should be using it.
That makes even less sense. Typical network fees are many, many thousands of times more than a satoshi. Dollar value doesn't matter. It's totally irrelevant to the protocol, so it shouldn't determine how bitcoiners denominate their bitcoins.
With the current bitcoin price it certainly makes sense to use mBTC so it is closer to USD.
it should. mBTC is much more eatable by the public. People screams bubble when they hear the current price... so this year it's mBTC next year its uBTC
Actually there are wallets which you can choose what you prefer whether in mbtc or what. People should ought to know the value rather than the numbers. In our country's fiat system, the prices of the products are not commonly dealt with cents but rather usually a whole number. Meanwhile, for example where USA's dollar's value is big then they deal with cents usually hence should we call it every -cent-dollars or anything rather than dollar? Of course not!
Exactly, every country has its own currency and their ways of dealing with it are different from others. My country also works on the same principle. And the idea of calling dollar something else is just because it reduces into cents is ridiculous. You are absolutely right that this can not happen. Similarly, mBTC cannot dominate BTC because BTC is the basic currency which is further divided. Would that increase adoption? I know many people hesitate due to the high price and would probably buy it if it was seen as "less expensive".
For example:
1 BTC = $3,900 USD = 1,000 mBTC
or
$3.9 USD per 1 mBTC
That's a good idea for people who are complaining about the price of bitcoin, if they can't afford bitcoin then they can afford mBTC because it is not that too much expensive and it just takes a few dollars to buy at least 1 mBTC. As the price of bitcoin is getting higher then it is more becoming a not affordable to others but a mBTC is still affordable for most of the people. For example:
or
$3.9 USD per 1 mBTC
Based on my opinion it's recommended for current scenario even lots of my friends hesited because of this high price it's good way to invite lots of newbies into bitcoin world for mentioning mbtc it's price also too less then absolutely there will be huge adoption we can see in future.
I thought about this in the past, and I agree with you. It's sort of bad for inexperienced people because they will think that bitcoin is expensive, not knowing that bitcoin is divisible down to 8 decimal places. I personally think it would be better if a bitcoin is like only around the hundreds in dollar value, while having a bigger denominator like "megabitcoin" or something (sounds stupid yes, just an example). It just sounds better paying for a dinner for like "2 bitcoins" or something.
It's too late though. If it is to be implemented now it would just cause alot more confusion, as if bitcoin isn't confusing enough for non tech-savvy people. So, no. It shouldn't be denominated as mBTC.
It's too late though. If it is to be implemented now it would just cause alot more confusion, as if bitcoin isn't confusing enough for non tech-savvy people. So, no. It shouldn't be denominated as mBTC.
I think at this point, it's not much expensive (than the potential of it), so there are the people who can afford to buy a whole Bitcoin even at this moment so I don't think that it is necessary to avoid calling it BTC. If you are a seller then you can anyway put your price in any denomination and even in some wallets, you have the option to choose the currency view in which you can select BTC, mBtc, Satoshi etc. Afterall million is million even if one can't afford it.
Yes, i think that in a near future it is gonna be better to say mbtc than btc, because i think that it will look better if we say "i bought 15 mbtc than 0.015 bitcoins" but it will only happen when the price is gonna be such high that buying a whole btc could be impossible to everyone.
Yes it makes more sense to use mBTC than BTC, given that BTC price is already $4000. Go BTC!
That's correct, it makes it easier to understand and relate to especially by the new ones that's joining Bitcoin by the day. It also make it attractive for people to invest in bitcoins rather than being discouraged by the $4000+ price of Bitcoin.
Would that increase adoption? I know many people hesitate due to the high price and would probably buy it if it was seen as "less expensive".
For example:
1 BTC = $3,900 USD = 1,000 mBTC
or
$3.9 USD per 1 mBTC
For example:
or
$3.9 USD per 1 mBTC
It's completely psychological but i think that if this could be implemented somehow, it wouldn't actually be a bad idea.
The fact is that people are used to dealing with large numbers instead of so many decimal points. It just seems natural to have 4mBTc instead of 0.004 BTC, for example.
But, this won't happen unless everyone agrees that mBTC should be the norm. Otherwise, it's just going to cause confusion as to how much one owns. Plus, it's going to be hard to implement, since bitcoin is the original denomination. It could be done through a fork in which everyone's balance just 1000x, for example. But then people will accuse bitcoin of being not decentralized, and inflationary.
It has its advantages and disadvantages and i think that it's too much hassle. It's best to leave it alone, people who like mBTC can use it and people don't like it can use the original BTC denomination.
Would that increase adoption? I know many people hesitate due to the high price and would probably buy it if it was seen as "less expensive".
For example:
1 BTC = $3,900 USD = 1,000 mBTC
or
$3.9 USD per 1 mBTC
For example:
or
$3.9 USD per 1 mBTC
I don't think it really matters. Whether you put it in mBTC or BTC the value is still the same. Those zeroes are quite confusing if you read it in mBTC. But with the wallet I am using I have the option to set how much I am going to buy in a fiat currency so I don't have to bother how many 0.0000 I have to put if I am going to buy less than 1btc. With that, I don't have to worry whether it's denominated as btc or mbtc.
Actually there are wallets which you can choose what you prefer whether in mbtc or what. People should ought to know the value rather than the numbers. In our country's fiat system, the prices of the products are not commonly dealt with cents but rather usually a whole number. Meanwhile, for example where USA's dollar's value is big then they deal with cents usually hence should we call it every -cent-dollars or anything rather than dollar? Of course not!
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