Should Bitcoin be denominated as mBTC? - page 2.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: whereismylambo on August 12, 2017, 07:27:45 PM

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

Is it 2015 again? Did the fork take us back in time once the blocksize debate was resolved?

The quick rundown that I used to give years ago, and have had to say once in the past month again, is that while people in the community may price items and so in mBTC, the general market ticker will remain BTC and it will not change anytime soon. Changing it to mBTC is not something that is plausible at any point now, and if people want to be hesitant because they see a big number then it is probably best they don't get involved.

noictib

hero member

Activity: 966

Merit: 515

One of the world's leading Bitcoin-powered casinos

Quote from: whereismylambo on August 12, 2017, 07:27:45 PM

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

Many people are using btc in terms of mBtc but honestly i don't like it . The main reason behind this is that i had never used myself in perfect way of the unit of mbtc because this is unit is much small and needed more zeros to make calculation .
And no doubt mBTC is better for those who are using the bitcoin transaction or use in very small amount like 0.0005 or 0.005btc because they don't needed to have zero .
But people like me can't use BTC in terms of mBTC because our transaction amount always in bulk atleast of 0.1btc , so for us to better to calculate in direct unit instead to small small units .

monocolor

hero member

Activity: 766

Merit: 621

Own ONION

Yes it makes more sense to use mBTC than BTC, given that BTC price is already $4000. Go BTC!

Herbert2020

legendary

Activity: 1946

Merit: 1137

it can happen but the problem is with the unit that we choose. it needs to be universal and everyone needs to understand it and it also needs to be different so people won't make mistakes.

mili and micro are good but they also have the problem that many don't know what they mean. i don't know why, maybe it is because different system of measurements or not being familiar with the measurements prefixes but it is a common thing when people ask what is "mBTC" for example.

the rise

sr. member

Activity: 2338

Merit: 273

DGbet.fun - Crypto Sportsbook

Quote from: SyGambler on August 12, 2017, 11:35:31 PM

it wouldn't make a difference and most of the times it makes understanding even more complex
like at first when I started gambling at moneybit and saw people tipping each others amount of bits it confused me then by time I started to understand what bits mean

maybe when bitcoin worth like 100K this may be easier when talking about bitcoin , but at the current time it's easier to say that I bought 0.1555 btc instead of 155.50 mbtc

It will not be too difficult if everyone will get used to it, I also often think of denominations if bitcoin prices continue to skyrocket, so users can more easily accommodate and use price fractions, but if this happens there will be a lot of new confusion including its application in the trading market.

HabBear

hero member

Activity: 1106

Merit: 638

mBitcoin is a denomination of Bitcoin already, i'm not sure what you're asking. What would you call 1,000 mBTC then? How about we call that a Bitcoin. And we call 1 / 1oooth of it a millibitcoin (or a millibit or a millie if you're in to the whole brevity thing).

Why do you propose renaming the denominations? Would you also propose renaming them again if the price drifts to 10,000 or back to 100? At what frequency do we then have to reconsider the denominations? The complexity of management just grows.

What's wrong with the current naming convention?

CrewKitten

member

Activity: 84

Merit: 10

No we should be using Satoshis. Currently $1 US is equal to just 25,000 Satoshis. So we should be using it.

manchester93

sr. member

Activity: 251

Merit: 257

Quote from: whereismylambo on August 12, 2017, 07:27:45 PM

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".
$3.9 USD per 1 mBTC

This again? There was endless talk about this back in 2013. In fact, I think I remember Bitcoinity switching to mBTC after Bitcoin crossed $1000 back then. I personally hate the idea, and when I use a new wallet, I always use BTC denomination. I count everything in BTC, down to the satoshi.

SyGambler

legendary

Activity: 2436

Merit: 1804

guess who's back

it wouldn't make a difference and most of the times it makes understanding even more complex
like at first when I started gambling at moneybit and saw people tipping each others amount of bits it confused me then by time I started to understand what bits mean

maybe when bitcoin worth like 100K this may be easier when talking about bitcoin , but at the current time it's easier to say that I bought 0.1555 btc instead of 155.50 mbtc

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

this is what i also said a couple of months ago, foreseeing this day and future days when price keeps going up.

but the problem is, you can not force these things to happen. it is a community choice. if people like bitcoin they say it in bitcoin, if mBTC, Bits, satoshi, uBTC,.... they do that. and so far majority is still on bitcoin.
i personally prefer satoshi

hitlab

member

Activity: 88

Merit: 10

I can see people using different denominations when purchasing goods and services, but doesn't make much sense for trading or investing.

lighpulsar07

sr. member

Activity: 518

Merit: 271

Absolutely no. It will only cause confusion in my own opinion, i like to stay just the way it is although some bitcoin casino sites, used mBTC as standard unit. I admit it is confusing i've mistakenly thought 5mBTC is 5btc.We don't need more monetary units to confuse us.

Easteregg69

sr. member

Activity: 1579

Merit: 267

HODL your horses.
Its like new years evening. BTC to hit 4000 USD:

$3969.77 (9.11%) In green letters. Tomorrow is another story:
https://coinmarketcap.com/currencies/bitcoin/

Doge's can be spend for smallchange. And the when you need a good o'l fat coin. You pull out the bitcoin.

The Sceptical Chymist

legendary

Activity: 3556

Merit: 7011

Top Crypto Casino

Absolutely not. I can't stand "bits" either. I tune everything out except x.xxxxxxxxbtc and satoshis. We don't need a confusing buffet of units like science has, where we need to do mental conversions and all sorts of other gymnastics to figure out what amount we're talking about. People will get over "how expensive" bitcoin is pretty quickly if they give it 5 minutes' thought. I know that's rare these days.

GreenBits

legendary

Activity: 1148

Merit: 1048

Quote from: whereismylambo on August 12, 2017, 07:27:45 PM

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

This is already the case. Its optional. Should we rename 100 dollar bills 10x10 dollar bills?

Quote from: arklan on August 12, 2017, 08:00:46 PM

you're welcome to, but, in short, HELL no.

he gets it Cheesy

arklan

legendary

Activity: 1778

Merit: 1008

you're welcome to, but, in short, HELL no.

whereismylambo

newbie

Activity: 41

Merit: 0

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

Topic: Should Bitcoin be denominated as mBTC? - page 2. (Read 1509 times)