Topic: Start Using mBTC as Standard Denomination? - page 10. (Read 30892 times)
So that's what M-Day was referring to! Ha ha!
As I said in another thread, the word "coin" here is the problem. People see coins as small, semi-worthless denominations of a larger unit, and they also see them as somewhat non-divisible, at least not by a significant amount. It's not really in anybody's reality that you can divide a coin up to eight decimal places, so by having individual coins worth $130+, a psychological barrier is thrown up which creates resistance to adoption.
I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
this is good idea but almost impossible to convince everybody to use and don't confuse too much everyone. I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
As I said in another thread, the word "coin" here is the problem. People see coins as small, semi-worthless denominations of a larger unit, and they also see them as somewhat non-divisible, at least not by a significant amount. It's not really in anybody's reality that you can divide a coin up to eight decimal places, so by having individual coins worth $130+, a psychological barrier is thrown up which creates resistance to adoption.
I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
I see your point, but I think that would be pretty controversial. mBTC is a mouthful, but if we could come up with an alternative term for it (similar to how 1000th of $1 is a mill), it wouldn't be a problem. I think mBTC is simple enough, after all, even in the US people are taught decimal based measurements in school so just about everyone understands them.
We just have to make sure we don't end up saying "10 mee" like how the British use "10 pee."
As I said in another thread, the word "coin" here is the problem. People see coins as small, semi-worthless denominations of a larger unit, and they also see them as somewhat non-divisible, at least not by a significant amount. It's not really in anybody's reality that you can divide a coin up to eight decimal places, so by having individual coins worth $130+, a psychological barrier is thrown up which creates resistance to adoption.
I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
Absolutely, mBtc would be the better unit to get more people interested in Bitcoins.
It's just a psychological effect, but a huge one.
It's just a psychological effect, but a huge one.
zinodaur put it better than me:
+1 Just fyi, I have already made the switch where possible. If this poll get's support I am going to start a petition to send to BitPay. Just to clarify the petition would ask for the option to use mBTC so it wouldn't force a switch.
Absolutely, mBtc would be the better unit to get more people interested in Bitcoins.
It's just a psychological effect, but a huge one.
It's just a psychological effect, but a huge one.
zinodaur put it better than me:
EDIT: I answered a few questions on the topic for a CoinDesk article: http://www.coindesk.com/june-2-m-day-promotes-millibitcoin-as-unit-of-choice/
EDIT2: As of today I will be using mBTC whenever appropriate. I encourage you to do the same. Also, many clients/wallets have built in support for mBTC so be sure to change it over. Blockchain and Bitcoin QT included.
Now that Bitcoin's price is (relatively speaking) stable and shows no signs of any major decline in the near future, I think it is time to take a look at how we measure it. At the current price of ~$130, BTC is a little awkward to work with: If I wanted to buy something for $3.99 in Bitcoin, I'd have to pay BTC0.03069. That's an unattractive way of pricing things.
If, however, we made mBTC the default "denomination of reference" a few things would happen:
- Prices would be easier to work with, BTC0.03069 would become mBTC30.69. Much better (note the precision is the same).
- Bitcoin's exchange rate would be (seem) more attractive to newcomers. Many of which find $130 questionable because they don't understand the market.
- Newcomers wouldn't keep asking about why there are only 21,000,000 units, since there would obviously be 21,000,000,000. Plenty for now.
What do you think?
NEW OPTION:
Switch to XBT. An XBT is 100 satoshi (or 1/1,000,000 BTC). This allows us to have $21,000,000,000,000 units of the base unit of currency, and an exchange rate much less threatening to newcomers.
EDIT2: As of today I will be using mBTC whenever appropriate. I encourage you to do the same. Also, many clients/wallets have built in support for mBTC so be sure to change it over. Blockchain and Bitcoin QT included.
Now that Bitcoin's price is (relatively speaking) stable and shows no signs of any major decline in the near future, I think it is time to take a look at how we measure it. At the current price of ~$130, BTC is a little awkward to work with: If I wanted to buy something for $3.99 in Bitcoin, I'd have to pay BTC0.03069. That's an unattractive way of pricing things.
If, however, we made mBTC the default "denomination of reference" a few things would happen:
- Prices would be easier to work with, BTC0.03069 would become mBTC30.69. Much better (note the precision is the same).
- Bitcoin's exchange rate would be (seem) more attractive to newcomers. Many of which find $130 questionable because they don't understand the market.
- Newcomers wouldn't keep asking about why there are only 21,000,000 units, since there would obviously be 21,000,000,000. Plenty for now.
What do you think?
NEW OPTION:
Switch to XBT. An XBT is 100 satoshi (or 1/1,000,000 BTC). This allows us to have $21,000,000,000,000 units of the base unit of currency, and an exchange rate much less threatening to newcomers.
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