Topic: Start Using mBTC as Standard Denomination? - page 7. (Read 30892 times)

That really is different from what we are talking about here. Your example is more like:

Milk = BTC0.99
Expensive wine = BTC9.99
Basic membership = BTC1,000
Silver membership = BTC10,000
Enterprise membership = BTC10M

As for me having the basic membership priced in uBTC, I'm to make a point, not say that's what it would actually cost. Also keep in mind that in the same way stores use $0.99 instead of $1, Bitcoin stores are likely to use uBTC when it will make their products look cheaper.

This, a thousand times

More likely:

Milk = mBTC15
Expensive wine = BTC0.99
Basic Membership = mBTC 1 (let's be realistic about this one)
Silver Membership = mBTC 10
Enterprise Membership = mBTC 10000 (assuming that a 1000x increase is again reasonable)

In the same way:

Milk = 99c
Expensive wine = $99
Basic membership = $1,000
Silver membership = $10,000
Enterprise membership = $10M

The reality is that people deal with different denominations all the time, just not usually at the same time.  If all your groceries are in the mBTC range then they'll all be priced using that range.  In the meantime all of the houses for sale will probably be in the kBTC range so will all be priced in that range.

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Of course, commas and decimal points mean different things in different locales, but that's more of an i18n issue than a knock at picking any particular range to use as a valid level.

I believe that if Bitcoin is going to be successful it is going to need to be at the level where talking about a few XBT is similar to talking about a few dollars/yen/whatever.  But for talking about real values I don't see it being useful for a long time yet.

I do agree with the idea that big numbers are easier to think about than mall fractions.  But like it or not the worth of Bitcoin is compared directly to that of USD and so we're probably looking at appreciation of three orders of magnitude until XBT are used directly.

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From Grau's post:

According to the thread an XBT (shouldn't it be XBC?) is a millibitcoin, not a microbitcoin.

A dollar is 7,700 XBT at the moment. The dust limit is 54 XBT. Therefore XBT covers quite well the micropayment range and the commas make it easier to read then 0.0077 - 0.000054 BTC. Reading mBTC out of XBT is also easy 7,700 XBT = 7.7 mBTC.

For higher sums 123,456,789 XBT is 123.456789 BTC also easy.

I think people generally more used to deal with big numbers than with small fractions.

For people who want to use Bitcoin as a currency instead of a hobby, yes, it's too complicated.

Milk = mBTC15
Expensive wine = BTC0.99
Basic Membership = uBTC 999
Silver Membership = mBTC 9.99
Enterprise Membership = BTC 9.99

Although the most sensible solution long-term, it does cause issues with the current exchange rate.  Even the cheapest items will be quoted in hundreds of thousands of XBT, and the exchange rate itself doesn't look quite so appealing when it's 0.000129$/XBT.

I don't see why people can't just use the units that are most appropriate to the denomination.  Use 150mBTC rather than 0.15BTC; use 20MBTC rather than 20000000BTC; use 24XBT (or 24uBTC) rather than 0.000024BTC.  Is it so hard?

Please rather consider XBT for reasons elaborated here:

https://bitcointalksearch.org/topic/m.2326526

It will have a positive affect to bitcoin's adoption.

As for the official term I think it should follow the standards: millibitcoin, mBTC etc.

That being said, I really like "em bit" or just "bit" as a term for everyday use. The US 1 cent coin is really just that, 1 cent, but everyone calls it a "penny,"  which is nowhere on the coin.

I think it's a wonderful idea.

1 BTC is "One Bitcion".
1 mBTC is "One MilliBit".
That's not so hard, is it?

Here's my two favourite so far:

Long name: Millibit.
Abbreviation: mbit
Pronounciation: embit (only singular)

Longname: Millibit
Abbreviation: ₥
Pronounciation: mill (only singular)

The mill already exists as a currency unit and is equivalent to 1/10th of a cent.
http://en.wikipedia.org/wiki/Mill_%28currency%29

We could pronounce an mBTC as "em bit".

1. Change the common name of a Satoshi to a bit.
2. Use the analogy of data storage to monetary storage.
3. 1 BTC = 100mb, or 1 bitcoin = 100 megabits.
4. Think of everything in bit.
5. Easy

Nice pic

Gratz

why don't we just call them bits?

it rolls off the tongue, and also implies that they're not full bitcoins. who knows, maybe in time it'll all be bits and coins, with 1000 bits in a coin rather than 1000mBTC in 1BTC. sure seems a lot less clumsy.

just a thought. 

The small denominations have their advantages too, so I suggest we go the otherway and adopt the 'Bytecoin'

Wife asks: How much did you lose on that gambling website?

I reply: Don't worry I only lost 1 Bytecoin.

Wife asks: And how much is that exactly?

I reply: 8 bitcoins of course.


Edit: The above is tongue in cheek btw, I don't even gamble.

I prefer just BTC instead of mBTC.  But hopefully some day in the future we can just use Satoshi's.

naming and pronunciation is one thing but I also think there should be some type of sliding representation of price in marketplaces.  say an item in dollars is 5.99 there should be some type of standard sliding denomination that closely reflects this number.  

so $5.99 would be represented as 5.99XXXX
i hope that makes sense.