Topic: The Bitcoin Dollar - page 2. (Read 2004 times)

I disagree with this.  There are many countries where a beer costs 3,500 units, and there is nothing wrong with that there.  It's just a matter of getting used to it.  What IS difficult to get used to though, is workign with currency in 0.0xxxxx format.

While I am from the USA, Bitcoin is for the world.  We would have to have 'the Bitcoin Euro' etc.....

I think mBTC is the answer for now.  Someday exchange rates will stabilize and it will be just like translating between Euros and Dollars. 

μBTC = micro BTC

bitcoin dollar is a mouthful, and you are forced to say the whole thing to avoid confusion with either bitcoin or dollars.

How do you say uBTC? 'u-bit'?

We should keep it simple. bits.

1BTC = 1 000 000 bits

It's easy, it has historically been a unit of currency, and it's already in the name!

'Do you accept bitcoin?'

'Yes, it's 250 bits'

The protocol would allow for a fork to add decimal places, if necessary. Whether that happens depends on BTC value. If a satoshi becomes too large of a unit, then it will be.

And why create a new unit, instead of using the already well established UBTC?

Thanks, fixed the typo.

Is there really a plan to add more decimals?  Someone correct me if I'm wrong, but I don't think the design of bitcoin allows that.

In some countries paying 3,500 units for a beer is normal :-)

+1  simplicity will improve acceptance.

G

This is wrong for one main reason; if we add additional decimal points, your "Bitcoin Dollar" is now ambiguous. Secondly, numbers would be too big, who wants to buy a beer for 3,500 units? If the point of this is psychological, the units go against that.

And you spelled satoshis wrong.

And that unit is already a UBTC.

Each bitcoin has 8 digits after the decimal point.

1.00000000

This was a great idea when bitcoin started and its value relative to fiat currencies was very low. But now with the price of bitcoin reaching close to $1000 USD, it's a good time to introduce a new convention: the Bitcoin Dollar (BTC$), where there is just two digits after the decimal point.

Thus, 1 bitcoin = 1,000,000 Bitcoin Dollars
that is: 1 Bitcoin Dollar = 100 Satoshi

Why? Because people are not used to currencies having 8 digits of resolution. As bitcoin goes mainstream changing it to 2 digits makes it easier for people to deal with it and helps them understand that when they buy 1 bitcoin they are really buying 1 million bitcoin dollars. So rather than looking expensive compared to country backed dollars, it looks inexpensive.

I know we could also call it a micro bitcoin, but using that terminology just makes it sound like you are getting something really small. Also it doesn't give you any idea about how many digits are after the decimal. People already know that a dollar has two digits after the decimal.

Bitcoin clients and sites should allow users the option to view amounts in Bitcoin Dollars. Sites can gauge what percent of users enable this option and if a majority start using it then it could be made the default and viewing amounts in bitcoins being optional.