The "I cannot afford 1 BTC"-Problem - page 5.

Denker

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Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

This is a topic which comes up again and again and had been discussed several times. And for a good reason I think. You're right that people think Bitcoin is too expensive to buy it. I always answer that it probably will get even more expensive with the coming years.
Furthermore I could imagine we are switching to smaller units regarding the valueation.
For instance if we should hit at least $10k/BTC one day, measuering the price in Bits would definitely make sense imo.
1 Bit = 1 millionth of a Bitcoin = 100 Satoshis = 0.0000001 BTC = 0.01$ or 1 Cent

webtricks

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There are some wallets that show BTC balance in bits and mBTC terms. Like Zebpay in India show balance in bits as default. Else there is no way.
But in my opinion, any Bitcoin user using it from long time can easily recognize and value decimals of Bitcoin. It is only new users who despair using zeroes.

Euro1000

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Quote from: coolcoinz on July 21, 2017, 09:27:44 AM

I never had a problem with Bitcoin prices. A price of a whole gold bar is also ridiculously high, does that mean that we can't invest in gold because we have to buy a full bar? Of course not! If you want to invest buy whatever you can, you will still earn in proportion to your investment.

I like this statement, because when it comes to the question that you are not able to buy one whole BTC and you want to explain it with mBTC and so on you should start with the analogy with gold. That could help - instead of confusing them with nano and millies right from the beginning.

9000

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In a few years even less people will be able to afford one bitcoin, better got it now while it's cheap. Cheesy

harizen

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For support ➡️ help.bc.game

Quote from: Redaxo on July 21, 2017, 07:52:05 AM

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

Bitcoin doesn't need to adjust for them, people must. For a person that introducing bitcoin to others, they must think of a way to explained it simply that bitcoin doesn't need to buy as a whole since Bitcoin can be broken down to 0.00000001 (but of course don't say that they can consider buying on low decimals.

After doing such then up to the person who you given an explanation if they will move forward or still on doubt. If they seek for more questions, guide them.

btcprospecter

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★777Coin.com★ Fun BTC Casino!

I come up against that one when speaking to people about bitcoin you get how much does one of them cost and they are like I can't afford one of them. You say you don't need a whole one but if I had the money I would be buying whole bitcoins.

Stedsm

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Quote from: nejibens on July 21, 2017, 10:25:21 AM

This problem is due to the ignorance about Bitcoin and crypto currencies. It is better for you to invite your friends to this forum, to read more and learn about Bitcoin, then they will know and be encouraged to start dealing and holding btc, even if starting with a very small amount

Ignorance? It is a matter of unawareness, so ignorance doesn't come at first place.
They might feel a bit risky and think many times before investing in such a volatile thing which has died many times and been called off by saying that it has no future. Albeit it proved itself and revival had been much better, but it would definitely make anyone think that why they should put in their money in a digital currency. We need to give them the best answer and that is, it's been more than seven years Bitcoin has been into existence and it has just started being used as a global currency all around the globe with the increase in number of transactions and the value itself. And your way of inviting them here for more knowledge also sounds great. Grin

xskl0

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Bitcoin SV is Bitcoin

This already exists

nejibens

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This problem is due to the ignorance about Bitcoin and crypto currencies. It is better for you to invite your friends to this forum, to read more and learn about Bitcoin, then they will know and be encouraged to start dealing and holding btc, even if starting with a very small amount

iluvpie60

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Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

Honestly if your friends are just looking to make a quick buck and not really use the technology, they should expect to get owned hard on losing money.

Are they trying to buy in now at 2,700 USD and sell later? There are pletny of other coins you can buy in and hold for a week and make 50% or double or more.

Bytecoin regularly goes from 40 satoshi to 200 satoshi in a week.

If they are looking for profit only and lose money, they are going to hate you. If they buy at 2,700 USD and price goes down to 2 ,000 USD for months they are going to hate you.

Don't bother with it. It will just make them bitter. If they are actualyl smart and understand BTC that is different. Don't convince stupid people to buy something they don't understand because of the "Fear Of Missing Out" on profit.

LoyceV

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Quote from: Redaxo on July 21, 2017, 07:52:05 AM

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

Why would you try to convince them? If Bitcoin drops, they'll blame you.
You can give information, tell them where to find more information, but I would never give investment advice to friends.

L

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Quote from: red4slash on July 21, 2017, 09:46:30 AM

I think that's not a bad idea, but BTC is more famous than mBTC, uBTC and others.

Majority of people can't do decimals, imagine if they need to learn about micro and milli and nano. Cheesy

aoluain

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bitcoin is not a 100% perfect system but hopefully the future
will iron out its issues.

I understand that it would be great if there wasnt a total of 21,000,000
coins and that each $0.05c was called 1 bitcoin but its the system
and it has to be thought of differently than FIAT and that means its $
value also to a point needs to be ignored.

if you believe that its going to be widely adopted in the future, buying
into it now with $100 will be insignificant in 5 years time or less even!

only spend what you can afford to loose Grin

red4slash

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I think that's not a bad idea, but BTC is more famous than mBTC, uBTC and others.

Lampaster

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No matter what amount of money you have. Your income depends on your desire to earn. Initially, there will be small amounts, but you gain experience and by the time you will have enough money for large transactions you will be a guru of investment and trade.

coolcoinz

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Quote from: Kprawn on July 21, 2017, 08:12:12 AM

We should all wear T-shirts saying things like, " Just 1 Satoshi at a time to my first Bitcoin"

That's a great idea, maybe you should start your own business.

I never had a problem with Bitcoin prices. A price of a whole gold bar is also ridiculously high, does that mean that we can't invest in gold because we have to buy a full bar? Of course not! If you want to invest buy whatever you can, you will still earn in proportion to your investment.

xvacator

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Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

i think you can answer their question with they don't have to buy the whole bitcoin, i mean they can buy with small amount for example, they only have $200 which mean they only get 0.07xxxx depend on the rate.

you can say that bitcoin is not like fiat, with bitcoin you can buy whatever amount of bitcoin with your money. tell them that bitcoin is another investment that will help them in the future because the price is always increase. i think it is only psychological of people which don't want to know about something because if they are curious, they will trying to search more info in many places.

dreamer81

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Just tell them to get some mBTC... I'll happily sell them 1mBTC for around $3.00
i'm sure they can afford that. Wink

YOYOY

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You miss it mate, the time that you can buy some affordable bitcoins are last week it's price go down and many are in panic that the bitcoin will be gone (that's what they knew) but they misinterpret it and many sell their bitcoins even lower than a thousand dollar. Tell your friends that if they want to buy some bitcoins with the current price maybe they should lower their demand for them to have some and even if they just keep it, we'll not know someday if 1 sat becomes a dollar and it would be great if it happens.

phantam

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Bountyhive.io

While I get the point of everyone and yes satoshi/mbtc is honestly the solution I mean the fact that btc is divisible down to 0.00000001 means that even if btc was to reach the high expectation of 500,000usd/btc 1 satoshi would still be worth 0.005cents, so the btc version of a penny would still be worth less than an USD penny even at that level.

What needs to happen isn't a coin split or anything like that what needs to happen is people need to be explained that you don't need to buy 1 btc you can buy .001 btc if you want or .00001 btc (though the way fees work currently :S)

Topic: The "I cannot afford 1 BTC"-Problem - page 5. (Read 3586 times)