The psychology of bitcoin prices - page 2.

phelix

legendary

Activity: 1708

Merit: 1020

Quote from: nobbynobbynoob on February 10, 2013, 08:27:23 PM

Is it time we started thinking of, and routinely quoting exchange rates in, $ or cents per mBTC (BTM) instead of per full BTC? (...)

yes. but not with a prefix like milli but with a smaller base unit. BTM, bitmills, http://en.wikipedia.org/wiki/Mill_%28currency%29

oOoOo

full member

Activity: 238

Merit: 100

Quote from: nobbynobbynoob on February 10, 2013, 08:27:23 PM

Is it time we started thinking of, and routinely quoting exchange rates in, $ or cents per mBTC (BTM) instead of per full BTC? (...)

Ok, that's it. Time to sell... Roll Eyes

fornit

hero member

Activity: 991

Merit: 1011

on the other hand its kind of silly to have the "digital gold" sell at 2,3c a piece. what is "expensive" to some is "valuable" to others. most of the time, bitcoin had much more trouble getting recognition as something of value. its much harder to take that argument serious if a piece is in the same ballpark as an ounze of silver. besides that, i think its more important that denomination is always the same in a specific context. for gaming mbtc or bitcent might be a good, for a site selling or trading in higher valued items, it might not be.

nobbynobbynoob

hero member

Activity: 784

Merit: 1000

Annuit cœptis humanae libertas

Of course this thought may be further exacerbated by the fact that mBTC is all I've got in my wallet right now. Grin

Switching Bitcoin-QT to work in mBTC or even µBTC can make one feel delusionally richer! But back to the real world, and my client shows amounts in BTC with a total balance below BTC1 at present...

TooCasual

member

Activity: 114

Merit: 10

You can't be Serious?!?

Great post. mBTC all the way!

CaptChadd

hero member

Activity: 924

Merit: 1005

Product Marketing & Promotion / Software Developer

This will happen naturally as the price of 1 actual Bitcoin reaches a value too high for many people to own a whole one. This might seem a joke right now but in a few years time of Bitcoin trading growth, I have a strong feeling that everyone that gets in late in the Bitcoin scene will be working in decimal points of a Bitcoin.

Jutarul

donator

Activity: 994

Merit: 1000

Quote from: DeathAndTaxes on February 10, 2013, 08:34:30 PM

It is going to happen organically as the exchange rate rises. Personally I think pricing in mBTC is likely a little early but Bitcoin is decentralized and open. Start quoting prices and exchange rates in mBTC if your prefer. I may throw it up on https://fastcash4bitcoin.com it takes ~43mBTC to receive one dollar ($1 USD).

yes. give it another order of magnitude, e.g. 100USD@1BTC. Then you get 0.1USD@1mBTC.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

It is going to happen organically as the exchange rate rises. Personally I think pricing in mBTC is likely a little early but Bitcoin is decentralized and open. Start quoting prices and exchange rates in mBTC if your prefer. I may throw it up on https://fastcash4bitcoin.com it takes ~43mBTC to receive one dollar ($1 USD).

bradyon

full member

Activity: 172

Merit: 100

TradeFortress has to pay his debitors

Absolutely. At some point the millibits will turn into the standard BTC unit. If it were for me, that moment could perfectly be right now.

Peace

nobbynobbynoob

hero member

Activity: 784

Merit: 1000

Annuit cœptis humanae libertas

Stated recently by one of my G+ peeps:

Quote

What gets me the most is how going from Dollars to BTC is at a terrible ratio right now. You pay to transfer fees. As Dave knows, last week I spent $50 on 2 BTC. That is why I looked into mining. There appears to be no easy way to get BTC.

(emphasis mine)

I don't know how widespread the perception is, but peeps are clearly thinking of bitcoin as "expensive" because of the high exchange rate per BTC. It is, however, purely psychological: refer to it as 23c per million satoshi or 2,3c per mBTC and suddenly it looks cheap enough!

Is it time we started thinking of, and routinely quoting exchange rates in, $ or cents per mBTC (BTM) instead of per full BTC? Online gaming is already (voluntarily, intentionally or not) standardizing the mBTC as a common basic token of value. This may help dispel the notion that bitcoins are outrageously expensive. My uncle did admit it sounds a lot cheaper if prices are quoted per 10 mBTC or per mBTC.

Topic: The psychology of bitcoin prices - page 2. (Read 5069 times)