Time to go mBTC on trading sites | Bitcointalksearch.org

brushtooth

member

Activity: 90

Merit: 11

Quote from: Wilhelm on December 18, 2017, 07:14:39 AM

With the increased volatility and price the last digits don't really seem to useful anymore.

Do you think that the time has come to start talking about mBTC instead of BTC ?

I know it's a cosmetic thing but I think it could break some psychological barriers.

I don't think that mBTC will really solve anything other than that it may ease some peoples psychological worries. Some may be afraid to buy BTC because they don't see why they would buy about 0.01 of a BTC. The problem is is that bitcoin now has a big reputation and changing would only confuse people.

Alns

sr. member

Activity: 602

Merit: 250

Quote from: VuLDK on December 18, 2017, 07:33:36 AM

When talking about mBTC we will be shocked over its price

Exactly, and a lot of people will be afraid of trading it, and the newbie ones are not going to understand what the heck are the mBTC's.

In fact sometimes i forget what kind of fraction they are, that is why i prefer to use sites in where you are obligated to use the traditional form of bitcoin 1.xx instead of "X mbtc"

But yes, the most affected ones are going to be the newbies because they would not want to spend that money because it is like psycho number, when you see a round number, you feel bad if you lost it all.

vit05

hero member

Activity: 672

Merit: 526

I agree. It will make everything easier and people will stop being so scared about the "price". But the thing about Bitcoin is that there isn't someone that could just say: Hey, let's do that and everybody will follow. There isn't a ruler.
So, we will need to see if the majority of people really want to change this. Maybe if coinbase start to call that way, people will follow.

Chris314

sr. member

Activity: 672

Merit: 266

Quote from: BrewMaster on December 19, 2017, 11:28:14 AM

i said this a long time ago when price was so much lower than this: https://bitcointalksearch.org/topic/we-need-to-stop-using-bitcoin-and-start-using-1926157 Cheesy

and it is even more palpable now that it is nearly $20,000. it seems stupid to talk about it in terms of 1 bitcoin and then report everything else in decimal points type. and you know people don't like decimals!

i personally prefer using Satoshi. it is the smallest one and you don't have to worry about conversions of mili and micro! and it is the founder's name.

Same problem with bitcoin or satoshi. With bitcoin you have to use decimals, and satoshi you have to deal with a lot of figures as well. 1$ is now around 6000 satoshi or 0,00006 btc.
For small amounts use of satoshi is easier, for bigger amounts better use btc directly.
So about mBTC it's intermediate, but it may be very useful in the future if bitcoin price keeps rising. People can't afford to buy Bitcoins but will buy mBTC instead.

wizardchicken

newbie

Activity: 7

Merit: 0

Quote from: BrewMaster on December 19, 2017, 11:28:14 AM

i personally prefer using Satoshi. it is the smallest one and you don't have to worry about conversions of mili and micro! and it is the founder's name.

You mean it's the founders pseudonym. We should really call these units 'Nicks' or 'Hals'.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

i said this a long time ago when price was so much lower than this: https://bitcointalksearch.org/topic/we-need-to-stop-using-bitcoin-and-start-using-1926157 Cheesy

and it is even more palpable now that it is nearly $20,000. it seems stupid to talk about it in terms of 1 bitcoin and then report everything else in decimal points type. and you know people don't like decimals!

i personally prefer using Satoshi. it is the smallest one and you don't have to worry about conversions of mili and micro! and it is the founder's name.

buiting

member

Activity: 102

Merit: 10

Quote from: Wilhelm on December 18, 2017, 07:14:39 AM

With the increased volatility and price the last digits don't really seem to useful anymore.

Do you think that the time has come to start talking about mBTC instead of BTC ?

I know it's a cosmetic thing but I think it could break some psychological barriers.

In future we will make deals with mbtc but not know .

just back 5 years and all deals was with bitcoin like i want 1 bitcoin,4 bitcoin,.....etc

fabiorem

sr. member

Activity: 1400

Merit: 347

Yes, I do. The sheep cant stand those zeros, they see it as a "bubble" and that the "real" value should be smaller, when in fact we have less than 21 million coins for 6 billion people.

With mBTC they can buy it, feeling more "safe" and "powerful". They can still call it bitcoin, take selfies and show to their friends in facebook. For example, they can say they have 16 bitcoins, when in fact it is only 16mBTC, and this will be useful for us as we will be less of a target (if you know what I mean). Yes, this would have a good psychological impact.

Murloc

full member

Activity: 322

Merit: 103

The first dights are matter for me tbh. First of all using BTC will help to avoin a possible mess between using two different variations. Second is that sometimes it will help to identify the coin. Like we all know that BTC is the only coin that have such big price and it is common to sell it in small amounts but someone can mess it for example with BCH that have the same type of addresses and it may lead to financial losses.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

When talking about mBTC I am thinking about the old days when I am just starting with Bitcoin back then I am getting mBTC on faucets and the price back then was very low that is why there aren't so much priority over the topic of mBTC that much but I guess right now that the price has suddenly sky rocket I really think mBTC has a value of $19.00 USD, But it is not necessarily to make a topic towards it.

illinest

sr. member

Activity: 454

Merit: 251

Quote from: Wilhelm on December 18, 2017, 07:14:39 AM

With the increased volatility and price the last digits don't really seem to useful anymore.

Do you think that the time has come to start talking about mBTC instead of BTC ?

I know it's a cosmetic thing but I think it could break some psychological barriers.

I honestly don't see the value in this. We also have people promoting the "bits" denomination now. We've been using the BTC denomination for years. Traders have been using satoshis for years as well, and since transaction congestion has become the norm, so have regular users.

Adding in mBTC and/or bits to the mix? Seems confusing as hell to me. I hate when I open a wallet and it defaults to anything but BTC. Maybe I'm just old school. But it just seems like two standards have already naturally evolved over the years (BTC and satoshis). We shouldn't have to "promote" something else just to cater to newbies because of "psychological barriers."

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

I was actually having a discussion with someone a couple of days ago about this. and I see most people are having trouble with the "we can't afford to buy a whole bitcoin anymore" thing! which is weird because bitcoin is divisible and there are already other things like gold which are pretty similar!

but also I have found out that most people also have trouble with these smaller scales. they don't know what "m", "u",... mean. so when telling them 1 mBTC they may not understand what it really means.

so using smaller units like this will solve the first issue and make things much easier. and as you said it will remove psychological barriers that people love to place for themselves. right now 1 mBTC is about 18-19 dollars which is much simpler to talk about. if we get over the second issue it will be better though.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: Wilhelm on December 18, 2017, 07:14:39 AM

With the increased volatility and price the last digits don't really seem to useful anymore.

Do you think that the time has come to start talking about mBTC instead of BTC ?

I know it's a cosmetic thing but I think it could break some psychological barriers.

For sure, i think that people aren't yet comfortable with the fact that bitcoin is so expensive and you'd have to deal with so many decimal points. It's a hassle for a lot of people to use these decimal points at the end of the day.

Bits, or mbtc, on the other hand, is much closer to the dollar value that people are used to. Plus it makes bitcoin seem a lot cheaper, even though it's really no different. That way, people can see the long term future of bitcoin more clearly, at least in my opinion.

Obviously this is a very well debated and old topic. But it still deserves attention. If exchanges do all adopt mBTC or uBTC(bits), then i would expect a short term pump of bitcoin price of at least 50%.

It's all psychological, yet it's extremely important, since trading is all psychology.

Wilhelm

legendary

Activity: 1652

Merit: 1265

I know it's an old topic.
I know it doesn't do anything to the BTC price.

I only think that it would make it easier to get BTC to match with human psychology.
We are used to owning dollars of euros. We are not used to owning fractions of things.

TERA2

full member

Activity: 266

Merit: 222

Deb Rah Von Doom

No I've been trading this for years and that would just be really confusing to me. Does Berkshire Hathaway need to do a split?

Maybe for consumers during mass adoption well end up using satoshis and such but not in trading exchanges.

davis196

hero member

Activity: 3206

Merit: 940

Quote from: Wilhelm on December 18, 2017, 07:14:39 AM

With the increased volatility and price the last digits don't really seem to useful anymore.

Do you think that the time has come to start talking about mBTC instead of BTC ?

I know it's a cosmetic thing but I think it could break some psychological barriers.

Using mBTC instead of BTC is an old topic,OP.It might be helpfull for the newbies who are joining the bitcoin community.The price of one bitcoin doesn`t matter that much,if one bitcoin could be divided into 1 million parts.The price of one satoshi is what really matters,after all,we all want bitcoin to be a real and working digital currency,not just digital gold.The haters don`t realise that btc can be divided ,they always look at the price per BTC and say "This is a HUGE bubble,don`t buy it idiots!"

VuLDK

member

Activity: 284

Merit: 16

Quote from: Wilhelm on December 18, 2017, 07:14:39 AM

With the increased volatility and price the last digits don't really seem to useful anymore.

Do you think that the time has come to start talking about mBTC instead of BTC ?

I know it's a cosmetic thing but I think it could break some psychological barriers.

When talking about mBTC we will be shocked over its price

Wilhelm

legendary

Activity: 1652

Merit: 1265

With the increased volatility and price the last digits don't really seem to useful anymore.

Do you think that the time has come to start talking about mBTC instead of BTC ?

I know it's a cosmetic thing but I think it could break some psychological barriers.

Topic: Time to go mBTC on trading sites (Read 211 times)