We need to convert Bitcoins to new units...

elizabethqueen

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Quote from: virtualdn on January 23, 2016, 06:54:09 PM

Paying 0.000001 or 0.000035 is just impossible to remember and use... nobody will use that in the future if we want it mainstream.
I know satoshi exists as smallest unit but they are quite hard to remember.
When someone says 10,000 satoshi I try to think how much is that while 1 BTC is easy to understand.
So maybe we should have new bitcoins to keep the name where 1 new bitcoin = 0.0001 old bitcoins to make it easier to use...
share your thoughts.

i dont think there was some goods or service that have price between 0.000001 or 0.000035,i believe in future goods and service price will blow up,not that cheap,and we can't put bitcoin payment on small transaction,not that small i mean.

praprata

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That may indeed be a possibility. But I guess that's not going to happen so soon clear.
That is unrealistic. There may well be another unit.

Amph

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Quote from: thejaytiesto on February 01, 2016, 08:29:10 AM

Quote from: Amph on January 24, 2016, 03:38:38 AM

the best way is to remember them in satoshi directly, so don't say 0.0001 but 10k satoshi, don't say 0.0000035 but 350 satoshi and so on, much easy to remember

But satoshi is way too small. Satoshi works good for micropayments, but for example right now 40 dollars is about 0.1 BTC, so that's 0.10000000 or 10000k, not very intuitive since 40 dollars could be the price of doing some groceries.

Of course changing it is stupid, we will just have to deal with it and come up with mBTC or something.

than remember it in bits, it's the same, my point is to not use prefix for the smallest unit of bitcoin

thejaytiesto

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Quote from: Amph on January 24, 2016, 03:38:38 AM

the best way is to remember them in satoshi directly, so don't say 0.0001 but 10k satoshi, don't say 0.0000035 but 350 satoshi and so on, much easy to remember

But satoshi is way too small. Satoshi works good for micropayments, but for example right now 40 dollars is about 0.1 BTC, so that's 0.10000000 or 10000k, not very intuitive since 40 dollars could be the price of doing some groceries.

Of course changing it is stupid, we will just have to deal with it and come up with mBTC or something.

jyakulis

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J

I disagree. What about in a couple years and the value has changed. Are we going to change it again?

I agree it's somewhat awkward now.

blackraven1425

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I don't understand the reason of this discussion, since we already have satoshis, which is a pretty small unit to be used... Most wallets have the option to use this unit instead of BTC...

ShakinHandz

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Quote from: virtualdn on January 23, 2016, 06:54:09 PM

Paying 0.000001 or 0.000035 is just impossible to remember and use... nobody will use that in the future if we want it mainstream.
I know satoshi exists as smallest unit but they are quite hard to remember.
When someone says 10,000 satoshi I try to think how much is that while 1 BTC is easy to understand.
So maybe we should have new bitcoins to keep the name where 1 new bitcoin = 0.0001 old bitcoins to make it easier to use...
share your thoughts.

Bad Idea , there already exist a concept of mBTC and umBTC , so why to make new standards and confuse people.

naidray

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Quote from: kevin go on February 01, 2016, 01:03:58 AM

i think converting also not a best way..by saying satoshi is more easy to understand or maybe we can use mbtc or ubtc it will help..

You are right. In number system itself we have different notations (like hundred, thousand, million and billion), we must need different notations (BTC, mBTC, uBTC, satoshi and bits) for bitcoin system also.

Based on the volume we transact, we can choose an appropriate notation which has minimum zeros.

plorph

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This is simple and already discussed. You don't actually change anything, you just denote them differently. Currently I think the optimum unit is mBTC, or milibits (0.001) and is the primary unit on many if not most online bitcoin services.

kevin go

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i think converting also not a best way..by saying satoshi is more easy to understand or maybe we can use mbtc or ubtc it will help..

sandal

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I don't even know what a satoshi is tbh and I've been in the bitcoin game for years now...

ShrykeZ

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Satoshi's is my preferred unit of measurement for anything after the decimal point pretty much, much less confusing.

btcprospecter

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I don't really understand why we keep comparing bitcoin to fiat? In all honesty we all want bitcoin to stand on its own aside from fiat, spend it like it was fiat. I can see your point of how it does get confusing as we always try to rationalise how much something costs in real money. 0.00whatever works for me. If anything add more.

harrymmmm

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Quote from: TastyChillySauce00 on January 23, 2016, 09:26:37 PM

you just need to know if there's exist mBTC and uBTC , 1 mBTC = 0,001 and uBTC = 100satoshi if I'm not mistaken ,this really help a lot for few sites

Of course this is the obvious set of units to use.

Take a price in bitcoin:
move the decimal point 3 spaces to the right and you have the price in millibitcoins (mBTC)
move the decimal point another 3 spaces to the right and you have the price in microbitcoins (uBTC)
move another 2 decimal points to the right and you have satoshis

For some strange reason some people like to call a uBTC a 'bit', but there's really no need to add that new unit at all.

Jeremycoin

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Use mBTC! I think it's easier to know how much it is and to remember the amount. We don't really need to make a new units, because we already have a lot of it.

Hugroll

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i think you're maybe looking for bits as a unit.
1 bit is about the current price divided by 100 in cents. so if the price is 400. 1 bit is 4 cents , thats usually how i remember it

equator

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Quote from: Glucose on January 31, 2016, 07:44:23 AM

Quote from: Amph on January 24, 2016, 03:38:38 AM

the best way is to remember them in satoshi directly, so don't say 0.0001 but 10k satoshi, don't say 0.0000035 but 350 satoshi and so on, much easy to remember

Yeah I'm doing the same. And if it becomes higher numbers I reverse the situation :

I'll say 0.1 bitcoin or 0.01 bitcoins and not 10000000 satoshis.

I don't think there is any need for changing bitcoin units: BTC & Satoshis are enough. If you pay a high amount, you refer to bitcoin, if you pay a low amount, you refer to satoshi... That's a all.

And if you really want you can use uBTC and mBTC but I find it confusing

what you said is very correct, why this users wanted to go for new units for converting bitcoins when the available way of units are very clear, first of all this gambling sites have confused the units marking as uBTC and mBTC, it is really confusing when i saw this and i was always getting problem when converting this units.

Bitcoins and Satoshi is the best way of Units for Bitcoins.

Raimonn

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We have the units, we don't need more names, only we need to use them. When you want to buy a car or something expensive you could use bitcoin as unit. If you want to send few dollars to your gambling account you could use mbtc or bits units. In fiat money we have different units, for example we use dollar (1$) or cents (0.01 dollar).

MrGodMan

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Quote from: prtty2gal2 on January 31, 2016, 01:55:44 PM

Quote from: busybee7 on January 31, 2016, 01:19:14 PM

we do not need to convert it into any new units as the price is not too big right now and its enough what we actually have now

Prevention is always better....

Now (when price is not big), micro payments are not clear eg: $0.1 = 0.0002622
With big price, like 1 bitcoin is $10k, $1 = 0.0001 and $0.1 = 0.000001 all payments are going to be messy with more zeros.

I believe now itself we need shift to base unit satoshi as mBTC or uBTC are confusing to most of the peoples.

if we convert our bitcoins to a new one more units then it will make people confused and lots of time will effect in calculating the amount what he is getting or losing in daily basis those who are regular users.

prtty2gal2

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Quote from: busybee7 on January 31, 2016, 01:19:14 PM

we do not need to convert it into any new units as the price is not too big right now and its enough what we actually have now

Prevention is always better....

Now (when price is not big), micro payments are not clear eg: $0.1 = 0.0002622
With big price, like 1 bitcoin is $10k, $1 = 0.0001 and $0.1 = 0.000001 all payments are going to be messy with more zeros.

I believe now itself we need shift to base unit satoshi as mBTC or uBTC are confusing to most of the peoples.

Topic: We need to convert Bitcoins to new units... (Read 3034 times)