Topic: We need to rethink the way we look at 1 BTC value... (Read 3589 times)

Personally I prefer to think of bitcoin in terms of mBTC than in a full bitcoin, a full bitcoin is too much valuable and it is not like when you are paying you hand out thousands and thousands of dollars, that is the way I setup my wallet to display the value in terms of mBTC instead of BTC that way I get a clearer idea of the amount of money I have in fiat with the bitcoin that I have.

I strongly support this view

Decimals are hard to deal with, this is what I've been telling myself a few times. But the "denomination reform" you are talking about right now doesn't make a lot of sense due to insane fees. Ironically, just like 1000 new bitcoins equal to 1 old bitcoins would make Bitcoin look somewhat "cheaper" (this is purely nominal but still), the fees, on the contrary, would look "dearer". Say, today you pay like 0.001 BTC per transaction (which seems like not a big deal, at least, purely psychologically) but tomorrow you will have to pay a whole bitcoin (in denominated bitcoins)

you are so funny but yes the main thing here is 1btc isn't enough if you are planning for a brighter future i guess while btc still cheap better to keep buying and hold me I'm trying to start investing again as i see that btc value will keep rising after another ath has been met more will follow.

It's not really rethinking the way we look at 1 bitcoin, but rather to revaluate bitcoin altogether. I think this would be a good idea, if it could be implemented. Even though it might seem like we are inflating the bitcoin currency base, and i'm sure that a lot of critics will try to argue this if this idea was ever going to go mainstream, the fact is that this is just a simple revaluation of bitcoin. It's no different from saying that 1 BTC is equal to 1000 mBTC, except now the mBTC is the default value.

It's extremely hard to deal with all the decimal points in bitcoin especially if you are not experienced. I have set all my wallets to bits(uBTC) and mBTC where bits aren't accepted as a value. It's purely mental, but it could make a difference. 1 BTC sounds like a small amount, but really, it's a huge amount for most of us here.

Yes if you are having a bitcoin now at least 1 i know that someday it will be big and it will huge again. So we must think that bitcoin will be an our investment for the future. It will help us so much in the near future therefore when we have an earnings we need to save some of it so that we will have a savings for a future.

Yes that's true, even if its not 1 BTC as of now in a few years it'll be worth much so it actually is not a bad idea or goal to own less than 1 BTC.

Yes true! It's kinda hard to own 1 btc, but still, a few years ago when 1 btc wasn't really valuable, people didn't really think to save their btc and prefer to sell it. And now, most of them regret doing that because now the value is so high.
Who knows if our 0.1 btc will worth the same amount as 1 btc now in the future? We can't predict that.
Even myself, owning even 0.0001 bitcoin is nice already. I can save it and keep earning btc, and who knows it'll become 1 btc soon? And if not, the price is higher so even owning 0.0001 btc can make me rich? Haha lol. I don't know when it will happen, though.

From the start until now, i always look 1 bitcoin as a very high amount of bitcoin and everyone should own it or gonna have that 1 bitcoin because it is like the key in order to gain good amount of wealth in the future but it is not that easy to get that 1 bitcoin in just a months if we don't have good amount of capital it will cost too much time and perspiration to gain that amount which is a very honorable amount to have.

Newbie or people that still new about bitcoin always think like that though, it's a bit hard to change that mindset. If you are looking at yourself when still new about bitcoin, you will also think same. I think to change that we need to tell them before you introduce people about bitcoin.

1bitcoin for me is to high because of it's value, I'll just have 0.1 bitcoin for now and it came from 0.01+ btc that I trade so it became 0.1+ now and I have some alt-coin to that I can trade later and convert to btc. If a newbie think that he/she can't get that amount! maybe he must do like this method of trading btc and other alt-coin, or introduce them to do join some signature campaign.

Is it not that it is difficult, it is just that we need to adjust the reference because it is getting cumbersome. No one says "I have 100 cents" when they mean to say they have 1 dollar, nor they say "I have 0.001 thousands". The reference is the unitary dollar and it is easy.

Countries with high inflation often go/went to print absurd bills like "500,000 X$" or something like this. They eventually cut off these extra irrational zeroes on the right to keep the reference easier.

With a deflationary currency like bitcoin the same happens but contrariwise, so we need to "cut off" the extra zeroes on the left in referencing the currency, from time to time. It gets cumbersome to say "I have 0.032532 BTC". If we start to fix satoshies as the reference we can append M, K in front of it. So 0.032532 BTC becomes 3.2532 Mega satoshi, or just 3.2532 Msat. As the coin goes in a deflationary trajectory, soon we will move to Ksat and then just satoshi. This is very easy as everybody is familiar with these measures of magnitude by using computers.

The advantage is also psychological. The same way the countries with "500,000 X$" bills give a false impression it is a lot of money, referring to BTC in terms of the inflationary dollar give the appearance of 1 BTC being "something" which is expensive as hell, while the trully indivisible minimal unit of value is the satoshi. Wow, just one coin costs almost 3 thousand bucks? Wow. That's the current impression.

ya one btc is one btc you should stop thinking in $$$

Any currency conversion is going to take time to understand and value purchases.  We usually have one currency which has an understanding of how much things cost, and then need to convert any other currency to that, in order to understand value.  Bitcoin is no different than trying to understand how many Euros or Pesos or Baht something is.

Almost everyone has a smartphone to do the conversion if you're too lazy to do the math.

When I was new with bitcoin, back when the price was still at $400, I thought as a newbie that one cannot be without buying a whole coin. It was only later that I learned from friends that I can buy small fractions, and that's exactly what I did from time to time, although I have to admit that I still lack the patience to hold and accumulate until I am able to reach 1 bitcoin.

Why does that matter though? That's the same saying you don't like USD because it has fractions of them (cents)

That's true, bitcoin is still changing and now we are looking on it including those newbies that it is expensive but in these coming years it will surely become more expensive so that owning even a portion of bitcoin 0.1 for example would be already satisfying . Although bitcoin's price is getting more but still it doesn't limit us to own a satisfying amount .

It is merely educating newbies about the units of bitcoin and that they can buy smaller fractions of bitcoin. It is their responsibility to be educated about bitcoin before they get, invest or involved in bitcoin.

In real life, though, you can't invest any amount

First, you can buy only a certain amount of coins (so-called minimum order size) and at most exchanges it is in the range of 0.001-0.01 BTC (you can calculate for yourself how much that will be in dollars). Further, hefty fees make it meaningless to buy even that much (or little) since you won't be able to withdraw this amount. And if you take into account these circumstances, you will inevitably come to the conclusion that buying less than 100 dollars' worth of bitcoins would be an exercise in stupidity and absurdity

I agree with you. Today earning one BTC is so difficult. It needs much time and much effort. Most of peoples cannot afford to buy one bitcoin or even half of it. Today 0.001 BTC can be valuable for future. I myself always use the milli-bitcoin when I want to calculate my earnings. Peoples can use units such as bits, satoshis and milli-bitcoins. A day every satoshi might worth too much. Maybe one day We cannot afford to buy one satoshi.

I don't know about the wealth which makes in future recently I sold some bitcoin earnings from all the source I got past one month which is around 0.05 it gave me more than one year youtube revenue and effort