We Need to start Mentioning Price in Satoshis - page 2.

stsfi

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Quote from: Malsetid on April 07, 2019, 02:38:33 AM

Is it even a big deal? People new or outside the crypto community would even know what that is. You want to attract new money they you better make them ubderstand first in a language they know, not crypto jargons. I doubt we'll be using satoshi as a general term when talking about bitcoin prices.

this is why i am asking the community to start it, no one heard about 80% of world currencies! everyone adopts and everything works

lyks15

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I did not see something wrong on what the term that we use. It's just a word. The important thing is you need to know what are you doing and the purpose of what you are every action I think that is enough and no need to debate on how to called in every terms or things that significant of what we are doing.

Malsetid

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Is it even a big deal? People new or outside the crypto community would even know what that is. You want to attract new money they you better make them ubderstand first in a language they know, not crypto jargons. I doubt we'll be using satoshi as a general term when talking about bitcoin prices.

Teawhalee

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The problem that many will face is adaption and for conveneicy sake I would suggest the dollar equivalent rate is kept still. And also because of bitcoin’s volatility which may cause many confusions for merchant and users. It’s easier for everyone to say 1 bitcoin is 5100$ for example.

traderethereum

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Quote from: stsfi on April 06, 2019, 07:01:03 AM

we need to start mentioning price in SAT, we need to remove USD the sinking currency from the equation

I don't think that it's necessary right now because people out there still know USD and they still use USD for every transaction. But I am sure that soon, people will know about bitcoin and they will learn about many things related to bitcoin. But to remove USD as the currency, it will need a big crisis that is happening in the US and triggers big chaos everywhere.

Doell

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mentioning prices in satoshi units is difficult because prices fluctuate ,most likely everyone wants to make it simpler in USD units ,there is good indeed we must mention in the number of satoshi because basically bitcoin is a currency but everyone views bitcoin as an asset over an currency well king above currency

mohammedmattar

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Quote from: BrewMaster on April 06, 2019, 07:23:10 AM

Quote from: Ailmand on April 06, 2019, 07:17:47 AM

Quote from: stsfi on April 06, 2019, 07:01:03 AM

we need to start mentioning price in SAT, we need to remove USD the sinking currency from the equation

I think the reason why people prefer using the amount of bitcoin in dollar rather than how much satoshi is that because it is honestly difficult to read fractions of bitcoin since it is composed of decimals. It is more convenient to say the value in dollar than in satoshi.

it is actually because of volatility of bitcoin more than anything else. for example if you say something is worth 1000 satoshi today, tomorrow it may be worth 800 satoshi and the next day it can be 1200 satoshi. and that is not desirable.
additionally when you say something is worth $1 it is easier to understand how much it is worth but if i say something is worth 1000 satoshi you have to check bitcoin price first then convert that to USD and then understand if 1000 is too much or too little.

You are true
I think these ambitions are currently exaggerated
We are still at the beginning of crypto and we can not believe that Fiat can be dispensed with now
The stability required for BTC will inevitably come but after the stages of labor and maturity.

xvids

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Quote from: stsfi on April 06, 2019, 07:01:03 AM

we need to start mentioning price in SAT, we need to remove USD the sinking currency from the equation

For what? I think it is the best way to tell people about the price of 1BTC.
You could use the internet to know the price of 1 Sat or even Bits or mBTC.
Besides it would just confuse people it is better to stay that way .

hatshepsut93

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If you'll try this with someone who is not into crypto, people will think you're an idiot, because US dollar is the global currency, everyone knows its value, while a lot of people in the world even haven't heard about Bitcoin yet. Plus, it's really delusional to think that US dollar is sinking, if you are referring to inflation, then this is just how modern economy works, and no one will ever go back to gold standard.

klaaas

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This is a hard and long process, Back in the day we went from the local currency to the euro and everybody was calculating the euro back to the old currency when they wanted to know if something was expensive or not. These days almost non are doing it. Give it time and there will be a generation that calculate sat on the auto pilot if a loaf of bread is expensive.

boyptc

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Conversion of the rates on USD is way easy to understand than to tell on how much satoshi's you are dealing with.

We are all free to declare what we prefer (sats, mbtc, bits or USD) if we're transacting.

r1a2y3m4

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I should say no we should not mentioning the prices in Satoshis. We should not be doing that since bitcoin is pretty much of a volatile currency. Some things are worth as this kind of amount but the next time you wanted to buy it, it will change the price. So, for us to agree on some things we should be referring to USD rather than satoshis.

vv181

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Well, it could happen somehow when the 'sinking currency' as you stated have become obsolete and invalid. But for the current situation it will only make mainstream confused, and making the adoption process slowed down. Not to name the bad UX design in the cryptocurrencies space and the technical difficulty that mainstream able to comprehends.

kryptqnick

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Quote from: BrewMaster on April 06, 2019, 07:23:10 AM

Quote from: Ailmand on April 06, 2019, 07:17:47 AM

Quote from: stsfi on April 06, 2019, 07:01:03 AM

we need to start mentioning price in SAT, we need to remove USD the sinking currency from the equation

I think the reason why people prefer using the amount of bitcoin in dollar rather than how much satoshi is that because it is honestly difficult to read fractions of bitcoin since it is composed of decimals. It is more convenient to say the value in dollar than in satoshi.

it is actually because of volatility of bitcoin more than anything else. for example if you say something is worth 1000 satoshi today, tomorrow it may be worth 800 satoshi and the next day it can be 1200 satoshi. and that is not desirable.
additionally when you say something is worth $1 it is easier to understand how much it is worth but if i say something is worth 1000 satoshi you have to check bitcoin price first then convert that to USD and then understand if 1000 is too much or too little.

This explanation makes sense. Surely, volatile currency's price is hard to define without relating to something more stable. And simply writing down the price in Satoshi would not be convenient or even make much sense. However, I think the main reason why the price is measured in dollars is because people trust dollar more than anything else, and find it a reputable sort of etalon to measure other kinds of money. At the same time, though, I think that the only thing that should matter in terms of price formation is how much goods and services one can afford per coin. So we could, say, measure it in an amount of consumer baskets.

SiDtHeBeSt

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Talking about bitcoin to be mentioned in form of Satoshi and not in USD will be quite hectic . It is easier when we use mention bitcoin as USD it seems to be more convenient than satoshis.

tweetbit

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If the intention is to give credit to one great inventor Satoshi Nakamoto and his contribution is a noble act, but the reality is people outside this virtual world, don’t or won’t recognize anything he has done. So that alone, to put it mainstream by using Satoshi as a common currency won't succeed.

We can’t change what has been a norm for decades now, maybe soon.

pinoycash

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Bitcoin still needs to be tied with FIAT money in order to get the real market value of each coin.

When the time comes that we can pay for a cup of coffee for 2 satoshis instead of $2 that's the only time we can forget about counting our USD$$ and start counting every satoshis we have.

Ahiaba

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Quote from: stsfi on April 06, 2019, 07:01:03 AM

we need to start mentioning price in SAT, we need to remove USD the sinking currency from the equation

Volitility and convenient are the major factor why people are using dollars is measuring Bitcoin and not using Satoshi. The decimal involve in Satoshi are much and the price volitility of Bitcoin is on the high side and that alone can make things difficult for Marchant who accept Bitcoin.

bhabygrim

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Quote from: Haunebu on April 06, 2019, 08:31:56 AM

Quote from: tyz on April 06, 2019, 07:32:52 AM

Quote from: stsfi on April 06, 2019, 07:01:03 AM

we need to start mentioning price in SAT, we need to remove USD the sinking currency from the equation

Well, that's exactly what I've written many times. Many users, especially those who have been with Bitcoin for a long time, only calculate in Bitcoin. But most of the board users still think in fiat currencies. But you can't blame them as long as you can't use Bitcoin for shopping in the shop around the corner.

What exactly is the problem here? Mentioning BTC in USD is far more convenient and effective when compared to mentioning it in Satoshis.

Also, BTC was never meant to replace FIAT, but stand alongside it as an alternate payment solution to users.

Yes it is also what I think BTC isn't created to destroy or overtake Fiat it is just created as an alternative payment solution.
And I also agree that it is more effective to say the price per BTC rather than per Sat's because of the sudden movement of the price.

tomahawk9

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What would be the advantage of using satoshis rather than the actual unit of acount which is 'Bitcoin' (or the abbreviation BTC)?

When traders talk about buy walls on exchanges, they say: "Look, there's a 400 BTC buy wall on Binance". You never hear: "Look, there's 40 billion satoshis buy wall on Binance"...That just sounds...weird. Same with how much something costs. Let's say a pair of shoes is around $51. Doesn't it sound better to say it costs "0.01 BTC" instead of "1 million satoshis"?

The entire cryptosphere is used to using BTC and USD, it's way too late to start using satoshis.

Topic: We Need to start Mentioning Price in Satoshis - page 2. (Read 510 times)