we need to stop using bitcoin and start using... - page 2.

stompix

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Blackjack.fun

Quote from: Pursuer on May 20, 2017, 10:41:00 PM

Quote from: Karpeles on May 20, 2017, 12:58:32 PM

Only poor people think about dollars and pennies. Rich people, like us that hodl Bitcoin for some years, think only in multiples of thousands, the hundreds and below being insignificant. So for now bitcoins is the best for us.

Maybe some day the thousands dollars could be counted in smaller fractions of Bitcoins

not everyone is an early adopter like us

so many are just finding out about bitcoin, and they are from so many different countries and you may think bitcoin is worth 2000 units in USD but in some other currency it is worth millions units and 1 satoshi is actually worth something not just a fraction.
and when these people want to invest they usually think about buying 1 whole bitcoin, they still don't get how bitcoin is divisible like gold for instance.

Lol's you're having a wrong idea about this

Let's see so 1btc is worth 2000$ but in some country like Zimbabwe it is worth 10 trillions zdollars (example).
Even if a satoshi would be worth 10 000 zdollars or 1 million zdollars it's value would still be too low to buy a loaf of bread.

So it the end it doest matter if the coin is worth 10k dollars or 1 million rupees or 100 trillion yens , the problem is what can you buy with one satoshi in that country.

qiwoman2

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Oikos.cash | Decentralized Finance on Tron

Bitcoin is not just a phat coin anymore, it's become a brand. Do you think coca cola will ever change it's name even if the price of it soars to ten bucks a bottle? Personally it is best left as it is and just like an ounce of gold costs a crap load, well Bitcoin is going up but you can buy smaller units of it, period.

xianbits

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I think we should wait some more time. The price of bitcoin is not that high that when we talk about one satoshi, a hundred or a thousand, it would still mean nothing. Still, it is really good to tell newbies that bitcoin has smaller units and that they could just buy decimals of a bitcoin.

SneakyTurtle

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Well yeah, considering the fact that bitcoin's price will keep rising, and quite exponentially, then eventually it will be more and more annoying counting all the decimal places, which is fine, but unnecessary. So satoshi seems like a solution that will eventually be necessary, at least for most people.

Celsiuss

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Personally I think mBTC or bits is the way to go. Right now 2 bits = 1 US dollar. This is easy to understand for most people, and in the future it still will make sense even if the bitcoin price raises with 10000%.
For me I'm still used to using normal BTC, yes with all the decimals, it kinda makes sense for me. I always get confused when someone uses mBTC and I just use BTC.

kvlolo

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Quote from: BrewMaster on May 20, 2017, 11:00:31 AM

... satoshi instead (click-bait master) Cool

today someone came to me saying how he was regretting not listening to me and investing in bitcoin. apparently he checked the price this morning Cheesy

and he continued that now it is too late since he can not buy 1 whole bitcoin.

i had to sit him down and have the "talk" with him about all the 8 more zeros that come after the 1 whole bitcoin and the fact that he can choose (almost) any of them and put a number and buy there.

that is why i think it is time to start using the smaller units for bitcoin more often.

i myself prefer Satoshi over all. but there are a lot of them.

most popular:
mBTC= 0.00100000BTC
uBTC=bits= 0.00000100BTC
satoshi=0.00000001BTC

more here: https://en.bitcoin.it/wiki/Units

Yeah, especially the fee, if 1 satoshi for 1 transaction ... Cheesy

raven7886

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Quote from: iluvpie60 on May 20, 2017, 11:54:34 AM

I don't think we need to start using satoshi just yet. Saying something is 50,000 satoshi is going to confuse someone. They would have no idea what that means in terms of USD price.

To get USD value we can still use preev as it has provision to do so Grin

Please give us some other reason for probable confusion may we get by any chances. I do see people are using dollars and cents more fluently then why not BTC and satoshi for bitcoin related economics ?

Quote from: iluvpie60 on May 20, 2017, 11:54:34 AM

Maybe Half Bitcoin and Quarter Bitcoin or something. People also get confused in MicroBitcoin and other similar things. We sohuld probably stick to what most people already use as lingo for dollars.

Half/quarter bitcoins ? Are you serious ? we need precious notations whereas you are suggesting things which are not in use even with 2 decimal systems.

Red-Apple

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Quote from: Last of the V8s on May 21, 2017, 05:00:24 AM

No, bitcoin is not for the poor.

If he can't afford to buy one at the vastly discounted price of 2.04Kusd what on earth is he doing on this earth?

Get with the program, people, liberate all the banks of their 'money', preferably non-violently; it's not rocket science.

nah, i disagree.
it is mostly an investment and many people don't feel like investing $2040 in one place in a cryptocurrency which is completely new to them and it is still in beta phase too!
you and i may understand bitcoin and be more sure about its future but not someone who is new to it.

paul gatt

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Activity: 896

Merit: 500

Quote from: Xester on May 21, 2017, 06:43:53 AM

Quote from: BrewMaster on May 20, 2017, 11:00:31 AM

... satoshi instead (click-bait master) Cool

today someone came to me saying how he was regretting not listening to me and investing in bitcoin. apparently he checked the price this morning Cheesy

and he continued that now it is too late since he can not buy 1 whole bitcoin.

i had to sit him down and have the "talk" with him about all the 8 more zeros that come after the 1 whole bitcoin and the fact that he can choose (almost) any of them and put a number and buy there.

that is why i think it is time to start using the smaller units for bitcoin more often.

i myself prefer Satoshi over all. but there are a lot of them.

most popular:
mBTC= 0.00100000BTC
uBTC=bits= 0.00000100BTC
satoshi=0.00000001BTC

more here: https://en.bitcoin.it/wiki/Units

I do also prefer using satoshi since the conversion is very easy and it is not hard to compute. And aside from that when the time comes that bitcoins value is at 100 million dollars then we will not have a hard time to compute and convert how much dollars is equivalent to 1 bitcoin. Satoshi is very efficient compared to other computations.

Computational problems, it is not difficult when we use satoshi or bitcoin. They are similar, anyone graduating from high school can readily recognize it. $ 100 million is a terrible number that bitcoin will never touch.

Xester

hero member

Activity: 994

Merit: 544

Quote from: BrewMaster on May 20, 2017, 11:00:31 AM

... satoshi instead (click-bait master) Cool

today someone came to me saying how he was regretting not listening to me and investing in bitcoin. apparently he checked the price this morning Cheesy

and he continued that now it is too late since he can not buy 1 whole bitcoin.

i had to sit him down and have the "talk" with him about all the 8 more zeros that come after the 1 whole bitcoin and the fact that he can choose (almost) any of them and put a number and buy there.

that is why i think it is time to start using the smaller units for bitcoin more often.

i myself prefer Satoshi over all. but there are a lot of them.

most popular:
mBTC= 0.00100000BTC
uBTC=bits= 0.00000100BTC
satoshi=0.00000001BTC

more here: https://en.bitcoin.it/wiki/Units

I do also prefer using satoshi since the conversion is very easy and it is not hard to compute. And aside from that when the time comes that bitcoins value is at 100 million dollars then we will not have a hard time to compute and convert how much dollars is equivalent to 1 bitcoin. Satoshi is very efficient compared to other computations.

7788bitcoin

legendary

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Quote from: BrewMaster on May 20, 2017, 11:00:31 AM

... satoshi instead (click-bait master) Cool

Using satoshi is a bit extreme... mBTC (or kbits) is just right for the time being. It will make newbies feel better to be able to own 1 or 10 units (mBTC) of bitcoin... With time of course I am sure "bits" will eventually be used for mainstream. I am not sure who start "bits" as a unit for 0.000001 BTC, but I like it a lot!

FlightyPouch

sr. member

Activity: 1638

Merit: 300

Quote from: BrewMaster on May 20, 2017, 11:00:31 AM

... satoshi instead (click-bait master) Cool

today someone came to me saying how he was regretting not listening to me and investing in bitcoin. apparently he checked the price this morning Cheesy

and he continued that now it is too late since he can not buy 1 whole bitcoin.

i had to sit him down and have the "talk" with him about all the 8 more zeros that come after the 1 whole bitcoin and the fact that he can choose (almost) any of them and put a number and buy there.

that is why i think it is time to start using the smaller units for bitcoin more often.

i myself prefer Satoshi over all. but there are a lot of them.

most popular:
mBTC= 0.00100000BTC
uBTC=bits= 0.00000100BTC
satoshi=0.00000001BTC

more here: https://en.bitcoin.it/wiki/Units

Jinx! Someone also talked to me about this, he also want to invest and bitcoin, but he missed the train to a good profit. I said there are a lot of ways to earn bitcoin, but if you are really decided to buy, you can buy smaller units, not all sellers sell 1 bitclin, they also sell bitcoin on mBTC.

Agrello

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Legally-Binding Smart Contracts for all

Quote from: snipie on May 20, 2017, 12:09:18 PM

Quote from: wolfracer on May 20, 2017, 12:03:57 PM

Eventually the value of bitcoins will be so high that we´ll be using satoshi sooner than espected.

I would agree with the idea of using satoshi instead of bitcoin in the daily usage but I think it will be more appreciated once 1 bitcoin price will rise to $5k or even to $10k

Ive been thinking about this as well. A good point will be 10K. Though even right now one mBTC is around $2 USD which i think is a good point as it is sometihng people can relate to in terms of fiat for the average person.

davis196

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Merit: 937

Quote from: iluvpie60 on May 20, 2017, 11:54:34 AM

I don't think we need to start using satoshi just yet. Saying something is 50,000 satoshi is going to confuse someone. They would have no idea what that means in terms of USD price.

Maybe Half Bitcoin and Quarter Bitcoin or something. People also get confused in MicroBitcoin and other similar things. We sohuld probably stick to what most people already use as lingo for dollars.

Using bits instead of satoshis is the best solution, i guess.
Anyway,the majority of the people still thinks about USD ,when it comes to money,which is sad.
We need to unleash bitcoin from the US dollar somehow...

xIIImaL

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Quote from: panju1 on May 21, 2017, 02:35:21 AM

This will eventually happen, even without us trying. Right now, all alts are quoted in terms of satoshis.
When people talk about buying a cup of coffee, they talk about milli-bitcoins.
But when people talk about their investments, they obviously talk in terms of bitcoins.

Actually, we already knew this segmentation of bitcoin value. Then we need to say the value now in mbtc, satoshi or anything. Once bitcoin price moves to million dollar value automatically everyone would use that for the convenience.
Alts may use because of its cheap value when compared with the bitcoin.

Last of the V8s

legendary

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Be a bank

No, bitcoin is not for the poor.

If he can't afford to buy one at the vastly discounted price of 2.04Kusd what on earth is he doing on this earth?

Get with the program, people, liberate all the banks of their 'money', preferably non-violently; it's not rocket science.

Astargath

hero member

Activity: 1624

Merit: 645

Quote from: Nagadota on May 21, 2017, 04:47:09 AM

The ideal thing to rebrand Bitcoin to is bits. That kind of rebranding would only be necessary if Bitcoin was a mainstream currency, which it can be if it's scaled properly as it would then be more convenient than fiat.

The reason that it should be bits is because a price of $1,000,000 would mean that 1 bit = 1 dollar. It's very unlikely that the price would reach any higher than that, and if it was lower it would still be easy to pay with bits - say that the price was $10,000, then the price of a bit would be $100.

Even if the price was higher than that it would be fine - many countries don't split their currency into different parts like dollars and cents, like the Czech Republic, where 1 krona is worth about $0.03-0.04.

When you are buying something with your country's money you are not thinking about how much that is in other currency. If I buy a bottle of water and I pay in euros I don't care how much that is in other currencies, the same thing should happen with bitcoin in the future, 1 satoshi would be worth 1 satoshi and no one should care what that is in euros or dollars, that's when bitcoin would really be considered a currency.

Nagadota

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ClaimWithMe - the most paying faucet of all times!

The ideal thing to rebrand Bitcoin to is bits. That kind of rebranding would only be necessary if Bitcoin was a mainstream currency, which it can be if it's scaled properly as it would then be more convenient than fiat.

The reason that it should be bits is because a price of $1,000,000 would mean that 1 bit = 1 dollar. It's very unlikely that the price would reach any higher than that, and if it was lower it would still be easy to pay with bits - say that the price was $10,000, then the price of a bit would be $100.

Even if the price was higher than that it would be fine - many countries don't split their currency into different parts like dollars and cents, like the Czech Republic, where 1 krona is worth about $0.03-0.04.

panju1

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This will eventually happen, even without us trying. Right now, all alts are quoted in terms of satoshis.
When people talk about buying a cup of coffee, they talk about milli-bitcoins.
But when people talk about their investments, they obviously talk in terms of bitcoins.

Pursuer

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Merit: 1163

Where is my ring of blades...

Quote from: Karpeles on May 20, 2017, 12:58:32 PM

Only poor people think about dollars and pennies. Rich people, like us that hodl Bitcoin for some years, think only in multiples of thousands, the hundreds and below being insignificant. So for now bitcoins is the best for us.

Maybe some day the thousands dollars could be counted in smaller fractions of Bitcoins

not everyone is an early adopter like us

so many are just finding out about bitcoin, and they are from so many different countries and you may think bitcoin is worth 2000 units in USD but in some other currency it is worth millions units and 1 satoshi is actually worth something not just a fraction.
and when these people want to invest they usually think about buying 1 whole bitcoin, they still don't get how bitcoin is divisible like gold for instance.

Topic: we need to stop using bitcoin and start using... - page 2. (Read 2242 times)