Topic: We should start pricing Bitcoins in Satoshis to realize how cheap it is! (Read 989 times)
January 02, 2016, 03:28:49 PM
I am trying to completely understand the reasoning of this idea. Why does it matter if you identify by satoshi or if you identify by BTC? Satoshi is for those who need to break things down for smaller amounts where BTC is there for those spending hundreds of dollars at a time.
January 02, 2016, 03:13:48 PM
Please read this entire thread:
https://bitcointalk.org/index.php?topic=592691.0;topicseen
Everything that could possibly be said on this subject has already been said in that thread.
Why not just resurrect that thread instead of starting a new one?
Here is/was my opinion from that thread:
https://bitcointalk.org/index.php?topic=592691.0;topicseen
Everything that could possibly be said on this subject has already been said in that thread.
Why not just resurrect that thread instead of starting a new one?
Here is/was my opinion from that thread:
1 bit is also 1/8 of one USD.
Seeing all the hoopla over BTC versus XBT I would support the following:
1 BTC = 1 Bitcoin = same as it ever was
1 XBT = 1 Bit = 0.000001 BTC
1000000 XBT (Bit) = 1 BTC (Bitcoin)
I would be behind this 100% as it "fixes" the whole BTC/XBT issue and give those who have been worried about the size of the BTC something to use.
Seeing all the hoopla over BTC versus XBT I would support the following:
1 BTC = 1 Bitcoin = same as it ever was
1 XBT = 1 Bit = 0.000001 BTC
1000000 XBT (Bit) = 1 BTC (Bitcoin)
I would be behind this 100% as it "fixes" the whole BTC/XBT issue and give those who have been worried about the size of the BTC something to use.
Bit is fine. In fact there is already a very famous song about it "shave and a haircut, two bits". That should be our goal. Bitcoin acceptance to the level that a shave and a haircut costs two bits.
Everyone who agrees just needs to start using it, explaining it, publishing it, correcting other (anoying them), etc. It will either catch on or it won't. This is what I hope catches on:
1 satoshi = smallest unit, pretty much in general use today
= "bitcents" also makes some sense and may catch on and evolve back into cents (1/100th)
1 bit = 100 satoshi, eventually every day use, coffee, sandwiches, etc.
1 XBT = 1 bit, should be the official symbol on all exchanges, forex, etc.
1 BTC = 1000000 bits = kept for dealing with larger amounts, may fade
1 Bitcoin/bitcoin as a currency unit fades away
Bitcoin = the Bitcoin protocol
Everyone who agrees just needs to start using it, explaining it, publishing it, correcting other (anoying them), etc. It will either catch on or it won't. This is what I hope catches on:
1 satoshi = smallest unit, pretty much in general use today
= "bitcents" also makes some sense and may catch on and evolve back into cents (1/100th)
1 bit = 100 satoshi, eventually every day use, coffee, sandwiches, etc.
1 XBT = 1 bit, should be the official symbol on all exchanges, forex, etc.
1 BTC = 1000000 bits = kept for dealing with larger amounts, may fade
1 Bitcoin/bitcoin as a currency unit fades away
Bitcoin = the Bitcoin protocol
If you look at my post history on this subject you would find that I mostly thought the idea of any renaming was stupid and not needed.
That is, until I started talking to people and did run into "Bitcoins are way too expensive" over and over again.
Logically it makes no sense but I could sell a boatload of bits at 2500 bits per dollar to the general public and could see the price rising pretty quickly to 1000 bits per dollar over the next few months.
It is not logical but I have come to the conclusion that the general public is not logical when it comes to money.
When introduced to the idea "1 bit = 100 satoshi", without exception, everyone I have talked to has just lit up, understood it and are now running with the idea to all their friends.
That is how you accomplish this. Just do it. Everyone will thank you later.
1 XBT = 1 bit = 100 satoshis
1 BTC = 1000000 XBT = shorthand used in larger transactions
That is, until I started talking to people and did run into "Bitcoins are way too expensive" over and over again.
Logically it makes no sense but I could sell a boatload of bits at 2500 bits per dollar to the general public and could see the price rising pretty quickly to 1000 bits per dollar over the next few months.
It is not logical but I have come to the conclusion that the general public is not logical when it comes to money.
When introduced to the idea "1 bit = 100 satoshi", without exception, everyone I have talked to has just lit up, understood it and are now running with the idea to all their friends.
That is how you accomplish this. Just do it. Everyone will thank you later.
1 XBT = 1 bit = 100 satoshis
1 BTC = 1000000 XBT = shorthand used in larger transactions
January 02, 2016, 02:56:38 PM
Yup, look how cheap one satoshi is: $0.0000043
Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.
That would put 1 BTC = $100,000,000
Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.
That would put 1 BTC = $100,000,000
Satoshi is not the ultimate unit to determine the value of bitcoins. If you are so much worried about satoshi then think of the value of 100,000,000 Satoshis
If developers now change the unit system of bitcoins all of a sudden then there will be a huge inflation problem with might destroy its economy!
Btw check this out for real conversion rate. http://www.btcsatoshi.com/
January 02, 2016, 12:56:06 AM
I know right. This will definitely motivate people to start using Bitcoin. We should all go around telling people how much 1 satoshi is. Bitcoin would be the new currency. Easily.
January 02, 2016, 12:31:35 AM
I actually don't understand the point of satoshis, mbtc, and the like. Let's just call it btc and let it be...
January 01, 2016, 08:32:24 PM
Yup, look how cheap one satoshi is: $0.0000043
Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.
That would put 1 BTC = $100,000,000
Happy New Year everybody!
I have to ask if you were smoking something when you thought of this? There is no reason to do this. If we wanted it smaller, then why would it not be matched even with the UDS or YEN or something like that? Why try to fix something that is not broken. Having something like this is much better than having a even to even match to other currency. Just my opinion.Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.
That would put 1 BTC = $100,000,000
Happy New Year everybody!
Bitcoin is insanely undervalued per unit if you compare the value of a stock in Apple with the total amount of stocks and the current marketcap for example. Bitcoin could go 6 figures in the next 5 years, that's a more natural price than the current one actually. Not sure about 9 figures tho.
January 01, 2016, 07:31:55 PM
Yup, look how cheap one satoshi is: $0.0000043
Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.
That would put 1 BTC = $100,000,000
Happy New Year everybody!
I have to ask if you were smoking something when you thought of this? There is no reason to do this. If we wanted it smaller, then why would it not be matched even with the UDS or YEN or something like that? Why try to fix something that is not broken. Having something like this is much better than having a even to even match to other currency. Just my opinion. Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.
That would put 1 BTC = $100,000,000
Happy New Year everybody!
January 01, 2016, 07:08:07 PM
This would be fun. Why not? A Bitcoin is super cheap right now.
January 01, 2016, 06:42:51 PM
Satoshi is too small for now. Currently mBTC is ideal IMO.
January 01, 2016, 06:07:05 PM
satoshis look cheap to be honest but if one satoshi was one dollar we wouldnt be able to use it as we would need smaller amounts such as half dollar too and we would be able to use only one satoshi
January 01, 2016, 06:02:11 PM
I would suggest doing it in half satoshis instead to make it worth even more.
Why the focus on making it worth more (or rather, making it seem like it's worth more)? This obsession with the moon really gets tiresome sometimes. I think the unit is fine as is...
January 01, 2016, 05:57:35 PM
I would suggest doing it in half satoshis instead to make it worth even more.
January 01, 2016, 05:55:01 PM
Hehe, I remember when Bitcoinity pushed this as we approached the top of the bubble. "We're above $1000, so we have to price in mBTC now!" That went over well, eh? 
I'm gonna be honest...no matter how high the price might go, I'm gonna have a real hard time using any other unit than BTC.
I'm gonna be honest...no matter how high the price might go, I'm gonna have a real hard time using any other unit than BTC.
January 01, 2016, 05:46:43 PM
it make more cent to wait for 1 satoshi = 1 cent, to start to consider the minimum in bitcoin value, which mean that bitcoin need to increase above 2000x, around 1M
which is not something that will happen overnight, if it will ever happen...
these will make it easier to know how much you have in USD imagine that when newbies come and start begging to get 10 .. 20 satoshiswhich is not something that will happen overnight, if it will ever happen...
I would rather have 0.00229BTC than 229,790 Satoshi for 1$.
January 01, 2016, 05:41:51 PM
some bitcoin sites already use "Bits" unit
January 01, 2016, 05:39:28 PM
i don't know if people would be inclined to use such small amounts and denominations. It is really kind of a thing to discuss transaction in bitcoins and not in Satoshis.
its so that people who only hod $10 can look rich by showing their friends they have 1000cents
numbers sound bigger if you move the decimal.
but discussion transactions in satoshi's is technically better, because behind the scenes of the temporary GUI of bitcoin programs.. holds the protocol which measures value in satoshi's..
and another thing to take into account is that we no longer measure gold in tonnes. most gold retailers selling gold in coin form no longer measure in ounces either, they measure in grams..
January 01, 2016, 04:53:37 PM
i don't know if people would be inclined to use such small amounts and denominations. It is really kind of a thing to discuss transaction in bitcoins and not in Satoshis.
January 01, 2016, 04:25:19 PM
yeah right it surely wouldnt be that easy as people still wouldnt buy more of it
January 01, 2016, 04:22:53 PM
it make more cent to wait for 1 satoshi = 1 cent, to start to consider the minimum in bitcoin value, which mean that bitcoin need to increase above 2000x, around 1M
which is not something that will happen overnight, if it will ever happen...
these will make it easier to know how much you have in USD imagine that when newbies come and start begging to get 10 .. 20 satoshiswhich is not something that will happen overnight, if it will ever happen...
I would rather have 0.00229BTC than 229,790 Satoshi for 1$.
January 01, 2016, 04:08:07 PM
it make more cent to wait for 1 satoshi = 1 cent, to start to consider the minimum in bitcoin value, which mean that bitcoin need to increase above 2000x, around 1M
which is not something that will happen overnight, if it will ever happen...
these will make it easier to know how much you have in USD imagine that when newbies come and start begging to get 10 .. 20 satoshis which is not something that will happen overnight, if it will ever happen...
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