When mBTC will become the default denomination - page 2.

chaosPT

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Quote from: BitProdigy on July 05, 2014, 09:51:35 PM

It seems quite obvious that once mBTC is equal to a dollar bill in value, it will then become natural to discuss bitcoin amounts in mBTC rather than BTC. This dollar pairing will continue to instigate these denomination changes until the world accepts bitcoin as it's reserve currency and the volatility settles in and levels off at a comfortable place. (hopeful as a satoshi=1 dollar)

It is truly one of the best aspects of Bitcoin, that these denomination changes will occur. It can be argued that we should have already switched to mBTC by now, but I argue that it does not makes sense to do so until 1 mBTC equals $1. (Dollar because it is the world reserve currency)

You know how much will 1 btc is if 1 satoshi = 1 dollar ?

Cranky4u

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Quote from: CEG5952 on July 06, 2014, 01:41:40 AM

Quote from: BitProdigy on July 05, 2014, 09:51:35 PM

It seems quite obvious that once mBTC is equal to a dollar bill in value, it will then become natural to discuss bitcoin amounts in mBTC rather than BTC.

When? Hopefully never. I don't see this as natural at all -- I don't peg BTC to USD value -- and I think you will find a lot of resistance in establishing that consensus. Personally, I prefer to use BTC, with no prefix necessary.

Valid point...The origin of the BTC community and crytpo-currency was to break away from the FIAT mould, not to be shackled at the ankle

Meuh6879

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i prefer wrong tipped 1mBTC instead of 1BTC when i pay ... Cheesy

mBTC is a good thing for beginner (and me, too).

now, 1mBTC = 0,5 Euros ... Grin

stable !

Bizmark13

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Quote from: BitProdigy on July 05, 2014, 09:51:35 PM

(hopeful as a satoshi=1 dollar)

Unless hyperinflation happens, that would be impossible. Assuming Bitcoin replaces fiat entirely, 1 satoshi = 1 cent would be the best case scenario.

Quote from: BitProdigy on July 05, 2014, 09:51:35 PM

It seems quite obvious that once mBTC is equal to a dollar bill in value, it will then become natural to discuss bitcoin amounts in mBTC rather than BTC...

...It can be argued that we should have already switched to mBTC by now, but I argue that it does not makes sense to do so until 1 mBTC equals $1. (Dollar because it is the world reserve currency)

Quote from: Grumpster on July 06, 2014, 02:14:32 AM

As you yourself said, I believe it won't come until at least when mBTC = $1. It just wouldn't be logical.

But... There was a time in Bitcoin's history when 1 mBTC = $1 and people didn't switch to mBTC then. I still think it's a good idea however since the only alternative would be to use decimals with long chains of zeroes which would be rather unpleasant and cumbersome, not to mention error-prone.

Quote from: Brewins on July 05, 2014, 11:16:35 PM

That would need change in the bitcoin protocol, and all nodes would need to agree. Bitcoin network is something relatively big, so changing things is hard and always with risk of failure. Its almost the same as changing ipv4 to ipv6, something that needs to be done, but there is already a whole system working with the old standard, so its hard to do.

I can only see it happening together with many others major changes, or if BTC price reaches the six digits

It would only require a simple change in the user interface. You could have one wallet that shows balances in mBTC by default and another that shows balances in BTC by default.

Elwar

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Quote from: lihuajkl on July 06, 2014, 02:08:44 AM

This topics is discussed many time on this forum. Most of people don't agree with this change!

What is to change? It's just a label. Bitcoin does not change one bit.

At http:www.bitpools.com all the labels are in mBTC.

It is up to people who use it to call it what they want.

Grumpster

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As you yourself said, I believe it won't come until at least when mBTC = $1. It just wouldn't be logical.

But, the other side of me also says that BTC will never be discussed primarily in mBTC... purely because of the price fluctuations. They would hit lower denominations a lot more and people would struggle to keep updated with values etc... and plus, it's a heck of a lot of change for clients, wallets and all of the different BTC-focused websites out there to roll out.

I think it's a great idea, and one day will definitely happen... how soon it'll happen is another question altogether.

lihuajkl

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This topics is discussed many time on this forum. Most of people don't agree with this change!

jubalix

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this discussion has never been had before

I admit though breaking a whole BTC does feel bad

CEG5952

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Buy and sell bitcoins,

Quote from: BitProdigy on July 05, 2014, 09:51:35 PM

It seems quite obvious that once mBTC is equal to a dollar bill in value, it will then become natural to discuss bitcoin amounts in mBTC rather than BTC.

When? Hopefully never. I don't see this as natural at all -- I don't peg BTC to USD value -- and I think you will find a lot of resistance in establishing that consensus. Personally, I prefer to use BTC, with no prefix necessary.

elrapido

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Quote from: Ron~Popeil on July 05, 2014, 11:38:44 PM

Quote from: elrapido on July 05, 2014, 11:35:47 PM

Changing the wallet to display mBTC instead of BTC would be an easy first step.

I all ready do that because the 9 year old side of me thinks it makes me look richer.

We are not far from that dollar-mbtc parity.

Maybe you can push it to the main repo as a user selectable option?

I think BTC would move more too....right now I feel bad (irrationally) when I have to 'break' a whole BTC for something.

Ron~Popeil

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Quote from: elrapido on July 05, 2014, 11:35:47 PM

Changing the wallet to display mBTC instead of BTC would be an easy first step.

I all ready do that because the 9 year old side of me thinks it makes me look richer.

We are not far from that dollar-mbtc parity.

elrapido

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Changing the wallet to display mBTC instead of BTC would be an easy first step.

btcton

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Quote from: Brewins on July 05, 2014, 11:16:35 PM

That would need change in the bitcoin protocol, and all nodes would need to agree. Bitcoin network is something relatively big, so changing things is hard and always with risk of failure. Its almost the same as changing ipv4 to ipv6, something that needs to be done, but there is already a whole system working with the old standard, so its hard to do.

I can only see it happening together with many others major changes, or if BTC price reaches the six digits

This is completely erroneous and false. Nodes don't have to agree on anything related to the default denomination, they communicate in the lowest denomination already (satoshis). In fact, the only thing needed is for the client to put mBTC as the default denomination. At the moment, it is not the default one in any, I believe, but it may soon be.

Brewins

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That would need change in the bitcoin protocol, and all nodes would need to agree. Bitcoin network is something relatively big, so changing things is hard and always with risk of failure. Its almost the same as changing ipv4 to ipv6, something that needs to be done, but there is already a whole system working with the old standard, so its hard to do.

I can only see it happening together with many others major changes, or if BTC price reaches the six digits

BitProdigy

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It seems quite obvious that once mBTC is equal to a dollar bill in value, it will then become natural to discuss bitcoin amounts in mBTC rather than BTC. This dollar pairing will continue to instigate these denomination changes until the world accepts bitcoin as it's reserve currency and the volatility settles in and levels off at a comfortable place. (hopeful as a satoshi=1 dollar)

It is truly one of the best aspects of Bitcoin, that these denomination changes will occur. It can be argued that we should have already switched to mBTC by now, but I argue that it does not makes sense to do so until 1 mBTC equals $1. (Dollar because it is the world reserve currency)

Topic: When mBTC will become the default denomination - page 2. (Read 1879 times)