m is standard for milli
µ is standard for micro, but if you cannot type a µ character then u is standard for micro
n is standard for nano
#1 reason for using nBTC is that it will make everyone will feel very rich because they can easily own millions of nBTC!
Topic: Why switching to mBTC won't increase Bitcoin price. - page 2. (Read 3538 times)
Oh u is micro. That's gonna confuse anyone that never used utorrent
So m is micro what milli?
The only thing I have ever agreed with "revans" about is the scarcity illusion with Bitcion. Something that is "infinitely" divisible is not scarce.
What you are saying about scarcity is in contradiction with its very meaning. Scarcity is about quantity, not divisibility. If there was only one kilogram of rice on earth, the ability to divide it between everyone on the planet would not magically make it abundant : everyone would have some rice, but a quantity so infinitesimal that they better find something else if they don't want to starve to death.
stop making treads with the sole purpose of complaining that BTC is not at $10,000 yet. It will happen eventually, but it's not likely to happen overnight, or this month for that matter.
Come back next year or so.
Some people are just so impatient these days.
Come back next year or so.
Some people are just so impatient these days.
Here is a handy table for those that need it.
Code:
BTC milli BTC micro BTC Satoshis nano BTC
---------- ----------- ------------ ----------- -------------
1.00000000 1,000.00000 1,000,000.00 100,000,000 1,000,000,000
0.10000000 100.00000 100,000.00 10,000,000 100,000,000
0.01000000 10.00000 10,000.00 1,000,000 10,000,000
0.00100000 1.00000 1,000.00 100,000 1,000,000
0.00010000 0.10000 100.00 10,000 100,000
0.00001000 0.01000 10.00 1,000 10,000
0.00000100 0.00100 1.00 100 1,000
0.00000010 0.00010 0.10 10 100
0.00000001 0.00001 0.01 1 10
I understand that a protocol change would be needed to get a resolution smaller than the Satoshi.
But I may be wrong.
However it seems that the concensus move is mBTC first, and µBTC later if necessary. I'm okay with that.
I agree. For the time being, lets proceed with mBTC. We can use uBTC later, if it is necessary. Satoshi and nBTC are completely useless as far as I am concerned.
I don't understand the logic of using Nano Bitcoin. Bitcoin will never reach a value which is high enough to justify using the term "Nano Bitcoin". Even Satoshi is excessive.
µBTC is the best unit in my opinion. It is identical to the way regular currencies are split up, as the satoshi unit is 1 cent / penny when using microbitcoins. However it seems that the concensus move is mBTC first, and µBTC later if necessary. I'm okay with that.
Here is a handy table for those that need it.
I don't understand the logic of using Nano Bitcoin. Bitcoin will never reach a value which is high enough to justify using the term "Nano Bitcoin". Even Satoshi is excessive.
Here is a handy table for those that need it.
Code:
BTC milli BTC micro BTC Satoshis nano BTC
---------- ----------- ------------ ----------- -------------
1.00000000 1,000.00000 1,000,000.00 100,000,000 1,000,000,000
0.10000000 100.00000 100,000.00 10,000,000 100,000,000
0.01000000 10.00000 10,000.00 1,000,000 10,000,000
0.00100000 1.00000 1,000.00 100,000 1,000,000
0.00010000 0.10000 100.00 10,000 100,000
0.00001000 0.01000 10.00 1,000 10,000
0.00000100 0.00100 1.00 100 1,000
0.00000010 0.00010 0.10 10 100
0.00000001 0.00001 0.01 1 10
---------- ----------- ------------ ----------- -------------
1.00000000 1,000.00000 1,000,000.00 100,000,000 1,000,000,000
0.10000000 100.00000 100,000.00 10,000,000 100,000,000
0.01000000 10.00000 10,000.00 1,000,000 10,000,000
0.00100000 1.00000 1,000.00 100,000 1,000,000
0.00010000 0.10000 100.00 10,000 100,000
0.00001000 0.01000 10.00 1,000 10,000
0.00000100 0.00100 1.00 100 1,000
0.00000010 0.00010 0.10 10 100
0.00000001 0.00001 0.01 1 10
i don't know if it was to drive up the price, but i didn't think it would do so.. as others have said here, it was to make the appearance of 1 unit of bitcoin to seem closer to what $1 is. paying 5 mBTC for your meal is much easier to understand than .05 mBTC. whole units are easier to understand than fractional ones.
OOPS5 mBTC = 0.005 BTC
well i guess that just proves my point
didn't think that over, forgot that an mBTC is one thousandth of a bitcoin.
i don't know if it was to drive up the price, but i didn't think it would do so.. as others have said here, it was to make the appearance of 1 unit of bitcoin to seem closer to what $1 is. paying 5 mBTC for your meal is much easier to understand than .05 mBTC. whole units are easier to understand than fractional ones.
OOPS5 mBTC = 0.005 BTC
i don't know if it was to drive up the price, but i didn't think it would do so.. as others have said here, it was to make the appearance of 1 unit of bitcoin to seem closer to what $1 is. paying 5 mBTC for your meal is much easier to understand than .05 mBTC. whole units are easier to understand than fractional ones.
I never valued my 1 Bitcoin like this. I never saw it like this. One day people will look at 1mbtc the same way.
People buy a gram of gold all the time, at a premium!
People buy a gram of gold all the time, at a premium!
The reason why we should shift to mBTC is not to increase the prices. The whole purpose is to make it look like more affordable to the newbies.
If mBTC is better than BTC then uBTC must be even better, right? And if uBTC is better than mBTC then nBTC would be even better, right?
Therefore, please join my campaign to force everyone, under penalty of death (or something like that) to use nBTC on all web sites, all posting and all emails concerning Bitcoin.
Obvious reasons:
1) The smallest purchase or transaction would be 10 nBTC. No more single digit accounts, purchases or transactions ever. Everyone feels rich!
2) You can buy one million nBTC for less than one dollar! Everyone feels rich!
3) It would make me a nBTC trillionaire. I like the sound of that! I feel richer already!
Therefore, please join my campaign to force everyone, under penalty of death (or something like that) to use nBTC on all web sites, all posting and all emails concerning Bitcoin.
Obvious reasons:
1) The smallest purchase or transaction would be 10 nBTC. No more single digit accounts, purchases or transactions ever. Everyone feels rich!
2) You can buy one million nBTC for less than one dollar! Everyone feels rich!
3) It would make me a nBTC trillionaire. I like the sound of that! I feel richer already!
Simply, easy to learn, hard to master..
No I don't buy this argument at all, it doesn't matter whether its BTC, mBTC, uBTC or whatever, if someone wants to dip their toe into bitcoins they'll be thinking in one thing first and foremost, and thats how much to spendin their existing FIAT. So they'll say ok, lets try out this Bitcoin thing I've heard about, i'm gonna spend 50 dollars into it. That'll be their decision process, how many dollars, pounds etc do I want to use to buy Bitcoins with.
I said splitting bitcoins affects the number of sub-1 BTC purchases that can be made. Therefore effectively reducing "scarcity" for buyers.
I didn't realise there was a magical limit on the number of sub-1 BTC purchases that can be made before switching to mBTC. Do explain how this works.
I second the fact that the switch to mBTC in websites like Bitcoinity has been pointless if it was meant to drive the price up, for the same reasons that have been expressed before.
If you look at the exchanges though (MtGox, Bitstamp,..) they NEVER switched to it, that's why I am sure this change DID NOT influence the price so much, if at all.
I hope exchanges never switch to mBTC in the future anyway, let's face it, BTC has more of a future as a store of value than as a currency, probably something else can take that place in the future, honestly I don't see people spending "mills" around town, just my feeling anyway.
If you look at the exchanges though (MtGox, Bitstamp,..) they NEVER switched to it, that's why I am sure this change DID NOT influence the price so much, if at all.
I hope exchanges never switch to mBTC in the future anyway, let's face it, BTC has more of a future as a store of value than as a currency, probably something else can take that place in the future, honestly I don't see people spending "mills" around town, just my feeling anyway.
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