Bitcoin Forum

1BTC = $100
1mBTC = $0.10

PROS
- Marketing: People like to buy more 2000 mBTC than 2BTC for $200
- Decimals in small amounts: Buy a coke, only 0.001 BTC vs 1mBTC

CONS
- ...

Discuss

CONS:
Verizon (http://verizonmath.blogspot.com/). They'll insist that 0.002 BTC = 0.002 mBTC. ;D

isn't the $1000 cap a more logical cap to start using mBTC?
Since 1mBTC is 1:1000th of a bitcoin and all that.

Just sayin' :P

i concur...

I'll be switching my client to mBTC default when it "feels right". I'm not sure when that will be but probably a settled/rising price of at least $150 per BTC, tending toward $250+.

I think using mBTC would be useful as well.

How about while USD/BTC is between 31.62 and 31622.78 we use mBTC? Then between 31622.78 and 31622776.60 we use uBTC. That seems the most logical to me.

Note: sqrt(1000) = 31.622776601..., so 31.62 = 1000/sqrt(1000), 31622.78 = 1000*sqrt(1000) = 1000000/sqrt(1000), and 31622776.60 = 1000000*sqrt(1000)

delete me -- I read the OP wrong

$1 = 10 BTM

If you want to sell other people BTC, then give your price in mBTC.  If you want to sell goods in exchange for BTC, price them in BTC.

To someone buying BTC, getting 1,000 mBTC sounds better than getting 1 BTC.  To someone buying a laptop, spending 5 BTC sounds a lot better than spending 5,000 mBTC.

TL;DR:  Do whatever you want.

BTM is an abbreviation for "bitmill" which just needs to die. You don't say "that bug is 5 metermills long", or do you?

No, Wait untill it is $1,000, then it will be Much more normal to the mind.

Let's be bullish and move straight to satoshi as the unit.  ;D

I will be using mBTC for all units on my website.

They have stock splits for a reason.

I was wondering today if Casascius will start doing more fractional coins..

Agreed.  For me, that will likely be at the $1000 mark.

I would also agree around the $1000 mark is the appropriate place for this.

yes, this will need to happen soon eventually....
it will in essence feel like a "stock split"
so the "high price" will not make people feel awkward/hesitant
i wonder how much is "institutional" owned..hmm

I don't care much either way - but then again - I'm not like the 'ordinary customer', I never cared much about prices like 99.99 in stores, I always thought that was rather silly. I learned however that many people look at 99.99 as 90 something, rather than 100. I always found this really silly..

I agree, let's wait another 6 months.

MtGOX using $0.10/mBTC as a standard will not make newcomers as optomistic as seeing price increases than seeing for example, how it went from <30 to >100 in such a short time. Looking at the history and seeing $0.03 to $0.10 just wouldn't have the same value. That's my opinion on it and is debatable.

We should let people communicate about Bitcoin and price goods in Bitcoin however they see fit, and when the majority begin talking in mBTC, it will become the norm.

Indeed.  My guess is we'll see it around $1000.

I agree. Look at the price of Gold. It rose from $200 to $1600 in 10 years...and when you see the charts their is an awe factor.

People seeing mBTC going from $0.10 to $0.30 will not think it's overpriced. Seeing a BTC go from $30 to $100 will make them think that it's reached its peak and it's too late to invest in it.

If it was a virtual bug i might.

When i use it i say "BTM" not "bitmill".  I think it's a clearer distinction from BTC than mBTC. I think "i'll give you 20 b-t-m" is clearer than "I'll give you 20 millibitcoins" or "20 m-b-t-c".

People are not used to thinking in fractions, we need distinct units like dollars and cents, not fractional units like dollars and microdollars. uBTC and mBTC is particularly easy to mix up.
 

I call them millicoins. I know, it's kinda nonsense, but rolls of tongue really nice.

I did as you guys asked.

http://www.ounce.me

mBTC now listed .  I'm averaging about 20,000 visitors a day now...  I believe this helps.

Except that "cent" is short for "centidollar", which means one-hundredth of a dollar. People already deal with these types of fractions on a regular basis, such as with my example about millimeters. I don't see anyone confusing meter (m) with centimeter (cm), millimeter (mm), micrometer (um), or even with kilometer (km). Each of those is unambiguous.

I do like "millies" and "mikes" as shorthand names for millibitcoins and microbitcoins. They sound personable.

A mill (https://en.wikipedia.org/wiki/Mill_%28currency%29) has more than one meaning. A bitmill is a portmanteau of Bitcoin and ₥.

You have a good point there (I wasn't aware of "mill" being used in a currency context). I'm still not sure I like "bitmill", but it might grow on me with time.