Bitcoin Forum

I think mass adoption would be easier if we started referring to BTC as mBTC as a standard.  Many people that don't know much or anything about BTC get discouraged right away when they find out 1 "coin" is about $1000.  In their mind they automatically compare it to a dollar and they feel like they can't even buy 1 BTC so why bother. 

Also many people ask how the heck I can buy something for $24 if the base unit is worth $1000.  I know this is pretty simply to understand that they are divisible and with a little explaining people get it, but first impressions mean a lot.  The less difficulty someone has initially to understanding and/or accepting something the more of a chance they will feel like they can use it. 

What if the community starts referring to BTC as mBtc as a standard to help along with the psychological factor of mass adoption.  What do you think?

I think if you can't do a simple google then you're probably too stupid to use bitcoins. If you really can't figure out that bitcoins can be broken down to 8 decimal places can you really secure a wallet properly? Can you really send a transaction? Do you even know how a computer works?

Go ahead and use mBTC. No one is stopping you. Let me know how many people you convert solely based on  the denomination of bitcoins you talk about.

Btw, in the metric system the base unit is a meter. How the fuck am I supposed to buy screws if they're all a meter long!?!?!? Bad logic. Anyone with that logic needs to be sterilized hahahaha.

Also, the gambling community always uses mBTC to make pots seem bigger than they are. Should they use Satoshis!? Holy shit 1 billion Satoshis!?!?!? Oh that's not actually a big pot at all... Huh... now I hate bitcoins. They aren't worth much. 1billion Satoshis can't buy me much at all.

No one is forcing anyone to buy 1 BTC at one go, just like no one is forcing to buy a bar of gold. It is already expected that if you can't buy in bulk, there will always be retails. The same goes with bitcoin. And changing the terms to mBtc does not seems to change any thing or add any appeal into it. It is already set term and people are already used to it, why go the trouble of changing the standard?

Yeah, Bobby Lee seems to have been the one really pushing this movement and I support it.

It does literally nothing to impact current BTC holders and users, but will create a big influx of money and impact the market cap/price in a very positive way.

In effect, a 1000:1 stock split by adding the letter "m"

It's not that people can't or won't understand these things, it's the fact that it's a psychological deterrent to them using bitcoin.  I believe it will come, but I'm just saying making it more appealing will increase the speed at which the masses adopt it. 

I know many of you "hardcores" don't care if the masses adopt, the fact is that if only people that really understood the nuts and bolts of bitcoin were the only ones that used it, you'd still be spending 10,000 of them for a couple pizzas.

http://www.dispatch.com/content/stories/business/2014/06/10/psychology-of-stock-split-boosts-apples-shares.html

Good to know. I figured I wasn't the only one that thought this.

Interesting concept, but I am not sure if I like it. I grow accustomed to standard bitcoin denomination, I have still trouble using mBTC.
For me using mBTC is like using cents to describe value - instead of saying - "I bought this for 14 dollars" would you say "I bought that for 1400 cents"?

mBTC may be helpful on the very basic level and for total newbies, who have no idea that bitcoin can be divided down to 8 decimal places.

I personally think It's the other way around , If people sees that one bitcoin costs 1000$ right now that should give them a good idea on how valuable it is and probably encourage them on investing , at least this is how I see it. It also should be easy to understand that bitcoin can be broken into decimal places as well since transactions can be seen on the blockchain.

Do you know that bitcoin is limited by 21 million number?
In the case of mass adoption bitcoin will have to be shared on mBTC or even for satoshies to be enough to everyone to use. But for that bitcoin will have to cost a lot. And only rich people will have capital in bitcoins, and others use only satoshies.

No one is going to do this for us. If we stop talking in BTC and start talking in mBTC right now, then we will kickstart the transition. If we start it, then other media sources and forums will pick up on it, and eventually the exchanges will finish the job. Everyone knows that it has to be done, but they're just waiting for other people to do it.

mBTC isn't the most human friendly or intuitive terminology.

10,000 mBTC uses two variables to deduce a specific value.

10,000 and 1 millionth of a BTC.

It might be better if values lower than 1 BTC could be deduced using only a single parameter, rather than two separate parameters.

If only for simplicities sake.

Worst idea ever suggested :) I always get confused when I change btc to mbtc or umbtc it's just plain stupid and goes back to the times in math classes in school :D. mass adoption doesn't necessarily mean every one from every layer of society starts using bitcoin but rather masses familiar with internet, computer, and online and digital world in general start adopting and recognizing crypto.

Your analogy is true and full of sense as even most people just go for btc by default forgetting any other denominations which will take someone really interested to do digging to discover other denominations. However, the way most wallet sites are structured and designed he should not be too hard for anyone to get the necessary information but out of laziness, we get to ignore what matters. In my own case I know worth of that I have in relation to btc and nothing else...

I thought this too and somewhat agree that the larger value per BTC is attention grabbing. But I think for many there is a barrier to cross between noticing bitcoin and using bitcoin and the standardisation of smaller units would help more with the latter.

Bitcoin is very valuable from the very beginning .it will help to earn a lot in the future if u invest in it today .the price of bitcoins would be more than 3000 dollars at the end of this year .the problem is will mass adoption occur ?or will it be used by some people .

I agree with the OP 100% because it scares potential investors away; if Bitcoin was categorized in lower denominations like mBTC and its value us equivalent to say 1 USD it will open up to more interest and investment rather than discouragement.

From where I stand, using mbtc does not change the perception of people and if one is not careful then it might create more confusion because someone coming into bitcoin thinking the highest is mbtc then go to discover that what he is got is just a fraction of the real deal then he might get discouraged. I think we should still stick to the btc then followed by the explanation that you can get what you can afford. Simple as that.

Your comparison is a little off though.  buying something for 140 mBTC is closer to 14$ then 14 BTC is to 14$.

Do you find it more convenient to say, I paid .014 thousand dollars for that, or I paid 140 dimes for that?  Because this is essentially the difference right now when using BTC.  Another thing to note is that if may not be too terribly long before 14mbtc = 14$

I don't think this is a valid concern.  No one is ever worried that they can't have more than 1 dollar.  Its obvious you can have more than 1 mBTC.  It doesn't matter if you know the name for 1000 mBTC is a Bitcoin, or if you just think you have 1000 mBTC.

I think the odds are that its more confusing telling someone that it costs 0.0234 BTC rather than it cost 23.40 mBTC since most of us are already use to the unit of currency being somewhere in that decimal range.

 Psychologically I also think people find it more appealing to say "I have 100 mBTC" rather than "I have .1 BTC".

You have to have some basic knowledge or you'll be posting stupid crap on here constantly. "Why isn't my transaction confirming!?" Because your fee was too low... ugh... here we go again...

Mass adoption won't be coming from talking in different denominations. That's what it comes down to.

There are many wallets that use dynamic fees where the user doesn't even have to think about how much the fee should be. 

Actually I think something like this will come along on its own anyway, once BTC sees enough adoption.

I've also found all those decimal places a bit confusing. :D What I do when depositing is to first get a converter, input the value in fiat and convert to BTC. Looks like too much trouble but for me it's still better than accidentally sending more than I intend to. I just tell my self I'm easily confused with really large/small number to begin with.

As the price of bitcoin increases we'd be using smaller and smaller denominations anyway. If you're telling people about bitcoin, after you just said that a bitcoin is about, say, $1,013, tell them you can buy really small amounts of it and that it can be divided into much smaller units than a dollar can. I suppose after a bit of explaining they'd be able to figure out that they don't have to buy BTC1.

yes i agree that people do think like this way but i think its actully a main reason thats why they join this system becase they se it like what we say. its ok if we say them that one btc is $1000 and a little bit of introduction.

I strongly believe that there will be a time that we will use satoshi as a standard, it will be easier and simpler

First off, the harshness of criticism against this idea is uncalled for. Clearly, if a newcomer feels that the denomination is an issue, then it is.

That said, I see nothing wrong with satoshi and bitcoin, and using decimals. In your example, you say people will give up over the idea that 1 coin is $1000, what makes you think they'll warm up to the idea of mBTC?

Stick to the idea of the currently 8 decimal places and the use of satoshi as the smallest unit. With time, it will be the norm.

I already most of the time talk in mBTC, with my friends, as I find it more convenient. Moreover most of the gambling websites if not all already use this denomination by default.

it is a very good idea, and it potentially can solve some problems about newbies thinking bitcoin is expensive because every price is reported based on 1BTC.

but also it has a big flaw!
bitcoin is a global currency and not just for one country, many people don't understand what m, u,... mean so they may have trouble understanding what mBTC or uBTC means. other countries use different unit systems.

Lol, that's the same thing it wouldn't change much xD

But what would be interesting would be a common norm!
I mean, it all depends of the site on which you are. Some put prices and bets in mbtc, others in btc, others in satoshis...
That could be a good thing to all agree on one common unit. It can be mbtc why not, you spend mostly mbtc unless you're rich as hell.

Bitcoin will never reach 21 million of their supply and it's mean the supply will less than the final accumulation by the maker of bitcoin. mbtc is really difficult to say. bitcoin is better to say than mbtc.

To be honest keeping BTC as it is is good. It looks like a small denominatiom woth a big value. Unlike some currencies like Yen in which it goes to many digits but is less than the value you are hoping for. I don't think 1 Bitcoin being expensive will discourage people. We can even explain to them that there is also centavo of Bitcoin which is Satoshis.

I do not agree with this topic! It's difficult in beginning to get into this decimals, how much money is 0.0140133, but now after a year I don't have problems with that.
I would like to stay everything as it is, for me this is perfect and I don't have problems to calculate values in bitcoins or dollars.

Why even mBTC then, Faucets are making people aware of giving away some bitcoins (Satoshis) and that’s the only good thing I appreciate when it comes to faucets otherwise it’s waste of time in my opinion. I send some satoshis to my friends when I tell them about bitcoin and they start looking more information and I think to give them actual bitcoins (doesn’t matter even if 500 or 1K satoshis) is the best way to increase awareness about bitcoin.

what i think is that you have a point but it's to early for your suggestion and mbtc might cause more confusion than anything, when bitcoin will reach 10k or 100k mbtc will be the standard for many that can't afford a whole bitcoin, but for now i would use BTC as a suffix which is fine


21 million will be reached in 2140 when miners will end their block reward, why you say it can't be reached? you are spreading false info

Why we need to adopt mBTC when the notation "satoshi" will be giving much cheaper prices for bitcoins so that new people will start buying it ?

But there were sold evidences when stocks were got split, it had started attracting more investors than before.
But we need to work on long term solutions like after some times like mBTC also value $1000 then we might need to switch into uBTC.

True, but if you ask me I don't like that. Honestly I don't understand what's so wrong about 0.001 BTC? Why do some people think 1 mBTC is looking better? I'm absolutely okay with those zeros after decimal point and I hate the prefix milli, that's even confusing in a way IMO.

I think it would be the other way around, if they saw Bitcoin is too expensive, investors will be discourage unless he dig into what bitcoin is.  Basically it is not majorly the current price that encourage people to invest in bitcoin.  It is the future price and how huge will be the profit if they waited for x time before they sell for a profit. 

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As of mBTC i think this is targeting a psychological factor of people.  Though, why not use Satoshi instead of mBTC that way they will see Bitcoin is way  too cheap than they imagined LOL.

I guess we don't need to do that. BTC itself is just enough no need to use mbtc for better adoption. They can just research about bitcoin if they think it is to expensive and they will see thst one can own even 0.001 BTC less which cost low and affordable for many. I think adoption itself will be done in the future it will just take years to happen but if we are lucky it would only take months.