Bitcoin Forum

how long till 1mBTC = 1USD?

also what will you think of fees then?

edit SI units
m = milli, = 1/1000  = 10^-3           = 0.001
u = mirco=  1/1000000 = 10^-6       =0.0000001
n = nano =  1/1000000000 = 10^-9 = 0.0000000001


edit 2
mili = 1/1000 => 0.001
1l = 1000 ml -> 1 ml = 0.001 l
1m = 1000 mm -> 1 mm =  0.001 m
1 BTC = 1000 mBTC -> 1 mBTC = 0.001 BTC


its very very common, and internationally recognised SI unit. You know, milli meter, microscope, nanotech/ nano meter.

WTF is a mBTC ?

Terms like this lead to endless confusion.

Agreed, is it 1 Million or 1 Millionth of a BTC?

My guess? it is 1 millionth, i.e. 0.0000001

0.001 BTC

It's 1 thousandth of a bitcoin or .001 bitcoins.
I'd say it could be this year if those paypal/western union rumors pan out.

Clearly this terminology won't work.

People who use the metric system don't have any problems. 1 millimeter = .001 meters.

Its the SI standard prefix for 1/1000. Think mm (millimeters, 0.001m) or ml (millilitres, 0.001L)

Apparently you have problems with the metric system then, according to your earlier post in this topic. ;)

Not only is mBTC (or BTM if ya must) workable, I think it's essential to adoption. Noobs could be put off by the "prohibitive expense" of "$1000 coins", but $1/mBTC doesn't look so insurmountable.

Above $250/BTC I shall (once again!) set Bitcoin-Qt to default to mBTC display/operation, and I think this needs to be more widely encouraged, possibly including at the major bitcoin exchange sites.

I busted out laughing reading this thread.


1 million bitcoins is MBTC and 1 millionth is uBTC.  Also .0000001 is not either and is actually one ten-millionth of a BTC.


You're right it is 1 thousandth however .0001 is not 1 thousandth but 1 ten-thousandth.

So there's a lot of confusion amongst the current Bitcoin enthusiasts.

Some peeps just have issues with fractions and floating points.

Repeat after me: point double zero one, point triple zero one, point quadruple zero one...

mBTC and then µBTC and satoshi are surely the future - assuming bitcoin does not fail.

Just a lot of people who need to brush up on their maths

Maybe we should split the bitcoins in inches or feet? Hardly anyone in the world is using the metric system, right...?

Tomorrow!!

/sarcasm

1 milliBTC = 0.001BTC?
Not so long I guess, since 1BTC is over $100 now.

1 mBTC = 1 milibitcoin = .0001 bitcoins

Note there are three 0s, the metric system goes in threes.  I can't believe how dumb most people are at this!

1 mBTC is about $0.13 now.  I'll change to mBTC when were half way, when ($1000 - $1)/2 = $499.

mili = 1/1000 => 0.001

1l = 1000 ml -> 1 ml = 0.001 l
1m = 1000 mm -> 1 mm =  0.001 m
1 BTC = 1000 mBTC -> 1 mBTC = 0.001 BTC

The m is "milli", which means 1 thousandths. In decimal notation: .001 BTC

1 millionth of a BTC would be written as 1 uBTC. [where u = "micro"; a millionth]

These could be used as well, just don't expect people to know what you mean:

.1 BTC = 1 dBTC  [d = 'deci'; a tenth]
.01 BTC = 1 cBTC  [c = 'centi'; a hundredth]
...
.000000001 BTC = 1 nBTC  [n = 'nano';  a billionth]
.000000000001 BTC = 1 pBTC  [p = 'pico';  a trillionth]
.000000000000001 BTC = 1 fBTC  [f = 'femto';  a quadrillionth]
.000000000000000001 BTC = 1 aBTC  [a = 'atto';  a quintillionth]
.000000000000000000001 BTC = 1 zBTC  [z = 'zepto';  a sextillionth]
.000000000000000000000001 BTC = 1 yBTC  [y = 'yocto';  a septillionth]

Gosh, you should have just asked "how long till 1 bitcoin is $1000" then we could avoided half the posts in this thread, lol.

finally something sane :)

Anyway I think we will come to the equation of 1 USD = 1mBTC (ie. 1/1000 of BTC) no later than 22nd August 2023. We might get there sooner but the longterm wall I guess is set for 22nd August.

I have only 3 bets.
a) less than 2 months (30%)
b) less than 2 years (69,999999999999999999999999999999999999999999%)
c) never (0,0000000000000000000000000000000000000000000000001)

I think we will reach 1 mBTC = 1 USD and that we'll reach it for the first time in 2015.  I expect we'll be trading at between 50 and 80 USD/BTC at the end of the year.  This is all based on a long-term, support line I perceive in long-term log("market cap") charts such as:
https://blockchain.info/charts/market-cap?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=1&address=

Sorry for the earlier troll post: I saw fun and wanted to partake.

Incidentally, I consider 1 BTC = sqrt(1000) USD = 31.6 USD (3.s.f) to be the mid-point between BTC-USD parity and mBTC-USD parity.

These days I give all my prices in mBTC (giving the BTC equivalent in parentheses for those unfamiliar with the notation).

Put 1/1000 in a calculator and see how dumb you are.  But as an engineer I can guarantee you that it is not .0001.  Hint: it is .001.

 :-\ It was a typo. Fixed it.

I really hope you were just trolling...

That I was.  Alas, my novice attempt contrasts sharply with the 4chan-quality troll posts above.

When mBTC (.001) = $1 then the SH*T is going to hit the fan. Can you guys imagine that? But, it is just a 10 billion dollar market cap, really not much. Call me when we hit 1 trillion... (Can someone do the math on that one...?)

If the banking crisis continue, and it looks like it will, it can happen this year. Understand, once we start going up there in price (say over the previous high or there abouts), the moves will be violent. 10%-20% moves in a day until we reach some type of consensus price are to be expected. And who knows when that will be considering the state of things.

I think we have no choice but to go to mBTC. As many have mentioned there is a psychological barrier to entry when "stocks" go above a certain price (which is why they split, at least in part) and with bitcoin we have the decimal places and following naming convention to take care of that. When you only have 11 million current outstanding shares, oh boy...

It's all about sharing

mbtc is the only way to go. in the mainstream press i read it all the time: "bitcoin is not usable as worldwide currency because there will simply be not enough of them circulating. only 21 mio..."

we need to start talking mbtc. it is essential for bitcoin to succeed. 

This. I will "encourage" its use once we settle above 250 USD/BTC, IOW when 1 mBTC looks like a human-scale unit of value. One US quarter is perhaps the very bottom end of that, but of course this is only a matter of opinion and perception. I switch my Bitcoin-Qt to show mBTC when the price breaks $250 (and switch it back if the price then crashes below $150 - LOL).

I guess that by the same logic as above, 250k USD/BTC is time to switch to µBTC. ;D

1 mBTC = 0.001 BTC

1 mBTC per $1 = 1 BTC per $1000

So when will 1 bitcoin equal 1000 usd? Probly a while...

I give it 18 months, but then I'm a bullish optimist. We could also be trading at zero by then...

I agree, the metric system is way too confusing. Lets use degrees instead of feet though. We can then split a bitcoin into 360 separate units called degree bitcoins, or dBTC. Then dBTC can each be split into 60 minutes per degree and 60 seconds per minute.

That is way easier than this metric system fad.

Some of us have been using the term mBTC since 2011. I now prefer to abbreviate it as mB since that is more compact.

My guess is that the price of a dollar will drop to 1 mB at some point in the second half of this year before rising back to at least 2 mB.

The dollar is currently trading at about 7.2 mB.

That's ridiculous. Clearly Bitcoins are made out of bits&bytes and therefore should be scaled in steps with base 2.
And because some people don't like that, we will use both. Normal metric and base 2 at the same time.
So that 1 Bitcoin = 1000mB, but also = 1024 mB.

^^^
This way we don't sound so bullish  ;D

Hey, I am not a bull, I am just a dollar bear. :D

i guess it forces people to learn 3rd grade math all over

I expect those that like binary for the bits&bytes parallel would use the satoshi as their base unit for it's indivisability; bits cannot be truly subdivided.  After all 1 bitcoin is nothing more that 100 million satoshi, an amount selected to give users a more intuitively appealing base unit.  Indeed, amounts stored in the blockchain are stored as integers with 1 being 0.00000001 BTC = 1 satoshi.

The current rate is 1.384 USD / MiSAT, or 0.7225 MiSAT / USD if you prefer.
(where MiSAT ("mebisat") is mebi-satoshi = 1024^2 satoshi)

01101110 01101111 01110000 01100101 00101110 01101010 01110000 01100111
Convert Binary with http://www.ConvertBinary.com (http://www.ConvertBinary.com) (Online Binary Translator)

Guys... why do we need to reinvent the wheel??

It's simple! This stuff has been worked out.

Answer: We adopt the same system as the English pounds shillings and pennies.

Adopt a system designed for currency, duh!!!

1 bitPound = 20 bitShillings
1 bitShilling = 12bitPennies
1 bitPenny = 2halfpennies or 4bitFarthings

2 bitfarthings = 1 bithalfpenny
2 bithalfpence = 1 bitpenny (1d)
3 bitpence = 1 bitthruppence (3d)
6 bitpence = 1 bitsixpence (a 'tanner') (6d)
12 bitpence = 1 bitshilling (a bob) (1s)
2 bitshillings = 1 bitflorin ( a 'two bob bit') (2s)
2 bitshillings and 6 bitpence = 1 half bitcrown (2s 6d)
5 bitshillings = 1 bitCrown (5s)

Couldn't be simpler... why all this confusing metric stuff???

At these rates we're near 1bitpenny = 1USD.  A perfect conversion rate.

Clearly we should be using multiples of 16 to denote smaller values:

1 BTC  = 1 BTC
1 aBTC  = 1/16 BTC = 0.0625 BTC
1 bBTC  = 1/256 BTC = 0.00390625 BTC
1 cBTC  = 1/4096 BTC  etc

Then we can give all prices in hexadecimal:
0x10 cBTC = 1 bBTC
0x100 bBTC = 1 BTC

The price of a cheeseburger is about 0x1f cBTC.

You have a point there,
but we also should consider changing the amount for weekends, because usually there is a smaller amount of cash-flow.
So on a weekend one BTC should be less cBTC to stabilze the cash-flow charts.

I have seen "mBTC" used for years now. That has become a very familiar unit and does not seem confusing to me.

Not a bad call, halfway there.  ;D

Why not work from the bottom up

1000 satoshi
100000 satoshi
A million satoshi
A thousand satoshi
Etc.

Sounds good and sounds like more money and once we need to divide more we add in another bitcoin founding father.