Bitcoin Forum

I think so, for appearance and encouragement's sake.  It helps encourage new users and miners, so that their wallet looks a bit more full.
So instead of earning 0.01BTC/day on my shiny new GPU / USB ASIC I will earn 10mBTC/dat.

I wonder if this thread has been created 1000 times yet?  Ok maybe it's only 100, but enough already

Maybe the cent should become the new dollar, or the penny become the new pound.

So instead of earning £6.41 per hour I earn 641p per hour, which looks like it's more...

I think mBTC is:

A - too geeky for the average joe to know what the "m" stands for.

and

B - too long... 4 syllables?? 4 letters? should be "mBC" at least...

A.  This is only a problem of US Joes.  Everywhere else in the world, they are taught m means milli means 1/1000 in the first grade.
B.  mBTC (pronounced millibitcoin or millibits so 2 or 3 syllables, take your pick)

and it needs to be created another 1000 times.

mbtc is the answer.

this needs to spread. it is important for the future of bitcoin. and for our stake in this game.

What the fuck is the question?

Perhaps "What can we talk about repeatedly that is already supported in the reference client and in wide use by anyone who wants to use it?"

Edit:

Seriously though, if you like it, use it.  It's that easy.  There is nothing to discuss.  You can't force something like this from the top down in this type of community.  You just have to do what you think is best and if other people agree they will pick it up too.

agreed.

i would prefer convincing over forcing.

yours,

600 000 mwatt

Yeah hearb about the reddit post on this.

Personally I agree with Gedi mBTC is a bit of a mouthful, we should just call them Bits

ie

Dollars, Cents
Pounds, Pence
Bitcoins, Bits


And I do agree with this change since if the value of 1BTC is going 100+ right now it make sense that we should start using a smaller nominal term for the currency as opposed to the Bitcoins.

Ie something in a shop isn't 0.25 Dollars or pounds its 25 cents or 25 pence

I will NEVER use mBTC ever no matter what.  0.001BTC = 1BTM (bitmill) and always will in my mind.  Here's the point - it's a stupid and pointless conversation, it's been had REPEATEDLY on this forum - there isn't much consensus AND it's already available as an option in the reference client.  So - wait...  what were we taking about again???

Guess what?  Even though I am personally virulently against using mBTC for anything I still know what it means.  0.001BTC or 1BTM

All these threads about using mBC are just a psychological mind fuck.  It makes it seem like you have more of something.  Give it up already.  ;D

Don't underestimate the power of psychological perception! Just ask the http://en.wikipedia.org/wiki/Edward_Bernays (http://en.wikipedia.org/wiki/Edward_Bernays) Commercials weren't always called commercials you know just propaganda...

If Bitcoin community wants wider adoption in which it should be cause BTC would increase in value then it needs to appeal to people it have not reached so far ergo for instance let them feel they have more than in reality...

I'm already using it, I think so.

I'm using it for a few weeks now in my wallet, but I'm switching back to BTC as the default unit. mBTC only makes sense when 1BTC is worth more than 1000 us dollars in my opinion.

Do you think that the change to a different order of magnitude could help BTC cross $1,000 sooner?

I don't think so, but it's possible. What I was saying is that if it crosses 1000$, it makes complete sense to use mBTC as the default unit.

Actually, metric units are taught here as well.

I pronounce it em-bit. Millibitcoin is too long.

I agree.  We are calling the mBTC a "bit".  We'll have to see what gets adopted.

Absolutely.  Psychology is too easily discounted by many here.  Potential new bitcoin adopters would rather own 10 of something than 0.1 of something.

Cool - and I did get that the first time, but was only offering a possible suggestion and question as to why or if it might be worthwhile to switch pre-emptively!

Who cares how big it looks, all the decimals are annoying as Hell. several currencies have in fact changed their numeration to account for massive influxes of valuation.

Current prices:
$120 = 1 BTC = 1000 mBTC
100 mBTC = $12
one 7 buck tee = 58 mBTC = 0.058 BTC
"I'd like a t-shirt for point zero five eight bitcoins please"
OR
"I'd like a t-shirt for fifty-eight milliBitcoins"
Take your pick.
Neither sounds great to me because milliBitcoins is a mouthful. Let's start another "how can we make mBTC into a single syllable" thread, find a great shortname for mBTC, and then switch to mBTC (until its time to drop down another 10^3 in a year :) ).

I pick:  "I'd like a t-shirt for 58 Bits."

Otherwise, you'd probably be more likely to hear "I'd like a t-shirt for 10 iDollars"

Bits would be perfect, even shorter than Bitcoin.

I think that we should keep it as it was. Multiple units for the same things would get confusing. Imagine purchasing 10mBTC on mtGox when you thought it was 10BTC! Things would get really confusing really fast.

We do have multiple units for USD, EURO, GBP, etc.

I'd like to resurrect this thread given the current situation.

but do we have to call mBTC Ringos?

How about "I'd like t-shirt for fifty eight mB's"    (pronounced em-bees)

At smaller scales you can start saying stuff like "microcoins" and "nanocoins" and it sounds plenty "technological", but for 10^-3 BTC, I favor "minicoins" as less of a mouthfull (and because it sounds less like "million coins").

milli-coins?

it might become reality if the market price is keep going up and everyone is holding on to their coins

Again, sounds enough like "million coins" that I can see it causing confusion.

I think so. The exchanges default I think should be mBit and so should everything else. It's getting silly to see things priced at 0.01 bitcoins.

I don't see how we would lose the pricing mechanism, of course the price would be divided by 1000, but there would be more units equal to that.