Bitcoin Forum

I notice when i explain "what is bitcoin and how bitcoin will become the huge payment system" to my wife(who didnt know anything about bitcoin). Then she states something that i want to share. Its from newbie in cryptos yet experienced in bank economic.

Do you think bitcoin wont be accepted with so many zeros in BTC or satoshi unit? For the price to be used in daily payment. BTC is so complicated to understand widely. Think this with a point of very low degree of education.

I think we need to invent something more stupid-free in btc currency unit.
Kindly share your thoughts. 😊

We had a topic about this just the other week.  The best part is, you can put the decimal place wherever you want (https://bitcointalk.org/index.php?topic=4834989.msg43639835#msg43639835).  Whatever makes most sense for you.

Yes, that's what I think too, and there are more general weaknesses that seem to be difficult to remove. If examined more deeply, Bitcoin is speculative (in relation to value). Its value is determined by the number of people or business units that accept Bitcoin. If more and more use, the value will continue to increase. Conversely, if it gets less, the implication is that the selling price will go down. Besides that, as a crypto currency, Bitcoin does not recognize transaction cancellations. The process is also public, no entity can provide guarantees for negligence that causes loss or errors in the shipping process. Hardware wallets (special devices for storing private keys) are also susceptible to virus attack or damage if not treated properly, can cause coins to float.

IMO, it is just a matter of acceptance. People are used to how the traditional money works. But come to think of it, you would have to adapt to the difference fiat currencies around the world. Take for instance, if you are originally from USA and travelling to Indonesia. You will need some times to get used to buying a coke for IDR 8,000 than $1. That is 0.00016 BTC.

Now bitcoin is just a digital asset and has its value of $3000 or $6000 because of people who believe in Bitcoins.

I think that is because the world of cryptocurrency is still pretty much underground. Despite the popularity of bitcoin, the common public only really "know" about it but not actually understand it.

Moreover, the whole process of how bitcoin achieves its value is hard to understand and too complicated, even for educated people (unless they are into economics and cryptocurrency).

As insto said:


There is no legitimate back up for bitcoin, unlike normal national currencies (which have values depending on the government's gold stash and many other economic factors). It mainly depends on transactions and how many are really willing to use it.

And thats the new way of future cryptocurrency projects developement. To be more user friendly. Cryptos should be as easy to use ase regular payment. And thats what we are going too - mentioned on  Consensus 2018. Crypto will evolve to app on which you will be able to store token thats value is stable and similar to your native fiat money (USD for US, PLN for Poland etc. ) because according to  Consensus 2018 sooner or later every fiat will have their token equivalent or even multiple equivalents (like USDT and TUSD). Crypto will be also much easier to use. You will be able to install 1 app and store there your BTC. Then you will be too stupid to transfer them to correct BTC adress and you will send them on ETH adress - it want matter. Blockchains will be linked and will interlace between themselve.


Using crypto will be as easy as playing angry birds. (according to consensus 2018).

Back to multiple 0 in btc. There is not a problem to create app there you will store your btc (and manny other coins) and transfer them like
"how much you wont to transfer"
-20$
"where"
-key
"in which currency"
-BTC

Because we're not used yet to use it. About 15 years ago my country changed its currency because of the Europe Union. It was disturbing because we were lost with the prices (on the top of that, the prices magically increased) during maybe 2 years. Worst for senior people because it is the 3 rd currency they use, a lot of them still talk using the currency that replaced the old currency which has been replaced for the euro. Imagine the conversations when we talk about money, sometimes you need to use a currency that you have never used

btc currency when it is still not able to be circulated thoroughly to the public. and it is very difficult to understand to be a currency. But to introduce bitcoin to society, bitcoin must spread its currency even though this is an obstacle, inevitably the community must accept and eventually bitcoin will be able to become a currency.

Actually we can decrease the decimals by adding a initial in the name for example, mBTC which valued at 0.001 and μBTC which valued at 0.000001 and of course satoshi or sat which valued at 0.00000001. I know it complicated thing more but if you think further we can easily used to this by using daily and it will be easier and clearer for them if they get used to it.

But indeed it bitcoin has a complicated features and to be able to use it you wanted to understand each and every aspects which can easily find in the forum but its too complicated for those who don't use computer a lot, I guess the key for bitcoin's success is technology.

Almost anything can seem complicated at the start but with perseverance and dedication
anything can be mastered. All people need to know is the value of 0.00000001 for example
And how a wallet works for sending and receiving payments.

soon it will be like  1 pepsi= 100 sats thats it....
we will measure in sats just like er do with alts

First point here goes that bitcoins are not meant for low educated peoples and only experienced and working peoples can get it much accurately. We have very low chances of making some changes in bitcoins to make it more easier and simpler for the globe to understand but it would ruin the importance of bitcoins then. Bitcoins are great as they are now and they do not need any major changes. Just the peoples need to adapt bitcoins for their betterment. Also an experienced person in terms of cryptocurrencies would never make mistake in the amount of "0" the transaction has. (Commonly known as satoshi)

when you use a lot of zeros in front of a currency unit so often it means that currency is worth a little compared to others.

for instance lets say a cup of coffee is worth $5
you pay 5 US dollars for it
Indians pay 350 INR for it
Indonesians pay 73,000 IDR for it
Vietnamese pay 116,000 DONG for it
Zimbabweans pay 150,000 Zimbabwe dollar for it
bitcoiners pay 78,000 satoshi for it.
(prices are from xe.com)

you see in real world people are using a lot of zeros and they have no issues with it, it is just that you haven't been looking around much to see them.

i can't believe someone with basic not even advanced economic knowledge doesn't know this already!

Unfortunately there is no stupid free option the value is still the same even if it is 0.00001 btc or 1 random coin. For new people to crypto currencies they want 1 btc but fail to realise that there is less than 21 million of them if a btc was worth virtually nothing than btc would not work.

nothing about bitcoin is complicated unless you want to make it complicated for yourself. the case of decimals and number of zeros is exactly like the case of saying they don't understand how bitcoin works.

nowadays people don't even want to understand how things work, they are only using them. it is the consumerism at its best and you can't do anything about it. for instance when buying something you don't care if it has no zeros or hundred zeros in front of it, you don't also care how bitcoin works you just point your phone at that picture which you may not even know is called a QR code and click confirm and make the payment. or if you are on PC then you just click on a link and the payment happens after you confirm it in your wallet.

Yes, I think btc is complicated for those who really do not have knowledge about it.  I believe with proper education about btc as a currency and as a payment system to the people in general, it could be widely adopted in the near future. Information dissemination is the key to the problem regarding on how btc could achieve mass adaptation.

People fail to realize that you can easily tweak clients to make things more user friendly. It has nothing to do with Bitcoin at all.

Instead of people asking you for whatever amount of satoshis, they can just request a payment based on USD (or whatever fiat currency) from where you scan the QR code and that's really it. In the background your client will make sure everything gets sorted and completed in a secure manner, you can't ask for more convenience than that.

As long as the fiat value of Bitcoin remains the dominant factor you don't have to worry about anything else.

I'm using Bitcoin on a daily basis like this and it works just as well as PayPal works, but with way lower fees and without a central party involved. :)

They're just numbers. How can that get complicated? People are taught to read these at elementary school. Just about anyone is capable of counting zeros. You can also use mBTC, uBTC, etc. otherwise. You could make a much better case with setting up a wallet, sending out transactions, taking care of your money, etc., and even then, that only takes a little bit of getting used to.

I agree that things could be much easier on the end of users, considering how easy it is to swipe a card/NFC or use Paypal, but I don't see the number of zeros being a problem for adoption at all.


They're meant to be usable by everybody. The user experience aspect can be dumbed down without affecting integrity of the protocol. There's still the question of how though.

This sums it up perfectly. It's not Bitcoin, it's the clients.
Just not "people" have to do this, it's up to us. We have to make the clients easy to use. We have to make better clients, or improve the current ones, in a way each type of user can get exactly what he expects.
We have to make Bitcoin easy to use for everybody, hiding, if necessary, the "scary" "overcomplicated" details. Then everybody will be happy(er).


This community has a lot of smart people and a lot of software developers. I'm sure something good can come out of this.



Or you can show the price also in another currency (eg US Dollar) to make sure you don't send 1$ or 100$ when you want to send 10$.

I think digital bitcoin has a lot of small currencies that can be traded and exchanged. Bitcoin features can help traders to trade.

Yep, for now we can't use Bitcoin in any kind of payment system (but there are some) because of its price votality, but I know that someday it will have a state of usefulness in someway that we could finally use that as a payment method.

Yes it is.
It's hard to tell to the people who don't have basic in IT, they will say bitcoin is a scam and a unvaluable thing.
But, as a futurist, we know bitcoin will have a bright future

People don't have to understand BTC to be able to use it.  How many people really know how their phone works, how the internet works, or the engineering of their own car.  Anyways, I think bitcoin is really easy to use for a first timer, I had no problems showing my family members how to make bitcoin transactions.

It's better to use satoshis or sats for me. It is close to the fiat currency way of reading. I feel accurate with it.

Not really, it's not too complicated to use. We can, for example, use the traditional currency used by people for trading, with the value printed on the currency equivalent to the commodities to be converted. While there is a lot of ignorance about the stock market or the origins of paper money. However, it is still used 100% in transactions. Your reasons are not convincing. The problem here is that Bitcoin is decentralized and anonymous, which can be exploited by bad guys for fraudulent purposes, money laundering, etc. So it's very difficult to manage, because Some countries have enacted laws prohibiting the transaction and possession of Bitcoin, so Bitcoin can not be used extensively. Besides, Bitcoin prices are still low, so it's time to get used to it.

At first it is complicated like me as a newbie it is complicated but if you're willing to learn how it works, you will research,study, and through this site bitcointalk it will help a lot.

What is it on bitcoin that is hard to understand? The digits is not a problem. You can also buy stocks that are in more than two decimals. Including in forex. Bitcoin should be easy once explained well. It is just the some people do not want to understand it and are not interested because of its decentralized nature which is actually perfect to make everything honest black and white.

It's complicated but won't be accepted from a different reason. In my opinion the price volatility plays the biggest role here. We need stable currencies to purchase items.

i agree with you on this. bitcoin seems complicated for most people but i believe if we continue to create the awareness through seminars and all that we will be able to make people understand both its ideology and usage.

yes i agree with you
too many 0 behind the unit
it makes it difficult to adopt
especially for people who don't really understand technology
and most of them do not want to be complicated when sending money

I think we need an application or platform that can support every transaction with satoshi values.

this is very complicated, but this innovation will create a good response in the future, and of course, we are waiting for the public to be ready to accept digital currency innovation with all its perfect features.

I do not see it that way, because in fact our current financial system seems even more difficult to understand than Bitcoin due to the large number of fallacies, abuses and deceptions on which it is based, and still people do not seem to have any problem when it comes to using fiat money.

I think sometimes we forget that to use cryptocurrencies you do not need to be an expert in digital technology, just as we do not need to be experts in communications to properly use a smartphone, or bankers to use a credit card.

Thank you!. System like link and QR code is absolutely become a solution when we want to buy/sell something over btc. Also using a wallet platform that convert cryptos into Fiat currencies with realtime would become handy.

Bitcoin unit is not complected. But bitcoin unit promotion are very few. For this reason so many people are fall in little confusion. But other side its play very big role its keep bitcoin really good and strong.

If a person has money in a Bank account and spends it.He does not need to delve into the economy of the country,he does not need to know how to make money.He just takes and spends his money.The same is with bitcoin.People do not have to delve into blockchain technology to own a cryptocurrency.

And i guess that this is really much easy for them to understand. Nothing comes out of no hardwork and peoples really need to learn how bitcoins work and where the transactions take place. This is what is much vital in terms of bitcoins.

Sending and recieving bitcoins is also a way easy but understanding the transactions is a bit difficult and if a individual learns to manage it, he would surely also learn the amount of 1 satoshi and would never make any mistake. A single "0" can matter a lot in bitcoins and hope that everyone gets it cleared.

Yes, because if they accept bitcoin it will not complicated, i don't know why until not many countries not accepted to bitcoin, bitcoin gave us money for the some financial in our life and also gave extra income but government very difficult to understand what is a currency and what is the benefits of that to everyone.

You have a point. However, you cite you one example and I think most of us can relate to this. When I was starting in my bitcoin journey, I was also confused, I also make a lot of mistakes. But as I explore more and understand how it works, I got the feel of it. What I'm trying to say is that it could be hard in the beginning, but as you familiarized with the terms and the 0's and satoshi's and 0.01BTC, its gonna be easy and its not complicated as others have been portraying it for years.


Nope. Bitcoin is fine.

The decimals is not the big barrier to the bitcoin acceptance but people can use the other parts like micro bitcoins like that but when the system got adopted then they will get familiar with that so it is not going to be a big problem.

I think bitcoin is really easy to use for a first timer, I have no problem with my family members doing bitcoin transactions. It's close to the fiat currency reading. Not really, it's not too complicated to use. While there is a lot of ignorance about the stock market or the origins of paper money. The point here is that Bitcoin is decentralized and anonymous, which can be exploited by bad guys for fraudulent purposes, money laundering, etc. Besides, Bitcoin prices are still low, so it's time to get used to it. The digits are not a problem. Including foreign exchange. It's just some people who do not want to understand it and do not care because of its hierarchical nature that is really perfect to make everything black and white honest. In my opinion, price volatility plays the biggest role here.

I think at this point, as the Cryptocurrency is growing vigorously, we have enough intelligence to understand some of the bitcoin's essence. Politicians have also taken Bitcoin into their legal forms of payment and sale. We still have to accept bitcoin as a currency of the world.

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I think this is just a matter of adaptation of a new type of currency, bitcoin. maybe at first everyone who is new to bitcoin will find it very difficult to understand how bitcoin works in financial terms because it is a process of adaptation but I am sure that as time goes by everyone will understand by itself.

I agree partly with your assertion and I think this is more reason why bitcoin education should be introduced in our colleges.
It will go a long way in creating awareness and getting the public accustomed to the basics  of bitcoin.

Using the Bitcoins currency unit as the only complicated factor is not right. Bitcoins technology and mining on the network is what must be consider as complicated. By gradual process and education, Bitcoins will become a world payment system that will be used in every corner of the world.

Why are you saying it's complicated. It is not. The old economists are trying to refuse to accept basef on certain fundamentals they believe won't work. But well, some economists have also given positive review about this so we are waiting for what the future will bring.

I think it's not too complicated. We know that the price for each bitcoin is very expensive. We need smaller units to help make the bar easier. I think many people will find it complicated but when things get familiar with the support tools will make the payment easy. Bitcoin units will become easy to understand.

Yes, for use in the masses definitely need a more simplified system. On the other, just nothing) Otherwise, people will not be able to figure it out. There will be a new terminology and slang))) But still, people will get used to everything quietly as always)))

We will eventually use satoshis. Some people still don't understand that Bitcoin is dividable up to 8 decimal places and this understatement discouraged them from investing in Bitcoin. Nobody has mentioned that the Lightning Network operates on numbers much lower than 1 satoshi and still many are interested in using it thanks to much lower fees and instant payments. Our current financial system is also complex and I am quite sure that hardly anyone knows how it works. Even basic terms such as inflation and deflation are not known to ordinary people.

I don't think bitcoin can be really hard to understand, it is about giving out the proper education. I believe knowledge is an essential aspect of all endeavours of life, without adequate knowledge people will find it very difficult to venture into any enterprise and the same applies here to world of crypto.

BTC is really too hard for someone without any tech knowledge, as well as for the old generation. I do hope there'll be further efforts to make btc simple and educate people so that btc could become more widespread.

What complicated ?
I understand the way how to trade bitcoins right after i read one guide from one websites.
So i think, for millenials , it's really easy to use it and the many zeros was not a problem at all

In my opinion, it is not hard to setup a bitcoin wallet, and people could always start using bitcoin to make payment for goods and services straightaway once they have a bitcoin wallet, they would only need to purchase bitcoin from crypto-currencies exchanges first with fiat money, it might take some time to set up a bitcoin wallet but most traditional online payment processor also needs time to set up too.

There's a bit of truth to the above headline, for instance in developing countries where many people lack basic education, majority will find it very difficult to grasp what bitcoin or crypto is actually about. Even among the educated, they are still some who find it difficult understanding bitcoin.

Many governments around the world are afraid that it will threaten the interests of the government and they are very negative about bitcoin, so in those countries it is unacceptable.

Yes, bitcoin is very difficult to understand. This does not allow it to be accepted. But I think we can come to that. Gradually, schools and institutions will talk about blockchain technology and thus it will be introduced into people's minds and they will better understand it.

I think that Bitcoin is speculative and its value is determined by the number of people or business units that accept Bitcoin. If more and more use, the value will continue to increase. Conversely, if it gets less, the implication is that the selling price will go down. Besides that, as a crypto currency, Bitcoin does not recognize transaction cancellations. The process is also public, no entity can provide guarantees for negligence that causes loss or errors in the shipping process. So, it has its own pros and cons.

you're right, significant bitcoin fluctuations make it difficult for us to make bitcoin a payment tool, especially for small-scale payments.

I think that in the future, bitcoin will have regulations, and in the future, the value of bitcoin will be stable because mining has run out.

Why do you need to explain these complex things to your wife? If Bitcoin accepts as a payment solution, the payment application will support all payments and display the Bitcoin value through the USD, so it does not require too much knowledge of it.

There are already a lot of apps in development for the lightning network, very easy to use wallets in which you scan a QR code and that's all. As a matter of fact someone made a very cool coke dispenser which works on the LN mainnet:

https://www.youtube.com/watch?v=2Fb6Xww2P7c

There's also others with coffee and whatnot.

But the conversation here is the unit of value being too high compared to what people is used to ($1, 1 or whatever local currency you have). And yes people obviously care about number of 0's when buying stuff. This is only solved with time. BTC must become the unit of account so people think in terms of BTC and not in fiat. Until then the price fluctuation will be there. The good news is you can get very rich by holding since it's already a better gold.

In my own opinion. There is a point about it's so complicated to understand widely because bitcoin is really broad. Some countries Government are afraid to accept bitcoin because it can be a cause of cyber illegal activities which is they want to avoid. And as of now, I think some Governments wants a centralized to monitor and have a assurance that cryptocurrencies can really help their economy which is true.

i totally agree with you. The bitcoin currency unit is very complicate for most people. They find it very difficult understanding the units when broken down. I remember how difficult it was for me initially but after much study i got to understand it. But not everyone has the patient to do same study to understand the bitcoin units

the BTC currency unit is indeed complicated especially to the uneducated. it takes time to really understand how the BTC unit works but that doesnt mean people can understand it.

It is really complicated for newcomers to using Bitcoin. But if you are a Bitcoin user, you will feel that Bitcoin currency units are so easy to identify. Everything becomes difficult when you have not touched and used it until you use it.

I think a large number of zeros is more a plus than a minus. As for me it is convenient but the main problem is the speed of transaction processing.

when you pay for something the price may be indicated in USD or other fiat currency and it will be automatically converted to bitcoin so there is no need to have some super skills.

Yes also because not all people knows how it worls and how to earn it. There are many things we need to consider if we really want to make it acceptable all over the world. In fact there are groups and government who are fighting against it and want it to be ban in their county.

It's complicated if you believe small payments should be done with bitcoin.

That's your problem. Bitcoin is storing value.

Wait for a 2nd/3rd layer or bitcoin side chain to solve the payments dream.

Early adopters that can't wait for all their needs to be met, can just sell their bitcoin and come back when it's solving their problems.

Yes, bitcoin is quite difficult to understand. But this is not the only problem why many countries do not accept it. Cryptocurrency is not going anywhere in our lives and so soon people will begin to understand it, even those who are not associated with it.

one can decide to go roughly with the satoshis if the decimal points present a problem for his/her understanding. For instance instead of saying or writing 0.00002300BTC, one can easily say 2300 Satoshis. It’s all about getting the concept that a hundred million Satoshis make one bitcoin.

I agree with you about the swimmer's view that in order for it to accept world-wide names, there should be unity among nations but so complex that it is difficult for them to find common ground.

People will come to understand bitcoin if they will start to open their eyes and realize that bitcoin will soon be the currency of the future.If they will take time to learn about bitcoin,then they will truly understand the potentials associated in it.It will only be hard in the beginning,but as soon as mass adoption takes place,truly it will be worth using for.

I agree, I also use to be like that before when I was a newbie too, it is really hard for me to understand bitcoin at first and we must have a lot of determination and steadfast pursuit for us to understand it widely. The value of bitcoin also now is at the struggling point so I think it will be a hard time for cryptocurrency to recover this year. So I guess most people will not going to get interested with bitcoin now and will not have much time to understand bitcoin as of now.

Yes you are absolutely right because bitcoin acceptance depends on governments issues and banking systems. When governments and banking systems are able to control bitcoin then possibly to accept bitcoin otherwise impossible.

The history of Bitcoin is very complex, and it is difficult to become a common currency in the world