Bitcoin Forum

Fast forward 10 years.  Bitcoin has boomed.  Nordstrom checkout lines are filled with QR and Google glassholes.  "That will be .00007452 bitcoin please"

How does the average Joe comprehend this value?  I mean most people struggle with two decimal transactions.

You've stumbled on one of the many very good reasons that bitcoin will never and should never go mainstream.

My $.02.

;)

Time to use your brain guys, you can just use millibitcoins or microbitcoins. The bitcoin-qt client already let you choose that.

That would like be 74.52 microbitcoin  :)

Now let us assume that you just gave that information to John or Jane Doe who understand dollars.

They still don't know how much MONEY they are going to spend.

My $.02.

;)

If bitcoin booms it's never going to completely replace dollars. I can see it being more like;

"That'll be $3"
"Cool, bitcoin ok?"
"Sure"
*puts $3 into bitpay or some form of payment processor that converts it to bitcoin at whatever the going rate is*
"That'll be 0.006btc then"

Mere satoshis on the bitcoin  ;D

Then don't come in europe, here you will have to use euro or pounds, good luck discovering how much you are going to spend  :D

Nothing stop the shop from showing also the euro/dollar/pound price using the current price of bitcoin  ;)

Don't we all walk around with phones with calculators in our pockets? ^^

they'll be an app for that  ;D

that will be one gram of gold
http://world.time.com/2014/02/28/al-qaeda-in-syria-extorts-christians/

hundred
thousand
million
billion


people understand the decimal place pretty well from my experience, its just where you put it that might confuse them

Fast forward 15 years.

Cashier:  What is a dollar?  What are cents?  We only take bitcoins sir!


Bitcoin is no different then transacting in gold if gold had become the defacto standard currency.  "That will be 2,030 grams sir."  Any currency that is adopted will become common place.  Hell....I don't know what a peso or yuan or a yen is worth.  But I can convert it OR I can LEARN it.

And with BTC, you can't stole it ... but with gold  ::)

http://witanddelight.com/content/uploads//2013/02/Clint_Eastwood_yeah.gif

now lets assume that there are people in the world that never travel abroad,, so they have no clue how to convert euro's to dollars...
now lets assume that there are regular travellers that can convert euros in their head in milliseconds.
are you saying euro's are a failure because some people cant convert.

now then when bitcoins develop, most items would be priced in fiat and at the cashiers desk. those people that can convert bitcoin(because they use bitcoin regular) would ask to pay via bitcoin. those that fear new experiences would stick to fiat.

there will not be a time when only bitcoins exist, so suggesting those that are inexperienced would suffer is wrong.

my $0.02.

This thread is like "herp derp imagine this world wide intarweb catches on but people want to buy something securely, how can average man with a typewriter understand how to factor large primes and shit. ECOMMERCE IS AND SHOULD BE DOOMED"

"oh wait, bitcoin just plummeted, that's .01 btc. thanks. :)"

It's easy.  Ignore all the milli-whatever the hell people.  Everything will be priced in Satoshi.  Your hamburger costs 20 satoshi.  It's much more logical to count upwards than downwards for cost of goods.  If you want to buy a car, 100,000 Satoshi.

The nomenclature might eventually change, but this will be how it works.

Different names can be invented.
Currently 1 Satoshi is the smallest unit of bitcoin.

The current naming of bitcoins is:

1 BTC = 100,000,000 Satoshis
1 BTC = 1000 mBTC (millibitcoin)
1 mBTC = 100,000 Satoshis
1 μBTC (microbitcoin) = 100 Satoshis

The most obvious step is the change over from BTC to satoshi's.
millibitcoins and microbitcoins will pop up on websites in the very near future and will eventually become standard.
Then also this phase will disappear and people will start using satoshi's to name bitcoins.
I give it 20 years and people will say "hey i bought a car for 20.000 satoshi's"

Satoshi's then could have the same evolution bitcoin had and a new name could be invented.  THis way, you can infinitely divide BTC.

So true, many people on this forum think that Bitcoin will actually be the ruling cryptocurrency in 10 years, there are cryptos that improved upon Bitcoin and continue to improve(Litecoin for example..), not to mention future cryptos that have yet to be released.

Bitcoin is not practical in real world situations. No way around it..

I think you have a point. It would be easier to have all prices standardized. So say I want a car at a cost of 20K USD. Let's call the BTC price now $500, which is:

20K USD = 40BTC = 40,000 mBTC = 4,000,000,000 (4 billion Satoshi)

If/when bitcoin again goes to 1K USD in the future we have:

20K USD = 20BTC = 20,000 mBTC = 2,000,000,000 (2 billion Satoshi)

If/when it reaches 10K USD we have:

20K USD = 2BTC = 2,000 mBTC = 200,000,000 (200 million Satoshi)

I like that whatever convention is used it's easy to see the deflation reflected in Bitcoin's price. It seems most obvious with Satoshis though, which wouldn't change/bounce around in peoples' memory. It's just the one unit.

When will you be removing the bitcoin address from your forum signature then?

try telling that to atleast 50,000 real world stores currently selling their products and food successfully with bitcoin.

let alone the big internet business's such as tigerdirect, overstock.com, etc

Smh, since Bitcoin's price can fluctuate say, 30% in one day as it previously had prior to Mt.Gox's fall..that would make it highly impractical. That's why most businesses don't accept bitcoin, because a guy can come in, buy a $800 laptop for 1 bitcoin if it's worth $800 that day, and the next day Bitcoin could drop to $600. It's not reliable, and very unsteady. Do economics..better yet..call in, email, w/e, but ask other big businesses why they don't use Bitcoin.. It's unstableness is one of many reasons.. Be real guys.

…by which time the code that updates the bitcoin price based on exchange rates has already adjusted the bitcoin cost to BTC1.33333333, meanwhile the store already exchanged the previous day's BTC1 for $800 within a few seconds of the transaction taking place.

Please, do the bare minimum of research on how existing bitcoin shopping carts work before making a fool of yourself online.

I only read threads like this.

I loled, looks like you need to do more research...most "stores" that accept bitcoin are online, and how do you know that they sell the bitcoins seconds are transactions taking place? Are are you just pulling sentences out of your ass. Provide sources, I've googled it and didn't find one answer on what stores do with the Bitcoin after selling a product for Bitcoin. Maybe some hoard it, you need to learn how to give information correctly.

So what?

Strange usage of scare quotes, also.

Because there are several implementations already in existence that work this way, and it is the most sensible way to do it.

Here's a description of one that is used in at least 5 pubs in the UK:

http://www.wired.co.uk/news/archive/2013-06/17/london-bitcoin-pub

Customers pay by scanning a QR code on a till, not by visiting a website (though I am unclear why you have a prejudice against online stores). This implementation checks fiat price every hour and adjusts bitcoin prices accordingly.

Perhaps the world's most popular bitcoin payment gateway, bitpay, obviously in its web shopping cart converts online sales immediately from bitcoin to fiat, but they also have a point of sale app for bricks and mortar stores:

https://bitpay.com/bitcoin-for-retail

and that works exactly the same, immediately converting the payment to fiat.

The number of bricks and mortar operations accepting bitcoin is still tiny because of the obvious issue of customers needing to already know about it and visit in person with a mobile device that has a bitcoin wallet on it.

But it is obvious how it would work, and multiple implementations already exist, so I don't think you've looked very hard.

Your tone is almost as if you don't think bricks and mortar stores have Internet access to process payments, which makes me wonder how you think today's credit card purchases work.

When I buy a beer at the pub they ask for 1/9120931^th of a million dollars.

yep, in the near future I'm pretty sure people will use the terms mbtc, ubtc, and satoshi's for measurement instead of whole bitcoins

Said very reasonable, support.

Yesterday I bought a donut, and the cashier wanted one half 0.0000000124 Tera$ from me. I was like I only have a 0.00000000001 Peta$ bill, can you change. So she game me $3.80 in change and life was good once we had settled on a useful unit.

We went through something similar in Europe with the Euro. Each country had to adapt to life with a new currency, trying to work out what stuff is worth etc.

The thing is if a shop has an item and its .09 Bitcoin that is what it costs, if you want to buy it you will have to spend that much btcoin. If the shop next door has the same item for .08 then you might go next door. The good thing is you dont have to work the change out :)

From my experience you get used to all the decimals. I had troubles at first
and had to google, count the zero's and shit, but your brain adapts after a while.

Then don't come in europe, here you will have to use euro or pounds, good luck discovering how much you are going to spend  Cheesy

Nothing stop the shop from showing also the euro/dollar/pound price using the current price of bitcoin

See this is ten years in the future.
For all we know, it's overtaken the dollar and John/Jane Doe don't even have any usd.

Similarly novice, said the unit seems to be Bitcoin, of course I could be wrong.

We've already seen currency changes in different countries. People have a hard time adapting at first but time goes by and suddenly it's just done without thinking about it. Exactly the same happened to me when I first was introduced to bitcoins. All the zero's and decimals were crazy, but now it's alright.