Bitcoin Forum

we need to start mentioning price in SAT, we need to remove USD the sinking currency from the equation

I think  the reason why people prefer using the amount of bitcoin in dollar rather than how much satoshi is that because it is honestly difficult to read fractions of bitcoin since it is composed of decimals. It is more convenient to say the value in dollar than in satoshi.

it is actually because of volatility of bitcoin more than anything else. for example if you say something is worth 1000 satoshi today, tomorrow it may be worth 800 satoshi and the next day it can be 1200 satoshi. and that is not desirable.
additionally when you say something is worth $1 it is easier to understand how much it is worth but if i say something is worth 1000 satoshi you have to check bitcoin price first then convert that to USD and then understand if 1000 is too much or too little.

Prices where? No sane merchant would list prices in satoshis due to price volatility(besides BTC-specific sites) and due to USD obviously being the most adopted currency.

Just a thought: Imagine how much more money would come in to bitcoin compared to other coins/tokens if bitcoin was listed on Coinmarketcap and other price listing sites as Satoshis instead of bitcoins. I've read a few times in the past that people were investing in XRP instead of bitcoin because XRP had a lower price, without them taking into consideration the supply held by Ripple Labs and the rotating supply. Like LOL.

Well, that's exactly what I've written many times. Many users, especially those who have been with Bitcoin for a long time, only calculate in Bitcoin. But most of the board users still think in fiat currencies. But you can't blame them as long as you can't use Bitcoin for shopping in the shop around the corner.

If you are referring to price in a merchant, I dont think it will be effective. No other reason except the value of bitcoin which keeps changing every seconds. It will make confusion for people to buy something as they need to convert the listed price into fiat first to know the exact price in fiat money. It is also needs a hard work for the sellers as they need to follow the price of bitcoin in order to set the right price of what they are selling.

This isn't possible in a short, it requires time to make this happen. When we get the increased direct usage of bitcoin people start to mention in terms of Satoshi. Until then we cannot expect as well it is really an hard thing to do. Even now for products with low values were mentioned in terms of Satoshi. Now we're dependent on USD, the value of a single coin is determined with relation to the USD.

What exactly is the problem here? Mentioning BTC in USD is far more convenient and effective when compared to mentioning it in Satoshis.

Also, BTC was never meant to replace FIAT, but stand alongside it as an alternate payment solution to users.

I don't think we can remove USD completely due to volatility of bitcoin. Wherever you will go to use bitcoin they will calculate with USD. That's the main problem why we can't removed USD. And we know that bitcoin will never stable since it's not a stable coin. So we have to calculate it on USD. If we can spend it on SAT then we can remove USD, otherwise it's not possible to remove totally. Especially if you are going to sell/buy goods. You might receive you work payment on SAT like we are receiving signature campaign payments and its calculating as SAT.

I don’t think it’s yet the time to start mentioning bitcoin in sats. Maybe when the price goes parabolic because not many people will have whole bitcoin’s but it’s not the time for this yet.

The fact is that not everyone understands how the Satoshi figure is calculated and so such people among us would prefer price being calculated in Dollar.
They find it more simplified that way.
Even though I can cope with price being calculated in Satoshi , I still  prefer it done in dollars.

Till BTC will take as an investment opportunity, fiat can never be detached from BTC. We must have taken BTC as currency.

Maybe you mean, in the future, when bitcoin price is not fluctuating too much, we can start stating price in satoshi. But right now, we can't do that because the price moves too rapidly. Even when you say that USD is a sinking currency, it is still in the top right now. We still convert btc to fiat. We still have to base our price on USD.

Since the amount of santoshi is hard for most of us to understand and read accurately since is a mathematical code it more understandable to use dollar as the monitoring equivalent to know the real value of the santoshi in the exchange market, since dollar is the most popular currency and highly used.

Volatileness is the reason why people try to compute the value of a bitcoin to any Fiat currency they like And comparing how bitcoin price had improved in the past and present were it can still reach certain heights, That is why they dollar currency or other currency will be present in peoples mind because they are basing the price to that, and when it comes to using Satoshi, Many are in a complete question mark on how they will pronounce or use it because you can always used bitcoin instead.

it's not complicated at all new terms can be used to, i think you missed i said SAT not BTC


lets say burgers for 20,000 Satoshi :D


but we can use mBTC too

Thats it because of decimals it’s harder for us to compute the value and we will be needing to convert first ..and the volatility of cryptocurrency is hindering the system to mentioned satoshi than dollar

Right on that because this is what we use to call it from the start we learn cryptocurrency so no need to change that

Price of BTC in Satoshis? That makes no sense, since Satoshi is just a subdivision of BTC. I am not a big fan of the United States Dollar. But as of now, the fact remains that it is the one and only universal currency. All the assets (not just fiat currencies such as CNY and GBP, but also gold, crude oil.etc) are frequently valuated with respect to the US Dollar.

What would be the advantage of using satoshis rather than the actual unit of acount which is 'Bitcoin' (or the abbreviation BTC)?

When traders talk about buy walls on exchanges, they say: "Look, there's a 400 BTC buy wall on Binance". You never hear: "Look, there's 40 billion satoshis buy wall on Binance"...That just sounds...weird. Same with how much something costs. Let's say a pair of shoes is around $51. Doesn't it sound better to say it costs "0.01 BTC" instead of "1 million satoshis"?

The entire cryptosphere is used to using BTC and USD, it's way too late to start using satoshis.

Yes it is also what I think BTC isn't created to destroy or overtake Fiat it is just created as an alternative payment solution.
And I also agree that it is more effective to say the price per BTC rather than per Sat's because of the sudden movement of the price.

Volitility and convenient are the major factor why people are using dollars is measuring Bitcoin and not using Satoshi. The decimal involve in Satoshi are much and the price volitility of Bitcoin is on the high side and that alone can make things difficult for Marchant who accept Bitcoin.

Bitcoin still needs to be tied with FIAT money in order to get the real market value of each coin.

When the time comes that we can pay for a cup of coffee for 2 satoshis instead of $2 that's the only time we can forget about counting our USD$$ and start counting every satoshis we have.

If the intention is to give credit to one great inventor Satoshi Nakamoto and his contribution is a noble act, but the reality is people outside this virtual world, don’t or won’t recognize anything he has done. So that alone, to put it mainstream by using Satoshi as a common currency won't succeed.

We can’t change what has been a norm for decades now, maybe soon.

Talking about bitcoin to be mentioned in form of Satoshi and not in USD will be quite hectic . It is easier when we use mention bitcoin as USD it seems to be more convenient than satoshis.

This explanation makes sense. Surely, volatile currency's price is hard to define without relating to something more stable. And simply writing down the price in Satoshi would not be convenient or even make much sense. However, I think the main reason why the price is measured in dollars is because people trust dollar more than anything else, and find it a reputable sort of etalon to measure other kinds of money. At the same time, though, I think that the only thing that should matter in terms of price formation is how much goods and services one can afford per coin. So we could, say, measure it in an amount of consumer baskets.

Well, it could happen somehow when the 'sinking currency' as you stated have become obsolete and invalid. But for the current situation it will only make mainstream confused, and making the adoption process slowed down. Not to name the bad UX design in the cryptocurrencies space and the technical difficulty that mainstream able to comprehends.

I should say no we should not mentioning the prices in Satoshis. We should not be doing that since bitcoin is pretty much of a volatile currency. Some things are worth as this kind of amount but the next time you wanted to buy it, it will change the price. So, for us to agree on some things we should be referring to USD rather than satoshis.

Conversion of the rates on USD is way easy to understand than to tell on how much satoshi's you are dealing with.

We are all free to declare what we prefer (sats, mbtc, bits or USD) if we're transacting.

This is a hard and long process, Back in the day we went from the local currency to the euro and everybody was calculating the euro back to the old currency when they wanted to know if something was expensive or not. These days almost non are doing it. Give it time and there will be a generation that calculate sat on the auto pilot if a loaf of bread is expensive.

If you'll try this with someone who is not into crypto, people will think you're an idiot, because US dollar is the global currency, everyone knows its value, while a lot of people in the world even haven't heard about Bitcoin yet. Plus, it's really delusional to think that US dollar is sinking, if you are referring to inflation, then this is just how modern economy works, and no one will ever go back to gold standard.

For what? I think it is the best way to tell people about the price of 1BTC.
You could use the internet to know the price of 1 Sat or even Bits or mBTC.
Besides it would just confuse people it is better to stay that way .

You are true
I think these ambitions are currently exaggerated
We are still at the beginning of crypto and we can not believe that Fiat can be dispensed with now
The stability required for BTC will inevitably come but after the stages of labor and maturity.

mentioning prices in satoshi units is difficult because prices fluctuate ,most likely everyone wants to make it simpler in USD units ,there is good indeed we must mention in the number of satoshi because basically bitcoin is a currency but everyone views bitcoin as an asset over an currency well king above currency

I don't think that it's necessary right now because people out there still know USD and they still use USD for every transaction. But I am sure that soon, people will know about bitcoin and they will learn about many things related to bitcoin. But to remove USD as the currency, it will need a big crisis that is happening in the US and triggers big chaos everywhere.

The problem that many will face is adaption and for conveneicy sake I would suggest the dollar equivalent rate is kept still. And also because of bitcoin’s volatility which may cause many confusions for merchant and users. It’s easier for everyone to say 1 bitcoin is 5100$ for example.

Is it even a big deal? People new or outside the crypto community would even know what that is. You want to attract new money they you better make them ubderstand first in a language they know, not crypto jargons. I doubt we'll be using satoshi as a general term when talking about bitcoin prices.

I did not see something wrong on what the term that we use. It's just a word. The important thing is you need to know what are you doing and the purpose of what you are every action I think that is enough and no need to debate on how to called in every terms or things that significant of what we are doing.

this is why i am asking the community to start it, no one heard about 80% of world currencies! everyone adopts and everything works

The whole market is working with fiat money, either USD/Euro or any other currency and that's because everyone understands that and the price remains fixed. The price of bitcoin is too volatile and merchants would have to chance the price of their products every minute because the value of bitcoin also changes.

I am not undestanding your argument currently bitcoin value determined by fiat currency . What it makes differnece if we say in satoshi . The day satoshi becomes equal to 1$ then we can mention it Satoshi . Satoshi is just fraction of bitcoin we cant compare that with largey denominated currency.

We will get used with SAT if bitcoin will rise to the moon hard.
However, I doubt the USD trading pair will be remove, no matter how successful BTC will be in the future, it will not surpass the adoption rate of fiat.

it will, i see the whole world using 1 currency

Everyone do hope that bitcoin is going to the moon someday, but to think that the based of trading will be based on satoshi instead of usd I still doubt that they will give the push to this. Because most of the traders and big investors still have some doubt on bitcoin because of its volatile price and bubble which can't maintain their own transaction as well. If there is only a way to make them invest here then may be we can talk about satoshi right now

Pirce is too cheap to be using satoshi currently.  mBTC is a better equivalent, right now its around $5 for each mBTC which isn't too farr off from normal currency values.  Having prices denominated in btc creates a big mental barrier for new investors.  They see 5,000 for "one" coin to be outrageous. 

That's true because some people can't understand how to describe numbers of bitcoin so I think it's alright if we use usd as a conversation of bitcoin so we can understand easily how much bitcoin we have.

It's a little bit difficult but maybe in future, it can be possible

To  be honest, im already mentioning my product pricing in satoshi to my staffs.Lol! No joke. Whenever they were to approach me for the rates or price of a product, i will simply reply them back the price amount in btc naturally.  Hmm.. come to think of it, maybe i should put into action and start pricing my products in btc.  ;D

Okay can you please tell me what would be the case of you telling them once the price of bitcoin goes up? Let's talk about dress. What if the dress is worth 200 dollars in btc. That's 0.037229 in btc. Then tomorrow the price of btc surges. Will the dress worth of 200 dollars go down also?

Well since we are talking about way more decimal cases than fiat ones it is hard to translate satoshis into money amount.

Taking that into consideration you can't remove one or another and make a single currency for the entire world :D

That would be like removing all decimal cases from a double or a float value and coverting it into int.
Or you could also use exponential cases 8) That would be cool :P

You are mentioning your prices in bitcoin but I am pretty sure your price doesn't stay fixed for the entire time and that's because the value of bitcoin changes why the value of your product /service remains the same. So why would you waste time changing the price every day when you can just put your price in fiat and people can automatically calculate what it would cost when they pay you bitcoin.

price will become stable as we start using it !

I agree with this, for temporary its easier for people to label everything with dollar, bitcoin is too fluctuative, so it could make the confusion for the people to used, and more people are used to the fiat currency, when bitcoin gain more popularity and more adoption then we can change it into Satoshi

Satoshis are most commonly referenced as a means of calculating bitcoin transaction fees. BTC and BCH fees are commonly denominated in sats per byte. As a number of Bitcoin supporters have tried to demonstrate, however, the applications for sats needn’t stop there. While it’s certainly true that cryptocurrencies can be highly volatile, fiat currencies are not exempt from this malaise. In fact, when viewed over a long enough timeframe, the U.S. dollar’s properties as a store of value don’t look so hot.

Right now one Satoshi is equal to $0.000051.

What is the point in using such a small unit to talk about the exchange rates? At the most, we can use milliBitcoins (mBTC) while talking about the prices. But using such a small unit like Satoshi doesn't make any sense, and it will be just wasteful and inconvenient.

I think you are right. Me myself I am calling it SATOSHIS and not in dollar term. Satoshi is the best and it fits for bitcoin. USD is a Fiat currency we should not be including USD in our terminologies here in bitcoin world.

I prefer dollar than doing satoshi because we are still using fiat and it is way more easier to know how much the price of Bitcoin is in USD. Maybe we will do that in the latter if the price of Bitcoin reached by millions of USD. Satoshi/sats is being used in many ways, such as in faucet.

I agree that currently the price of bitcoin is too volatile to be the point of reference, but I believe we should shift from thinking in terms of bitcoin to satoshis instead so that less people believe they are priced out. For example, saying you own 100,000 satoshis is much more appealing than saying you own .001 BTC.

What is the price for? Can you be more specific.

If you use satoshi to fellow bitcoin fans then it can, but if you spend bitcoin on a marketplace website or service then you need to use FIAT or dollar as a reference value.