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Title: Pricing everyday items in SATs Post by: CrowdforAngels on August 15, 2019, 03:54:27 PM I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs
Can of Coke (X) SATs Meal in a nice restaurant (X) SATs Rocket for moon (X) SATs + me :) Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly. I'm sure this has been talked about at length - you can just point me there. Title: Re: Pricing everyday items in SATs Post by: alexforneus on August 15, 2019, 04:09:51 PM As i know its forbiden to make price tags in other currencies in every country
Title: Re: Pricing everyday items in SATs Post by: hatshepsut93 on August 15, 2019, 04:19:25 PM In Western world people are used to price stuff in dollars or units that are close to dollars - GBP and EUR for example. Bitcoin also has a unit that is close to one dollar - micro BTC. It's roughly $10 today, so you'd pay 1.5 mBTC for a pizza, or 0.1 mBTC for a can of coke - much more convenient than dealing with thousands of satoshi's. Our brains are wired to operate better with smaller number of digits, so the unit of Bitcoin used for daily purposes should keep the number of digits to a minimum. The time of satoshi's will come when BTC will hit 1 million.
Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on August 15, 2019, 04:20:48 PM As i know its forbiden to make price tags in other currencies in every country Pounds down anyway, let just move to SATs (BTC) On a serious note, I know a number of the larger retailers price in GBP, EUR & USD if they have a global presence. I will look into this Micro BTC. I've obviously been under a rock. Title: Re: Pricing everyday items in SATs Post by: Theb on August 15, 2019, 04:29:45 PM And how do you think posting prices in satoshi can encourage mass adoption? Because if I'm just a regular person and see prices of another currency it would easily discourage me on buying onto that store. We in the crypto industry needs to get used to it on not seeing the BTC amount of what we are buying for and the only way to get a fair estimate of what we are expected to pay in BTC. We can even use our own wallets to determine the amount in BTC so really posting the prices in satoshies would only produce a lot of confusion rather than convenience for all the parties.
Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on August 15, 2019, 04:36:58 PM Vote then,
If you walked into a shop and there was a can of coke for sale, what would you prefer to pay a) 9,600 SAT b) 0.096 mBTC or c) 9.6k SAT And how do you think posting prices I satoshi can encourage mass adoption? The main barrier for me is the price and its valuation, which is continually tied to the conversation. As you mentioned there are ways to get around this, but usually by using another base currency. e.g. quoting the item in dollars (and the amount paid in BTC). I suggest the radical and do away with a base currency and simply quote in BTC. But for small items that's not easy to convey (the shop counter idea) Title: Re: Pricing everyday items in SATs Post by: Artemis3 on August 15, 2019, 04:50:02 PM I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs Can of Coke (X) SATs Meal in a nice restaurant (X) SATs Rocket for moon (X) SATs + me :) Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly. I'm sure this has been talked about at length - you can just point me there.
Our garbage coin is currently 1.5 per satoshi, so its kinda easy to give you those answers. In your example your can is 96 hundred, as expected from a country with a sane economy you have a bit lower prices due to better competition and free market. Vote then, If you walked into a shop and there was a can of coke for sale, what would you prefer to pay a) 9,600 SAT b) 0.096 mBTC or c) 9.6k SAT I vote a of course, b is nonsense no matter what the USD/EUR centrists say. Title: Re: Pricing everyday items in SATs Post by: ralle14 on August 15, 2019, 05:09:45 PM Using smaller measurement comes down to one's preference imo, i've used different types on websites that have mbit, microbit, bits, satoshis I don't mind which one I should focus on because at the end they're all the same.
On the three given choices i'll also pick mBTC because the wallet I currently use is set to mBTC. But I prefer using BTC0.000096 because it's still used on most places. Title: Re: Pricing everyday items in SATs Post by: DdmrDdmr on August 15, 2019, 05:26:44 PM <…> We’re pretty far away from that being in general of any practical use yet. I’m trying to imagine that scenario taking place right now at my local supermarket, and frankly nobody would have a clue what SATs are (and barely BTC for that matter).In any case, being BTC as volatile as it is, it would require the use of digital pricing, as labelling would be a nightmare to update in accordance to price variation, often within the same day. But the core issue is that the ease of use for the average Joe is not a piece of cake, and simply trying from the pull side of things (price tags in BTC/SATs pulling the demand of this payment method) is not enough if the ease of use does not incentive the consumer to use it. Title: Re: Pricing everyday items in SATs Post by: Ayiranorea on August 15, 2019, 05:57:35 PM Pricing everyday items in sats is not a hard task. Just with a widget that makes a calculation in terms of sats this can be achieved. When more and more people start using bitcoin on daily needs such a way of pricing becomes common with online stores and can see on offline stores very rarely as we cannot have the value changed for every minute with relation to the market fluctuations.
Title: Re: Pricing everyday items in SATs Post by: buwaytress on August 15, 2019, 07:05:50 PM As i know its forbiden to make price tags in other currencies in every country Pounds down anyway, let just move to SATs (BTC) On a serious note, I know a number of the larger retailers price in GBP, EUR & USD if they have a global presence. I will look into this Micro BTC. I've obviously been under a rock. Haha... wait til you hear/read about the other denominations people have tried over the years to popularise for Bitcoin. For me it's always been satoshis and decimals... but I'm also used to gambling sites especially use mBTC... and some even used bits (100 satoshi units). But I've actually always said I hope to see the day when even at forex counters you see every currency being priced in satoshi. USD/BTC GBP/BTC JPY/BTC etc. And when everything will be quoted not in USD value but BTC. Gold, oil, stocks! Wouldn't that be a sight for someone who lived through the first ten years, eh? Title: Re: Pricing everyday items in SATs Post by: Herbet Fry on August 15, 2019, 10:38:27 PM Mbtc is the best one. 1 btc is 100 btc cents and 1mbtc is 1/10 of a btc cent. That isn't very hard to understand now is it? saying 145000 satoshi is silly when you can just say 1.45mtc using 0.00145000 is even worse.
As i know its forbiden to make price tags in other currencies in every country Pounds down anyway, let just move to SATs (BTC) On a serious note, I know a number of the larger retailers price in GBP, EUR & USD if they have a global presence. I will look into this Micro BTC. I've obviously been under a rock. Hes talking crap ignore him. I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs Can of Coke (X) SATs Meal in a nice restaurant (X) SATs Rocket for moon (X) SATs + me :) Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly. I'm sure this has been talked about at length - you can just point me there.
Our garbage coin is currently 1.5 per satoshi, so its kinda easy to give you those answers. In your example your can is 96 hundred, as expected from a country with a sane economy you have a bit lower prices due to better competition and free market. Vote then, If you walked into a shop and there was a can of coke for sale, what would you prefer to pay a) 9,600 SAT b) 0.096 mBTC or c) 9.6k SAT I vote a of course, b is nonsense no matter what the USD/EUR centrists say. so mbtc is nonesense but saying 96 hundred is ok? 1mbtc is a 1/10 of a bitcoin how is that difficult? Title: Re: Pricing everyday items in SATs Post by: Omoiloye on August 16, 2019, 04:19:23 AM I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs Apart form being a professional trader and someone who understands the crypto market pretty well Sats is a bit confusing measurements for mass adoption to be possible. mBtc seems cool to like normal dollar to cent 100 mBtc equals 1Btc that way it will be easier to understand for anybody even without crypto knowledge Can of Coke (X) SATs Meal in a nice restaurant (X) SATs Rocket for moon (X) SATs + me :) Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly. I'm sure this has been talked about at length - you can just point me there. Title: Re: Pricing everyday items in SATs Post by: ralle14 on August 16, 2019, 06:08:19 AM so mbtc is nonesense but saying 96 hundred is ok? 1mbtc is a 1/10 of a bitcoin how is that difficult? You missed two zeros there 1mbtc is 1/1000. Like i've said earlier it depends on our preference, even though one is better than the other many of us will still go back to using decimals or other measurement because that's what they like to use.saying 145000 satoshi is silly when you can just say 1.45mtc using 0.00145000 is even worse. Using satoshi isn't silly they're still useful if you check some explorers, estimators and wallets they use satoshi or sat when recommending the correct amount of fees. In the future we could be using satoshi if the price of bitcoin keep on rising after every halving.Title: Re: Pricing everyday items in SATs Post by: krach on August 16, 2019, 06:18:47 AM It is not a bad idea to price things in sats when it makes sense. For example coffee or other small items. In general humans do not like to have a lot of zeros in the front of a price. For example "how much is that? " it is 0.000030515 , or "how much is that?" it is 3000 sats.
Title: Re: Pricing everyday items in SATs Post by: Haunebu on August 16, 2019, 07:10:39 AM It is not a bad idea to price things in sats when it makes sense. For example coffee or other small items. In general humans do not like to have a lot of zeros in the front of a price. For example "how much is that? " it is 0.000030515 , or "how much is that?" it is 3000 sats. Agreed. Cannot imagine purchasing stuff with so many zeros and decimals involved and calculations like these can be tricky to begin with. Sats or mBtc seem like the ideal way to price everyday items currently.However, none of this matters a lot when compared to the volatility factor which is the primary deterrant. The volatility factor needs to go down so that BTC price can stay stable over the long term. Title: Re: Pricing everyday items in SATs Post by: pooya87 on August 16, 2019, 07:16:08 AM I'm sure this has been talked about at length - you can just point me there. basically every time there is a price rise, someone raises this discussion again. it is a good suggestion, but the thing is that there is no "official" bitcoin unit that all merchants must follow. every merchant is free to use any unit or units (as in offering multiple formats) as they want. you can also set your wallet application to show you any unit you want. for example if you prefer Satoshis then set it to show you Satoshis. so when you want to pay a vendor for a "Can of Coke" you see the value in Satoshi no matter what the vendor shows you. Title: Re: Pricing everyday items in SATs Post by: Kakmakr on August 16, 2019, 08:43:29 AM This is going to cause a lot more confusion, imagine seeing an expensive SamSung television on sale for 1 298 7215 Satoshi. ::) The consumer would look at that price and think he or she is in Zimbabwe or Venezuela, where they have hyperinflation and crazy prices for goods and services. ::)
A lot of people in 3rd world countries are not educated and trying to explain to them how much 1 298 7215 Satoshi is, would be a challenge. You will have to use digitized QR codes that constantly change, based on the latest Bitcoin price. :D Title: Re: Pricing everyday items in SATs Post by: mazdafunsun on August 16, 2019, 10:17:24 AM If i am speaking my mind, i have to say i hate those who are contantly speaking in sats. Just do the absolute value sof BTC, it makes much more sense for me, i can instantly calculate it. This way i dont need an extra conversation to get to he fiat value which is needed like ir or not.
Title: Re: Pricing everyday items in SATs Post by: Mandoy on August 16, 2019, 10:42:50 AM It is impossible to do that at this point of time since bitcoins value is very volatile. Let us say for example today the value of a sack of rice is 0.003 btc, then what will happen if the next day bitcoins value goes bearish then the price of rice is now 0.005 btc. The merchant is at loss here and thus it is very hard to make pricing in bitcoin since aside from possible losses in value the merchant will also be forced to change the price tag of an item everytime due to the volatility of bitcoin. Also, the slow transfer of bitcoin from one wallet to another wallet is another problem.
Title: Re: Pricing everyday items in SATs Post by: Anonylz on August 16, 2019, 01:52:52 PM I think this is one among many reason why mass adoption will be very difficult, pricing items in terms of SATs many retailers will have a hard time knowing this likewise the buyers, and don't even mention the highly volatile nature, what will happen when btc increase in price! reduce the SATs value ???
this is certainly not going to be easy, mass adoption is far reached :'( Title: Re: Pricing everyday items in SATs Post by: javadsalehi on August 16, 2019, 02:07:00 PM What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously.
We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini. Title: Re: Pricing everyday items in SATs Post by: barbara44 on August 17, 2019, 07:57:21 AM Sure, that is the stage where bitcoin will eventually get to, where things will now be paid for in satoshi and not in bitcoin, if we really are to adopt it as payment for goods, we have to be able to purchase things in satoshi which the opportunity is still there, although it is still the same thing when we have our figures in 0. Btc amount, we are still indirectly spending satoshi and I think majority of us has even spent satoshi more than we have spent bitcoin, just that we did not tie the name to bitcoin.
What I will just like to ask is when satoshi eventually becomes like $1, and we have still not disconnect from fiat, how would we buy things in the market that are priced less than $1usd since satoshi is still the lowest denomination for bitcoin now. Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on August 19, 2019, 07:47:21 AM What I will just like to ask is when satoshi eventually becomes like $1, and we have still not disconnect from fiat, how would we buy things in the market that are priced less than $1usd since satoshi is still the lowest denomination for bitcoin now. I'd like to see the math on that, noting the 18 decimal places plus coin thats been lost over the years etc - what value does BTC need to reach for a SAT to be $1 or even just $0.01 cent for that matter! Title: Re: Pricing everyday items in SATs Post by: The Sceptical Chymist on August 19, 2019, 08:26:00 AM As i know its forbiden to make price tags in other currencies in every country I don't know if that's true or not, but in reality we're so far away from pricing things in terms of bitcoin that it's a moot point. However, for the sake of this discussion I completely agree with OP's suggestion--I much prefer "sat" than other denominations like mBTC. The only units I can quickly compute in my head are sats or BTC, and if a common idiot like myself can understand those easily enough, then anyone else can too.It would be so nice if bitcoin were so widely adopted that this actually became an issue, but we're not there yet. Not by a long shot. What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously. Yep, I've got no problem with that whatsoever. It's totally logical IMO.We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini. Title: Re: Pricing everyday items in SATs Post by: Bttzed03 on August 19, 2019, 08:48:16 AM What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously. This is actually the better approach for me. The option to price more valuable products in BTC instead of thousands/millions of Satoshis wasn't mentioned in the OP that's why many don't agree. We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini. Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on August 19, 2019, 10:03:29 AM What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously. This is actually the better approach for me. The option to price more valuable products in BTC instead of thousands/millions of Satoshis wasn't mentioned in the OP that's why many don't agree. We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini. My only quandary is that would you mentioned both in the same number i.e. 27 BTC 9700 SAT or would it be easier to use the long-form 27.0000097 BTC? Does anyone know of a site that prices everyday goods in BTC or SAT? Title: Re: Pricing everyday items in SATs Post by: Mulann2 on August 19, 2019, 12:39:38 PM if we can have items priced in lesser denomination in fiat then it is equally right to have items priced in SATs as well, i would prefer SATs than mbtc to be honest that confuse me alot, for example, it is very easy to say i paid 10sats for this book" ;D am sure even the none crypto users will find this easy as well.
Title: Re: Pricing everyday items in SATs Post by: carter34 on August 19, 2019, 12:53:52 PM I was to say is going to be difficult to understand and interpreted to the customer's understanding but it can start from somewhere. Things are not learnt in just a day, if the process starts, then more people will key into it and it goes on like that till a huge adoption starts. Since some cryptocurrency are also being used to purchase products already.
Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on August 19, 2019, 02:02:21 PM I was to say is going to be difficult to understand and interpreted to the customer's understanding but it can start from somewhere. Things are not learnt in just a day, if the process starts, then more people will key into it and it goes on like that till a huge adoption starts. Since some cryptocurrency are also being used to purchase products already. Well this is why it would be good to have a basket of goods priced in SATs - if you could navigate to a website and see the top 50 items priced in SAT and updated daily it would help adoption. Maybe thats a working project for the good of the cause. Title: Re: Pricing everyday items in SATs Post by: bitart on August 19, 2019, 10:14:16 PM I thought that this thread would be a some kind of new 'Big Mac Index' to compare some countries' prices on a common and well known subject, but not in USD but in BTC
But it seems that the topic has changed and now it's everything about using Sats instead of BTC, and nothing about the prices of the coke, restaurant, rocket, etc... Or I just misunderstood something and this was just to propagate using Sats to calculate prices? Title: Re: Pricing everyday items in SATs Post by: Artemis3 on August 20, 2019, 01:33:10 AM Mbtc is the best one. 1 btc is 100 btc cents and 1mbtc is 1/10 of a btc cent. That isn't very hard to understand now is it? saying 145000 satoshi is silly when you can just say 1.45mtc using 0.00145000 is even worse. I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs Can of Coke (X) SATs Meal in a nice restaurant (X) SATs Rocket for moon (X) SATs + me :) Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly. I'm sure this has been talked about at length - you can just point me there.
Our garbage coin is currently 1.5 per satoshi, so its kinda easy to give you those answers. In your example your can is 96 hundred, as expected from a country with a sane economy you have a bit lower prices due to better competition and free market. Vote then, If you walked into a shop and there was a can of coke for sale, what would you prefer to pay a) 9,600 SAT b) 0.096 mBTC or c) 9.6k SAT I vote a of course, b is nonsense no matter what the USD/EUR centrists say. so mbtc is nonesense but saying 96 hundred is ok? 1mbtc is a 1/10 of a bitcoin how is that difficult? Yes, because that DOT introduces confusion, while 96 hundred is clear and concise. There are many countries that don't bother with decimals at all, and even Europe used to have those. Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on August 21, 2019, 10:44:44 AM I thought that this thread would be a some kind of new 'Big Mac Index' to compare some countries' prices on a common and well known subject, but not in USD but in BTC But it seems that the topic has changed and now it's everything about using Sats instead of BTC, and nothing about the prices of the coke, restaurant, rocket, etc... Or I just misunderstood something and this was just to propagate using Sats to calculate prices? Actually, you're on the money, We are trying to come up with the best way to price everyday items and how this could then be communicated. There is a bit of a discussion around BTC, SAT, mBTC, etc and what works in the majority of countries. I guess the 2 axioms for this conversation are the location (because culturally we handle numbers differently) and value (because items do not have a uniformed price). I might try and build an index for the prices of goods and use location search tool to offer some flexibility. Title: Re: Pricing everyday items in SATs Post by: bitart on August 23, 2019, 08:37:40 PM ... OK, got it now.I guess the 2 axioms for this conversation are the location (because culturally we handle numbers differently) and value (because items do not have a uniformed price). I might try and build an index for the prices of goods and use location search tool to offer some flexibility. Maybe you can use the exchange rate of each nation's fiat compared to USD when you want to determine how does the location change the way each nation handle large or small numbers. Usually if the exchange rate of a nation's fiat (compared to the USD) is somewhat equal (like EUR/USD, which is around 1,1 or something similar) that nation will use similar number format (few decimals). If 1 USD compared to a different nation's fiat equals e.g. 500 fiat, that would mean that should use more decimals when they think about bitcoin compared to the others who use USD as a base for that calculation. Title: Re: Pricing everyday items in SATs Post by: Sharon121212 on August 23, 2019, 08:59:59 PM Don't be faster than your shadows mate don't see pricing of goods in satoshi happening soon. And would the purchase with satoshi only be online? Or would there be a physical bitcoin currency?
Because countries for example in the Third World still actively prefers off line purchase to online Title: Re: Pricing everyday items in SATs Post by: Artemis3 on August 23, 2019, 09:01:25 PM ... OK, got it now.I guess the 2 axioms for this conversation are the location (because culturally we handle numbers differently) and value (because items do not have a uniformed price). I might try and build an index for the prices of goods and use location search tool to offer some flexibility. Maybe you can use the exchange rate of each nation's fiat compared to USD when you want to determine how does the location change the way each nation handle large or small numbers. Usually if the exchange rate of a nation's fiat (compared to the USD) is somewhat equal (like EUR/USD, which is around 1,1 or something similar) that nation will use similar number format (few decimals). If 1 USD compared to a different nation's fiat equals e.g. 500 fiat, that would mean that should use more decimals when they think about bitcoin compared to the others who use USD as a base for that calculation. About 100 Yen is 1 USD (its more like 110 but whatever) so this means the japanese coin doesn't need to use cents, as 1 cent is about 1 yen. About 1000 Won is USD, so add that zero for South Koreans. One upon a time i bought something for 15 Won, which means 0.15¢. Now try to imagine prices stated with decimals, when talking about cents, not US Dollars, then you might understand my issue. The fact that i just told you 0.15¢ is absurd in itself, for an American... Think what mBTC does, the exact same thing. Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on August 30, 2019, 07:39:01 AM Don't be faster than your shadows mate don't see pricing of goods in satoshi happening soon. And would the purchase with satoshi only be online? Or would there be a physical bitcoin currency? Because countries for example in the Third World still actively prefers off line purchase to online Your right, infrastructure is a huge problem. Even when I'm in China, you need card or wechat pay for the cities and then cash for the outlying regions. I would love a physical representation of Bitcoin and I'm sure over the years, i've seen the coins that have a QR code basically stamped on them. Title: Re: Pricing everyday items in SATs Post by: TimeBits on August 30, 2019, 07:50:10 AM Well there is well over 80 trillion fiat in circulation.
So let`s say .000000000000000000000000000000001 for a coke Title: Re: Pricing everyday items in SATs Post by: Artemis3 on August 30, 2019, 09:55:51 AM Well there is well over 80 trillion fiat in circulation. So let`s say .000000000000000000000000000000001 for a coke No fool, a coke is like 10 thousand satoshi. Quite simple, come live under hyperinflation to see where your value of things in time end (which Dietrich suggested before getting kicked for supporting the "wrong" person). FYI 10 thousand satoshi is simply 0.00010000 or 0.0001 BTC. Is that 0.1 mBTC? I don't even know, i also refuse to use that. Title: Re: Pricing everyday items in SATs Post by: Mandoy on October 17, 2019, 03:09:17 AM I agree with that we should start using satoshi since it is easy to understand. Unlike microbtc and millibtc , satoshi is much easy to read and even the children whom I taught how to collect btc in faucets have an easy time understanding satoshi compared to milli and microbtc. I also believe that 1 satoshi will reach 1 dollar each in the future thus we should start using it now.
Title: Re: Pricing everyday items in SATs Post by: blckhawk on October 17, 2019, 03:40:56 AM I don't agree on that idea, not yet. I understand that you want to cancel out all those zeroes for those miniscule amounts of money. But if you made satoshi's as labels for product prices based on their values, you'll have a hard time constantly updating its label every price pump or dip. And you won't even use satoshi, you'll need to use mbtc at least. Satoshis are too small to even represent a dollar. Imagine having label to a coke for 0.12 mbtc, then 4 hours later you would update to 0.10mbtc.
A more viable option is to label them still with local fiat, for example, USD, and then have them the option to pay that exact amount as btc. In that way, you don't have to update labels but can still use btc to transact. Title: Re: Pricing everyday items in SATs Post by: Eugenar on October 17, 2019, 04:54:40 AM I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs Can of Coke (X) SATs Meal in a nice restaurant (X) SATs Rocket for moon (X) SATs + me :) Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly. I'm sure this has been talked about at length - you can just point me there. [/quote in terms of implementing your idea on our country, we have some factors to consider, first, the sector for taxation needs to be settled first in order to set some price in bitcoin, another thing is that, bitcoin's market price is so much in a state of flux and volatile. In this case, there should be a standard of pricing calculator that will monitor each and every product. Title: Re: Pricing everyday items in SATs Post by: Kyraishi on October 17, 2019, 05:24:47 AM I think the current pricing system is fine right now, no one wants to use 10,000's of any currency to buy a coke can, it's just too confusing and annoying.
I could see a world where pricing in satas would be possible, but I reckon it'll only work if transactions fees where completely removed. MBTC is another pretty popular valuation, I see it on a bunch of gambling sites and personally use it for electrum. Title: Re: Pricing everyday items in SATs Post by: Casdinyard on October 17, 2019, 06:32:56 AM FYI 10 thousand satoshi is simply 0.00010000 or 0.0001 BTC. Is that 0.1 mBTC? I don't even know, i also refuse to use that. Haha 0.1 mBTC is actually confusing. Tbh, I prefer to read 0.0001 mbtc than 10k satoshis, I don't know but reading it on decimals is much easier. Or maybe if this value had become our norm of daily spending then we get be all used to it. I would love a physical representation of Bitcoin and I'm sure over the years, i've seen the coins that have a QR code basically stamped on them. Nah, obviously people don't want anymore to carry some coins and will prefer to have the QR code to be scan on machine and on their phone as well. Title: Re: Pricing everyday items in SATs Post by: Mike Mayor on October 18, 2019, 06:51:40 PM mbtc is much better since it is inbetween. 1/1000 is very easy. 100k satoshi is a nice amount and easy to see. 0.1mbtc is $0.80 for example. 10 mbtc is 0.01 btc. Very easy.
Some of the other people here have said satoshi is good for fees and it is. For fees a small demonisation works best. Just like how bytes kb mb gb tb work. Well there is well over 80 trillion fiat in circulation. So let`s say .000000000000000000000000000000001 for a coke No fool, a coke is like 10 thousand satoshi. Quite simple, come live under hyperinflation to see where your value of things in time end (which Dietrich suggested before getting kicked for supporting the "wrong" person). FYI 10 thousand satoshi is simply 0.00010000 or 0.0001 BTC. Is that 0.1 mBTC? I don't even know, i also refuse to use that. If you know then why do you ask? ??? Title: Re: Pricing everyday items in SATs Post by: teosanru on October 18, 2019, 07:00:16 PM I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs It's much difficult than you think because we either need a digital price tagger or a whole bunch of price tags to change everyday considering the volatility of bitcoin. As a matter of fact BTC was around 11k when you made this post an is now around 8k which means a sudden 30% fall in the prices. So if we make the price tags on things in terms of sats and we don't update them daily. You might end up getting 30% hit on your revenues and remember when you think that it would happen both way around that customers won't bother to spend more money just because they want to pay in BTC there are a hell lot of shops around the corner and if prices go 30% then you will face loss of customers too. So basically first incomes need to be in BTC only then we can have our prices in BTC,Can of Coke (X) SATs Meal in a nice restaurant (X) SATs Rocket for moon (X) SATs + me :) Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly. I'm sure this has been talked about at length - you can just point me there. Title: Re: Pricing everyday items in SATs Post by: DiamondCardz on October 18, 2019, 08:57:27 PM My opinion is that the satoshi isn't worth enough for it to be used as the main unit of account for transactions at the minute, you don't need to divide prices that finely. I do like the bit (100 satoshis) as a unit of account, at the current price of ~$8000 USD/BTC that means that one bit is worth around 0.8 cents. That's a perfectly reasonable quantity to use. mBTC on the other hand is worth too much at $8 a pop to be used as a unit of account in transactions.
Paying for something that costs $0.20 USD in a shop (e.g. a cheap sweet in a 1st world country or something more substantial in a 3rd world country) could either cost you 0.025 mBTC, 25 bits or 2,500 sat. I think it's pretty easy to see there that the simplest unit to work with is the bit, it's valuable enough that most of the time the numbers you work with aren't going to get awkwardly small or annoyingly large. Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on November 03, 2019, 07:59:33 PM My opinion is that the satoshi isn't worth enough for it to be used as the main unit of account for transactions at the minute, you don't need to divide prices that finely. I do like the bit (100 satoshis) as a unit of account, at the current price of ~$8000 USD/BTC that means that one bit is worth around 0.8 cents. That's a perfectly reasonable quantity to use. mBTC on the other hand is worth too much at $8 a pop to be used as a unit of account in transactions. Paying for something that costs $0.20 USD in a shop (e.g. a cheap sweet in a 1st world country or something more substantial in a 3rd world country) could either cost you 0.025 mBTC, 25 bits or 2,500 sat. I think it's pretty easy to see there that the simplest unit to work with is the bit, it's valuable enough that most of the time the numbers you work with aren't going to get awkwardly small or annoyingly large. Thanks for the example using Bit, it helps create meaning and certainly if you went into a shop now and saw a chocolate bar for 25 bit, its certainly more relatable than 2,500 Sat. On that note though, what do you think of the word 'Bit' as a currency? Title: Re: Pricing everyday items in SATs Post by: CrowdforAngels on November 03, 2019, 08:05:32 PM Quote It's much difficult than you think because we either need a digital price tagger or a whole bunch of price tags to change everyday considering the volatility of bitcoin. As a matter of fact BTC was around 11k when you made this post an is now around 8k which means a sudden 30% fall in the prices. So if we make the price tags on things in terms of sats and we don't update them daily. You might end up getting 30% hit on your revenues and remember when you think that it would happen both way around that customers won't bother to spend more money just because they want to pay in BTC there are a hell lot of shops around the corner and if prices go 30% then you will face loss of customers too. So basically first incomes need to be in BTC only then we can have our prices in BTC, I'd agree with you there, with more adoption, hopefully, price stability will come! |