Bitcoin Forum

Hey people. Today I had a couple of dollars in my pocket, and I stopped to think how easy it is to work with dollars compared to BTC. I mean, you can count $25.1 really easily in units and cents, while with BTC you have to get the long decimal 0.07739. Of course this is not a problem for most people in these forums who work with BTC, but when BTC becomes viral (if it succeeds) it would be a little pain for common people to check their transactions like that...

My question is, why was each BTC made to be worth so much? is it something about the way it's coded that doesn't let you make more BTC than the 21 million there are? would've it been possible for BTC to be valued like dollars or other currencies? I don't know so much about the technical system behind BTC so...

Thanks :)

Bitcoin wasn't made to be worth so much, but the price is determined by demand and supply.

1 bitcoin was worth less than a cent a few years ago, and someone paid 10000 bitcoin for 2 pizzas.

Hi, try using miliBitcoins-mBTC) or microBitcoins-μBTC (microbitcoins are also known as BITs)

yes, max count of 21 million is given by the code but bitcoin price not .... price is affected by supply and demand like all other valuables.
Of course 21 million border has certain price impact also, but I think its minor now.

Yes bitcoin is worth and have a value like currency(indeed this is currency).
And 1 bitcoin is more valuable than 1 dollar :D

Bitcoin couldn't be made to be worth so much in a specifical way. Anyway the fact that there will be a maximum of only 21 millions of units in the long period will determine a rise of its price, in relation with the increasing demand.

bitcoin is undervalued is not even funny, seeing how there is are 21M in existence, just do the math...

"I mean, you can count $25.1 really easily in units and cents, while with BTC you have to get the long decimal 0.07739. Of course this is not a problem for most people in these forums..."


0.00342 bitcoins is too complicated so a big part of the community is already familiar with "bits".

1 BTC = 1 Mio bits


So a coffee is 11.000 bits for example.

http://youmeandbtc.com/bitcoin-converter/convert-btc-mbtc-bits-usd/

I believe when satoshi set the limit at 21mil, the additional 8 decimal number has been put in place as a contingency plan in case bitcoin value goes too high. He was right of course

Yup, there'll be 21 mill Bitcoin, there will also be an almost uncountable amount of Satoshi.

Same for me for the first time I know about bitcoin.

But if you learn and using bitcoin everyday, that long decimal will be no problem at all


That's quite amusing  ::)

Buy SuperNET & get rich  :)

Some people have suggested to use the unit "bit" in which 1 "bit" = 1 uBTC = 0.000001 BTC, so there will only be 2 decimal places.
But it hasn't reached a consensus yet.

If you only want use up to cents, then you are free to do it with Bitcoins,

With money you always lose due to rounding. Loses would be bigger since 1 centbitcoin is worth much more than 1 cash cent

Its divisible. The idea was once the value increases the lower decimals could be used as units. In the altcoin trading already Satoshi is used widely as a unit.

As the others above have mentioned, the reasoning behind BTC's decimalization is the it's divisible by 8 places or 8 zeroes.

The smallest unit, the Satoshi, may one day be worth $1, so this takes care of that issue.

If any one of us ever lives to see this through all the block halvings, and growing pains of this crypto, man watch out!

You need not use the BTC unit. You can switch to using bits. It is even avaiable in blockchain wallet.
You can also use mBTC
It will solve the problem.

Bitcoin looks expensive when you consider 1 Bitcoin as 1 unit.
Switch to mBTC like say bitcoinity.org does, it is only 1 mBTC = $0.335 now

In reality, Bitcoin is not expensive. It is just a way of thinking. Consider satoshi as a unit and it is very very cheap. :)

Agree with others that you can use smaller unit like mBTC or bit.

But I want to know what the problem you have with 1 BTC = 320 USD.
For example, 1 oz of gold costs me 1175 USD at this moment, but I don't need to buy one full oz of gold. For the same token, you can buy just 0.05 BTC if you can't afford one full bitcoin.

If you worry about that you can send more or less bitcoins in dollars to someone I suggest you to use blockchain web wallet - https://blockchain.info/wallet ,here you have option to send a bitcoin amount equivalent in dollars.

I thinks the best part of btc is easy to transfer your money to anywhere.

and it is better than most of money transfer services  ;)

What do you mean with "supernet" mean botnet? lol

The higher the use of something, the higher the value of that thing

not if use = dump every time for dollar at receiving payment event

SuperNet is just another altcoin. You may check its announcement thread https://bitcointalk.org/index.php?topic=762346.0 if you are interested, but I doubt you will get rich with it.

Yup that is the case when the payments are processed through Bitpay and Coinbase. If the merchants run their own bitcoin wallet, and keep all or part of the bitcoin, it will have a much smaller event on the price.