people will still look at the full value of 1 bitcoin against what he has in his fiat wallet.
New people that will buy in might wont, especially if Bitcoin was listed in bits on exchanges and on marketcap sites.
Well, for normal average people, for sure, I mean even for us, saying 0.00123571 BTC sounds stupid.
This is definitely one of the reasons, hence the BIP proposal. It's just not user-friendly to be talking about decimals of BTC rather than using something like "5 bits" or something.
And as a crypto user we already know what sat's is so why would we even use or change how we use it like if you see BTC0.001 we would already know that it is 100k sats,
Because the current number of people in the cryptocurrency space won't be the same like a year from now. We're going to expect new people.
Why would we even need to change it to actually 100,000 sats this would just confuse the users .
It's obviously definitely not to confuse. Backread on Bardman's reply.
This is one of the most stupid issues in the crypto world
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If you think about it clearly, it's not solely for more people to buy in compared to alts. Read the other past replies on this thread.
in my opinion, jimmy song and the proponents of smaller denominations like bits or mBTC are wrong. i don't think "fixing" unit bias would prevent people from investing in altcoins as intended.
I think it would. I know a good number of people who bought in on XRP because it's "cheaper". Stupid argument I know. Good criticisms though.
I don't know what use of bits, mBTC or Satoshi would change in such case. 123571 Satoshi sounds same stupid. It will be same stupid saying some random numbers in USD, like $12 821.54.
Right now? Sure. But in the future assuming Bitcoin's price increases a lot? It's going to make more sense.
no, actually the main reason why they buy those things is that they think (because of false advertisement) that these altcoin's low prices is similar to the low price that bitcoin once had.
This is definitely one of the reasons, but I'm pretty sure unit bias is also one factor. How significant of a factor though? Idk.
don't get me wrong, i am all for using smaller units. i have suggested it in the past myself, but i don't say we should do it because newbies have trouble with the unit conversion and don't think bitcoin is divisible. instead i say it because usage of smaller fractions is becoming more and more common with price rise. for example at $20k, $1 is equal to 0.00005 and that is not pretty and hard to read out loud but 5000 satoshi is better.
True. It's a not so good idea for now, but in the future I think it'll be inevitable assuming if bitcoin would be actually widely used for payments. I can definitely see that there's going to be a lot of problems and confusion though.
Couldn't give you merits sorry. I'm out of sMerits.
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