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Author Topic: [RFC] Our next denomination: UBC  (Read 6017 times)
xf2_org
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May 26, 2011, 07:43:32 PM
 #1

As bitcoins increase in value, you will start to see amounts such as 0.000057 BTC in everyday use.  As discussed here on the forums, eventually we will need to move the decimal place.  When we do, we must create a three-letter currency code, one that does not already conflict with ISO 4217 currency codes: http://www.xe.com/iso4217.php

One proposal floated on IRC is "UBC", representing 1e-6 bitcoins.  Rather than the full 1e-8, UBC would leave two decimal places to mimic familiar behavior in other currencies.

Thus, 0.12345678 BTC would become 123456.78 UBC.  The current TX minimum-fee (0.01 BTC) is 10000 UBC and the proposed new minimum (0.0005 BTC) is 500 UBC.


Q: Why not "satoshis" or "nanocoins" or other alternatives?
A: The project has invested 2+ years into the marketing of the word "bitcoins", and that should not be abandoned.

Q: Should it be "uBC"?
A: No; ISO standards and currency software want ALL CAPS.



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May 26, 2011, 07:45:25 PM
 #2

One question.

BTC = Bitcoin
UBC = ?
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May 26, 2011, 07:47:19 PM
 #3

One question.

BTC = Bitcoin
UBC = ?

MicroBitcoin

I'm calling it a Mike.

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May 26, 2011, 07:47:33 PM
 #4

BTC = Bitcoin
UBC = ?

microcoin?


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May 26, 2011, 07:48:18 PM
 #5

I'm calling it a Mike.

"Gimme one coffee to go, please."

"That'll be 500 mikes, pal."

I like it.


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May 26, 2011, 07:50:03 PM
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as you said yourself, keeping 'bitcoin' in there is probably a good idea. microbitcoin, or 'mike' or 'ubic' Smiley

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May 26, 2011, 07:55:23 PM
 #7

I'm calling it a Mike.

"Gimme one coffee to go, please."

"That'll be 500 mikes, pal."

I like it.



Yeah, it's good. Not my idea, someone in another thread. I'm still waiting for Mike and Mille (10^-3) cartoons (or porn).

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May 26, 2011, 07:57:49 PM
 #8

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

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May 26, 2011, 08:08:16 PM
 #9

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

In general I agree; but I think it's ok in this case, because BTC will become more rare over time, until it's largely a relic of "the first couple years of currency bootstrapping"


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May 26, 2011, 08:12:41 PM
 #10

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

People don't have too much problem using large numbers, but small decimals are problematic. Even companies get it wrong:

http://verizonmath.blogspot.com/2006/12/verizon-doesnt-know-dollars-from-cents.html
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May 26, 2011, 08:19:36 PM
 #11

Rather than the full 1e-8, UBC would leave two decimal places to mimic familiar behavior in other currencies.
I think this is a great idea - it always felt odd to me that 1e-8 was just between 1e-6 (micro) and 1e-9 (nano). Calling the smallest amount 0.01 UBC really does make sense in my opinion. It is future-proof, gives a familiar feeling and does not make the prices of the near future too large.

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.
Sure, but since bitcoins are non-inflationary it will not be necessary to ever change it again - UBC with two decimal digits is the ultimate currency unit within the limits of the current bitcoin protocol.

+1 for UBC
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May 26, 2011, 08:21:36 PM
 #12

+1 for µBitcoin = UBC.

I guess UBC will become like decibel, the unit that everyone uses even though it's really a fraction of the base unit (bel). Smiley

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May 26, 2011, 08:32:39 PM
 #13

I'm all for it.
I miss the days of throwing around huge amounts of bitcoins. This will bring that feeling back. 
And come on UBC/USD parity...
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May 26, 2011, 08:42:49 PM
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I gotta bury few BTCs till 1UBC=1USD
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May 26, 2011, 08:45:53 PM
 #15

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

People don't have too much problem using large numbers, but small decimals are problematic. Even companies get it wrong:

http://verizonmath.blogspot.com/2006/12/verizon-doesnt-know-dollars-from-cents.html

Oh, absolutely. I'm not saying that normal folk should use tiny fractions. There will certainly be a general use word that emerges whenever more precision becomes common out of necessity. I'm just thinking that two currency codes for different denominations is odd. And no one is going to make one code 'official' anyway.

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May 26, 2011, 08:49:00 PM
 #16

I'm calling it a Mike.

"Gimme one coffee to go, please."

"That'll be 500 mikes, pal."

I like it.



i like Mike?
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May 26, 2011, 08:56:41 PM
 #17

One question.

BTC = Bitcoin
UBC = ?

University of British Columbia?  Grin

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May 26, 2011, 08:59:58 PM
 #18

One upon a time, people will be telling stories about some fool who paid 10 billion UBC for a pizza!

I like it!

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May 26, 2011, 09:01:13 PM
 #19

I’d rather call it uBTC to preserve the already most common abbreviation. BTC, mBTC and uBTC seems most intuitive to me …

Calling them Mills and Mikes is nice.

Another possibility would be to refer to the base units as Bitcoins and establish KBTC and MBTC, so that the uppercase letters make sense.


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May 26, 2011, 09:05:52 PM
 #20

I'm just thinking that two currency codes for different denominations is odd. And no one is going to make one code 'official' anyway.

Odd perhaps, but not unprecedented. See for example http://en.wikipedia.org/wiki/Polish_z%C5%82oty

Quote
As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on 1 January 1995, 10,000 old złotych (PLZ) became one new złoty (PLN).

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