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Author Topic: Let's use mBTC instead of BTC  (Read 4170 times)
PakistanHockeyfan
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February 06, 2016, 01:41:53 AM
 #61

I don't exactly see a point of using mbtc instead of BTC as it just happens to be pointless. Just like using Satoshis. Bitcoin in its own is fine.
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February 06, 2016, 01:47:42 AM
 #62

I like using BTC because it is the least confusing. mBTC could work better but there are some people who do bigger transactions.

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February 06, 2016, 07:55:07 AM
 #63

I agree completely that if mBTC is the base currency it will be much better, a full BTC is simply too expensive to use it as a corner for BTC trades and transactions and it gives the general public a view that BTC is just less useful since they don't fully understand how one satoshi can be exchanged.

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February 06, 2016, 10:29:18 AM
 #64

yup. I really hate the ammount of zeros in front. Especially if the price per BTC would grow and you would have to pay something like 0.0002134 for coffee for example. Would have been better so the price would be like 2,2134.

But it takes some adapting. It is frustrating right now seeing mBtc and Btc sometimes, so you are left confused.

Not to mention less f%%ck ups. So you wont send 0.01 instead of 0.001 to somebody again Cheesy

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February 06, 2016, 10:31:09 AM
 #65

I use sometimes mBTC but not like you, having some decimals don't bother me. So for me, that's not a priority to use mBTC everywhere.

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February 06, 2016, 11:34:58 AM
 #66

I don't know about you guys, but more and more often I find myself dealing with numbers like 0.004 BTC, 0.05 BTC, etc. in everyday transactions. I hate decimals and I think most of you are in the same boat as me. Our brain works much better with whole numbers. Given that 1 mBTC is in the same order of magnitude as 1 USD, why don't we start measuring our transactions in mBTC?

the problem with this is that not everybody knows what mili, micro and similar things mean. i have seen topics about what does mBTC or uBTC means and how much are they.
for this to work, everybody needs to have an understanding of the units. but satoshi or using decimals is going to be universally understandable.

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February 06, 2016, 11:58:23 AM
 #67

I don't know about you guys, but more and more often I find myself dealing with numbers like 0.004 BTC, 0.05 BTC, etc. in everyday transactions. I hate decimals and I think most of you are in the same boat as me. Our brain works much better with whole numbers. Given that 1 mBTC is in the same order of magnitude as 1 USD, why don't we start measuring our transactions in mBTC?
i believe no only you guy that confused and asking about this,some forum and group dealing with mBTC for measuring bitcoin amount,and some wallet give some option with decimal or mBTC,for m,its more simple use decimal,even i hate decimal,but i can calculate bitcoin easily with decimal Smiley

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February 06, 2016, 12:02:20 PM
 #68

I had my wallet set to mBTC for a long time but I just switched to BTC because too many things are priced in BTC and I wanted to avoid confusion.

None of the websites where I spend money use mBTC so it doesn't make sense for my wallet to be in mBTC.

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February 06, 2016, 01:25:21 PM
 #69

I had my wallet set to mBTC for a long time but I just switched to BTC because too many things are priced in BTC and I wanted to avoid confusion.

None of the websites where I spend money use mBTC so it doesn't make sense for my wallet to be in mBTC.

that is the good thing about bitcoin. you can change these things to your liking. for instance in Electrum wallet that i use, you can set it to any unit you like and set the decimals it shows. and i have seen websites that accept bitcoin do this too with a simple dropdown list that changes the price to mBTC, uBTC, or USD,...

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February 06, 2016, 01:56:35 PM
 #70

More or less i know about all bitcoin units. Still i feel comfort only when i use BTC unit and i feel little confusion when i use other units.
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February 06, 2016, 02:33:20 PM
 #71

Nah, I think it's more reliable to use the bigger unit rather than using a smaller one which is mbtc. Bitcoin is more volatile than others and with it's constant moving price, it's more preferable to use a unit as a whole and just a measure of it's part.

Nah.
The advantage in using subunits is to minimize the complication.
Usually, in the examples people use, that simply means minimizing the number of zeros needed to pad the number out.
More generally you know how many significant figures you want to preserve, look at the zeros required to pad to the decimal point, then choose a subunit that reduces these.

simple examples:
0.001 btc = 1 millie
100000 satoshi =  1 millie
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February 06, 2016, 02:37:34 PM
 #72

Should we quote US currency in dollars or cents - it's a similar discussion. Smiley

I think a much more suitable comparison is to discuss whether we should take body measurements in inches or miles Wink

cubits would be more appropriate if the size was the only consideration.
But fortunately the world has an actual standard set of units here, so we'd use meters.
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February 06, 2016, 02:41:56 PM
 #73

I don't know about you guys, but more and more often I find myself dealing with numbers like 0.004 BTC, 0.05 BTC, etc. in everyday transactions. I hate decimals and I think most of you are in the same boat as me. Our brain works much better with whole numbers. Given that 1 mBTC is in the same order of magnitude as 1 USD, why don't we start measuring our transactions in mBTC?
sometimes i was so confused with mBTC because already familiar with decimal in btc also using decimal is more popular than use mBTC and i think we must be stay in decimal for everyday use than using mBTC
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February 06, 2016, 02:43:32 PM
 #74

I don't know about you guys, but more and more often I find myself dealing with numbers like 0.004 BTC, 0.05 BTC, etc. in everyday transactions. I hate decimals and I think most of you are in the same boat as me. Our brain works much better with whole numbers. Given that 1 mBTC is in the same order of magnitude as 1 USD, why don't we start measuring our transactions in mBTC?

I already do it. Setted up my Mycellium wallet to show balances and transactions in mBTC and it made my life a lot easier. It's hard to deal with several zeros after the comma!
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February 06, 2016, 02:45:55 PM
 #75

I understand what you are saying, but I do not understand how that would be move convenient.  People need to understand what a Bitcoin is and when we do this, you will confuse people.  When  first started with Bitcoin, I did a faucet thinking I was getting more than I was because it was in mBTC.  It is just confusing for newbies.

No more confusing than grams and milligrams, or meters and millimeters.
If you're confused by all those, you better pay more attention.
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February 06, 2016, 02:46:46 PM
 #76

for me its more confusing using mbtc than btc..whenever 1 mbtc is equal to 0.001 btc. i think i prefer 0.001 bcause the first time and alrdy in my head is 0.001 not the 1mbtc.
actually that 1mbtc make me confusing alot.
does everyone feel the same like me?
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February 06, 2016, 03:37:26 PM
 #77

I understand what you are saying, but I do not understand how that would be move convenient.  People need to understand what a Bitcoin is and when we do this, you will confuse people.  When  first started with Bitcoin, I did a faucet thinking I was getting more than I was because it was in mBTC.  It is just confusing for newbies.

No more confusing than grams and milligrams, or meters and millimeters.
If you're confused by all those, you better pay more attention.

Ah but if you have ever had physics or chemistry etc. you always use the SAME units because it avoids mistakes.

Physics tends to use mks - meter, kilogram, second. Chemistry tends to use cgs - centimeter, gram, second.

Using the same units for everything avoids accidental mistakes.

Hence why I am using BTC in my wallet even though mBTC would be preferred. Since the places I spend present prices in BTC then I should use BTC to reduce odds of human error when converting between the two, even though the conversion is always an exponent of 10.

It would be nice if markets presented prices in mBTC but very few do, BTC is what the market has chosen.

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February 06, 2016, 03:39:22 PM
 #78

I don't know about you guys, but more and more often I find myself dealing with numbers like 0.004 BTC, 0.05 BTC, etc. in everyday transactions. I hate decimals and I think most of you are in the same boat as me. Our brain works much better with whole numbers. Given that 1 mBTC is in the same order of magnitude as 1 USD, why don't we start measuring our transactions in mBTC?
I like more to make deals with decimals instead of 1mBTC or 1bits or satoshi, 0.01 is just enough to say instead of thousands of satoshi.

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February 06, 2016, 05:40:04 PM
 #79

I don't know about you guys, but more and more often I find myself dealing with numbers like 0.004 BTC, 0.05 BTC, etc. in everyday transactions. I hate decimals and I think most of you are in the same boat as me. Our brain works much better with whole numbers. Given that 1 mBTC is in the same order of magnitude as 1 USD, why don't we start measuring our transactions in mBTC?
i dont like using mBTC,because i always getting hard to calculate it to other currency,if i use mBTC of course if i want to trade that bitcoin,i will calculate to decimal,so i not use mBTC anymore.
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February 07, 2016, 12:29:05 AM
 #80

I understand what you are saying, but I do not understand how that would be move convenient.  People need to understand what a Bitcoin is and when we do this, you will confuse people.  When  first started with Bitcoin, I did a faucet thinking I was getting more than I was because it was in mBTC.  It is just confusing for newbies.

No more confusing than grams and milligrams, or meters and millimeters.
If you're confused by all those, you better pay more attention.

Ah but if you have ever had physics or chemistry etc. you always use the SAME units because it avoids mistakes.

Physics tends to use mks - meter, kilogram, second. Chemistry tends to use cgs - centimeter, gram, second.

Using the same units for everything avoids accidental mistakes.

Hence why I am using BTC in my wallet even though mBTC would be preferred. Since the places I spend present prices in BTC then I should use BTC to reduce odds of human error when converting between the two, even though the conversion is always an exponent of 10.

It would be nice if markets presented prices in mBTC but very few do, BTC is what the market has chosen.

'Tis true that scientific equations are constructed so that all components use the same units or subunits.
It does more than prevent accidental mistakes - it enables anyone to use them without checking what subunits are required for each variable value. All you need to know is the system used (e.g mks)/

With the current discussion, we're talking really simple conversions tho. Not algebraic, just arithmetic.
The operations involve only decimal point shifts (3 to the right, 3 to the left etc) and a simple multiplicative factor to get to/from fiat.
As you say, you wouldn't mix subunits even in the arithmetic calculations (like say adding btc to millies, or adding btc to dollars); you normalize the units first.

For these arithmetic operations, the units don't matter. The only requirement is to not mix units.

So your 'same units' can still be btc or mbtc in any one calculation. The subunit chosen doesn't affect the calculation (like it would if the units needed to be exponentiated in a physics equation for example).
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