We should start pricing Bitcoins in Satoshis to realize how cheap it is!

[BellaBitBit]

This would be fun.  Why not?  A Bitcoin is super cheap right now.

[1713295368]

1713295368

[thirdchance57]

Yup, look how cheap one satoshi is: $0.0000043

Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.

That would put 1 BTC = $100,000,000

Happy New Year everybody!

I have to ask if you were smoking something when you thought of this?  There is no reason to do this.  If we wanted it smaller, then why would it not be matched even with the UDS or YEN or something like that?  Why try to fix something that is not broken.  Having something like this is much better than having a even to even match to other currency.  Just my opinion.

[cellard]

Yup, look how cheap one satoshi is: $0.0000043

Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.

That would put 1 BTC = $100,000,000

Happy New Year everybody!

I have to ask if you were smoking something when you thought of this?  There is no reason to do this.  If we wanted it smaller, then why would it not be matched even with the UDS or YEN or something like that?  Why try to fix something that is not broken.  Having something like this is much better than having a even to even match to other currency.  Just my opinion.

Bitcoin is insanely undervalued per unit if you compare the value of a stock in Apple with the total amount of stocks and the current marketcap for example. Bitcoin could go 6 figures in the next 5 years, that's a more natural price than the current one actually. Not sure about 9 figures tho.

[Palinanv]

I actually don't understand the point of satoshis, mbtc, and the like. Let's just call it btc and let it be...

[Rizky Aditya]

I know right. This will definitely motivate people to start using Bitcoin. We should all go around telling people how much 1 satoshi is. Bitcoin would be the new currency. Easily.

[Indianacoin]

Yup, look how cheap one satoshi is: $0.0000043

Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.

That would put 1 BTC = $100,000,000

Satoshi is not the ultimate unit to determine the value of bitcoins. If you are so much worried about satoshi then think of the value of 100,000,000 Satoshis

If developers now change the unit system of bitcoins all of a sudden then there will be a huge inflation problem with might destroy its economy!

Btw check this out for real conversion rate. http://www.btcsatoshi.com/

[BurtW]

Please read this entire thread:

https://bitcointalk.org/index.php?topic=592691.0;topicseen

Everything that could possibly be said on this subject has already been said in that thread.

Why not just resurrect that thread instead of starting a new one?

Here is/was my opinion from that thread:

1 bit is also 1/8 of one USD.

Seeing all the hoopla over BTC versus XBT I would support the following:

1 BTC = 1 Bitcoin = same as it ever was

1 XBT = 1 Bit = 0.000001 BTC

1000000 XBT (Bit) = 1 BTC (Bitcoin)

I would be behind this 100% as it "fixes" the whole BTC/XBT issue and give those who have been worried about the size of the BTC something to use.

Bit is fine.  In fact there is already a very famous song about it "shave and a haircut, two bits".  That should be our goal.  Bitcoin acceptance to the level that a shave and a haircut costs two bits.

Everyone who agrees just needs to start using it, explaining it, publishing it, correcting other (anoying them), etc.  It will either catch on or it won't.  This is what I hope catches on:

1 satoshi = smallest unit, pretty much in general use today
             = "bitcents" also makes some sense and may catch on and evolve back into cents (1/100th)
1 bit       = 100 satoshi, eventually every day use, coffee, sandwiches, etc.
1 XBT     = 1 bit, should be the official symbol on all exchanges, forex, etc.
1 BTC     = 1000000 bits = kept for dealing with larger amounts, may fade

1 Bitcoin/bitcoin as a currency unit fades away

Bitcoin = the Bitcoin protocol

If you look at my post history on this subject you would find that I mostly thought the idea of any renaming was stupid and not needed.

That is, until I started talking to people and did run into "Bitcoins are way too expensive" over and over again.

Logically it makes no sense but I could sell a boatload of bits at 2500 bits per dollar to the general public and could see the price rising pretty quickly to 1000 bits per dollar over the next few months.

It is not logical but I have come to the conclusion that the general public is not logical when it comes to money.

When introduced to the idea "1 bit = 100 satoshi", without exception, everyone I have talked to has just lit up, understood it and are now running with the idea to all their friends.

That is how you accomplish this.  Just do it.  Everyone will thank you later.

1 XBT = 1 bit = 100 satoshis

1 BTC = 1000000 XBT = shorthand used in larger transactions

[xmax]

I am trying to completely understand the reasoning of this idea.  Why does it matter if you identify by satoshi or if you identify by BTC?  Satoshi is for those who need to break things down for smaller amounts where BTC is there for those spending hundreds of dollars at a time.