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Author Topic: mBTC: At what point should the community use this as the default unit?  (Read 4416 times)
eklass
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March 19, 2013, 07:38:44 PM
 #21


As BTC goes up in price, BTC holders will buy bigger things with Bitcoins

BTC will be good for houses, cars, other investments, vacations, jewelry, etc.

We can buy sodas with fiat.

Just like stocks and treasuries, etc. Nobody sells them to buy a soda.



This is a losing strategy for mass adoption.
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Mike Christ
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March 19, 2013, 09:03:39 PM
 #22

Maybe best to stick to BTC and learn to deal with leading 0s?

and this is why bitcoin is currently a geek thing! ;/

The general public with prefer to do without than to learn to deal with anything!

The concept of marketing is all about making things easy for people.

Make it look like a dollar, and they might warm to it.  Make it look like the missing part of the pi equation and bitcoin is going to have no friends! Wink



The general public really isn't an issue, as the general public tends to do things on a whim after "everyone else" is doing it.  What's Bitcoin to the general public?  I don't know, but my idol is using it, and I heard my geeky pal is making money off it, so it must be legitimate and, ultimately, a good thing, so I will divert my attention toward it and maybe even setup a wallet so I can start getting some, too.  The only thing we need is time, and room for BTC to breathe, and the general public will tag along with the next best technology.  Left unhindered, Bitcoin will spread like a virus, despite the lengthy sciency mathy explanation as to what it actually is.

Ok back on topic, I believe once .001 becomes a common denomination for basic things, mBTC will gain traction.  Right now, 1 USD is equal to roughly BTC.02~ (rounded up), and 1 mBTC is worth about 6 cents.  Considering psychological techniques in marketing, it's generally better to list something as .05 BTC, than it is to list it as 50 mBTC, as .05 BTC looks much cheaper--it's only 5 bitcents!  A bitnickel Smiley  If, however, BTC were to jump really high in price (let's say, $1,000 to one BTC), then you have parity with mBTC to the dollar.  At this point, it would be great to start using mBTC, instead of using .001, as I don't know what to call a fraction of a bitpenny that's relevant to the USD Tongue  Perhaps then mBTC would look much more attractive in style, despite both being correct usage.

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March 19, 2013, 09:25:18 PM
 #23

We're close to the point that people will naturally start to use millies. I will, for sure. When we need to pay less than 0.1 for something often enough, the transition will happen by itself. It's nothing that needs to be addressed or put much thought into, I guarantee the transition will simply happen.

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March 19, 2013, 09:42:27 PM
 #24

This kind of thing tends to be determined by merchants. I for one would like to see a nice blend of pre-decimalisation sterling references and cockney rhyming slang.

For example: "Aright geezer, this 'ere motor will set yer back a monkey and two bob!"
Translation: "Good day sir, this fine automobile will cost you 500.05 BTC"

Potato, Potato, Potato.
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March 19, 2013, 09:46:01 PM
 #25

I really think we're making too big a deal of this. The "general public" already deals with this in $.  Ex: $50B. $50M. $50K. $50. 50 cents.  we choose the appropriate units depending on the amount. I'm sure people will figure out how to do the same with bitcoin.

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March 19, 2013, 09:48:04 PM
 #26

A better question is, when will the satoshi match the dollar?  Grin

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March 19, 2013, 10:02:09 PM
 #27

A better question is, when will the satoshi match the dollar?  Grin

Helicopter Ben and his good pal Gideon Gono say hi and Ben's trying to sort this out as quickly as possible. Grin

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March 19, 2013, 10:17:27 PM
 #28

It would be nice if people that are selling cheap stuff started right now.



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eklass
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March 19, 2013, 11:34:26 PM
 #29

I really think we're making too big a deal of this. The "general public" already deals with this in $.  Ex: $50B. $50M. $50K. $50. 50 cents.  we choose the appropriate units depending on the amount. I'm sure people will figure out how to do the same with bitcoin.

I understand your point, but the billion/million/thousand specifiers aret (relatively unknown) descending SI units in an currency looking for recognition. Most people still can't differentiate between megs and gigs on their smartphone. Ask a hundred people on the street which is worth more, a BTC, mBTC or uBTC and I'll be surprised if more than 10% even notice that mBTC != uBTC.

To that end, doesn't it make sense to start using mBTC as the standard unit now, since that's the way the world will be headed if BTC/USD price continues to rise?
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March 19, 2013, 11:36:29 PM
 #30

I really think we're making too big a deal of this. The "general public" already deals with this in $.  Ex: $50B. $50M. $50K. $50. 50 cents.  we choose the appropriate units depending on the amount. I'm sure people will figure out how to do the same with bitcoin.

I understand your point, but the billion/million/thousand specifiers aren't (relatively unknown) descending SI units in an currency looking for recognition. Most people still can't differentiate between megs and gigs on their smartphone. Ask a hundred people on the street which is worth more, a BTC, mBTC or uBTC and I'll be surprised if more than 10% even notice that mBTC != uBTC.

To that end, doesn't it make sense to start using mBTC as the standard unit now, since that's the way the world will be headed if BTC/USD price continues to rise?

Tell you what: when BTC settles at over $100 a pop, I vow to start using mBTC Grin

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March 19, 2013, 11:57:28 PM
 #31

What is so difficult about writing 0.0000000001 BTC?

wrong on purpose?
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March 20, 2013, 12:40:24 AM
 #32

What is so difficult about writing 0.0000000001 BTC?

wrong on purpose?

100 pBTC? Grin

I've seen bitcoin sites accounting to pBTC granularity before. Obviously this cannot be done on the blockchain itself. It is unlikely we will ever need subsatoshi units as part of the protocol, though, but one should never say never.

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March 20, 2013, 03:32:34 AM
 #33

I really think we're making too big a deal of this. The "general public" already deals with this in $.  Ex: $50B. $50M. $50K. $50. 50 cents.  we choose the appropriate units depending on the amount. I'm sure people will figure out how to do the same with bitcoin.

I understand your point, but the billion/million/thousand specifiers aren't (relatively unknown) descending SI units in an currency looking for recognition. Most people still can't differentiate between megs and gigs on their smartphone. Ask a hundred people on the street which is worth more, a BTC, mBTC or uBTC and I'll be surprised if more than 10% even notice that mBTC != uBTC.

To that end, doesn't it make sense to start using mBTC as the standard unit now, since that's the way the world will be headed if BTC/USD price continues to rise?

Tell you what: when BTC settles at over $100 a pop, I vow to start using mBTC Grin

Next week???
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March 20, 2013, 11:21:14 AM
 #34

Dragon's Tale got this right back in 2011

0.001btc = 1btm or bitmill

all this scientific notation mbtc just makes us look like the nerds we are
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> Re: mBTC: At what point should the community use this as the default unit?
now

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March 20, 2013, 11:29:08 AM
 #35

an apple is worth less than a milli coin already

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March 20, 2013, 11:33:53 AM
 #36

I don't know what to call a fraction of a bitpenny that's relevant to the USD

Following the rules of SI 0.01 BTC (bitpenny) would be 1 cBTC (centiBTC)


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March 20, 2013, 11:37:59 AM
 #37

No one is ever going to visit any websites whose top level domain is not provided by default by their browser when they enter a real word keyword, all this geeky crap like .com and so on just confuses them, the web will never catch on until top level domains are gotten rid of...

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March 20, 2013, 01:23:33 PM
 #38

I've just created logic to dynamically use mBTC and uBTC on bitcoincodes.com .

Unfortunately I'm not yet comfortable to have it show 132 mBTC instead of 0.132 BTC (which would be more logical)

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March 20, 2013, 04:01:14 PM
 #39

but the billion/million/thousand specifiers aret (relatively unknown) descending SI units

No.

/european
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March 23, 2013, 03:06:45 PM
 #40

Use Satoshi's with the familiar "computer" prefixes Kilo (K), Mega (M), Giga (G) etc.
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