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Author Topic: BTC --> mBTC  (Read 1219 times)
cpt_howdy
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April 03, 2013, 02:22:15 PM
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This has been talked about quite a bit already, but I think it's time for the exchanges to start quoting everything in milliBitcoin (mBTC). Or, cBTC (Bitcoin cents).
Primarily, I think this should be done for the benefit of new adopters, the general public, and clueless journalists. Most people aren't used to the basic idea of markets, let alone an explosive one like Bitcoin, so they see the price at $140 and think, 'that's expensive'. When, in fact, the decision to use the unit BTC is completely arbitrary. On the other hand, $0.14 / mBTC looks quite reasonable, so it might help people to make better investment decisions (i.e. buy more Bitcoin).
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wopwop
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April 03, 2013, 02:23:17 PM
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1000 times more coins mined Shocked
Akka
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April 03, 2013, 02:37:34 PM
 #3

I agree that at this price level a standard Unit of mBTC would be reasonable.

It's also no hard work to implement this. It's only how the 100000000 Units of one BTC are displayed in the GUI.

However, before we change to this, the current price level should proof itself sustainable.

Wouldn't make sense to price things in mBTC, only to go back in a few Days/Weeks? Because one mBTC is only a fraction of a Cent.

If we are at a level where mBTC makes sense for several month, services will start pricing in mBTC on their own.

All previous versions of currency will no longer be supported as of this update
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April 03, 2013, 02:44:12 PM
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or they could price in still-cheap LTC
dg2010
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April 03, 2013, 03:27:11 PM
 #5

This has been talked about quite a bit already, but I think it's time for the exchanges to start quoting everything in milliBitcoin (mBTC). Or, cBTC (Bitcoin cents).
Primarily, I think this should be done for the benefit of new adopters, the general public, and clueless journalists. Most people aren't used to the basic idea of markets, let alone an explosive one like Bitcoin, so they see the price at $140 and think, 'that's expensive'. When, in fact, the decision to use the unit BTC is completely arbitrary. On the other hand, $0.14 / mBTC looks quite reasonable, so it might help people to make better investment decisions (i.e. buy more Bitcoin).

Firstly, the reasoning for your idea makes no sense because even a child can understand that if a box of chocolate costs £10 that he can get a single bar for less.

Secondly, it's a natural progression as the price goes up smaller units will start to be used.




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