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Author Topic: Better adoption through use of mBTC  (Read 1031 times)
jofus
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February 09, 2017, 06:58:08 PM
 #1

I think mass adoption would be easier if we started referring to BTC as mBTC as a standard.  Many people that don't know much or anything about BTC get discouraged right away when they find out 1 "coin" is about $1000.  In their mind they automatically compare it to a dollar and they feel like they can't even buy 1 BTC so why bother. 

Also many people ask how the heck I can buy something for $24 if the base unit is worth $1000.  I know this is pretty simply to understand that they are divisible and with a little explaining people get it, but first impressions mean a lot.  The less difficulty someone has initially to understanding and/or accepting something the more of a chance they will feel like they can use it. 

What if the community starts referring to BTC as mBtc as a standard to help along with the psychological factor of mass adoption.  What do you think?
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February 09, 2017, 07:03:39 PM
 #2

I think if you can't do a simple google then you're probably too stupid to use bitcoins. If you really can't figure out that bitcoins can be broken down to 8 decimal places can you really secure a wallet properly? Can you really send a transaction? Do you even know how a computer works?

Go ahead and use mBTC. No one is stopping you. Let me know how many people you convert solely based on  the denomination of bitcoins you talk about.

Btw, in the metric system the base unit is a meter. How the fuck am I supposed to buy screws if they're all a meter long!?!?!? Bad logic. Anyone with that logic needs to be sterilized hahahaha.

Also, the gambling community always uses mBTC to make pots seem bigger than they are. Should they use Satoshis!? Holy shit 1 billion Satoshis!?!?!? Oh that's not actually a big pot at all... Huh... now I hate bitcoins. They aren't worth much. 1billion Satoshis can't buy me much at all.














 

 

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February 09, 2017, 07:20:41 PM
 #3

No one is forcing anyone to buy 1 BTC at one go, just like no one is forcing to buy a bar of gold. It is already expected that if you can't buy in bulk, there will always be retails. The same goes with bitcoin. And changing the terms to mBtc does not seems to change any thing or add any appeal into it. It is already set term and people are already used to it, why go the trouble of changing the standard?

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February 09, 2017, 07:22:46 PM
 #4

Yeah, Bobby Lee seems to have been the one really pushing this movement and I support it.

It does literally nothing to impact current BTC holders and users, but will create a big influx of money and impact the market cap/price in a very positive way.

In effect, a 1000:1 stock split by adding the letter "m"

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February 09, 2017, 07:37:17 PM
 #5

I think if you can't do a simple google then you're probably too stupid to use bitcoins. If you really can't figure out that bitcoins can be broken down to 8 decimal places can you really secure a wallet properly? Can you really send a transaction? Do you even know how a computer works?

Go ahead and use mBTC. No one is stopping you. Let me know how many people you convert solely based on  the denomination of bitcoins you talk about.

Btw, in the metric system the base unit is a meter. How the fuck am I supposed to buy screws if they're all a meter long!?!?!? Bad logic. Anyone with that logic needs to be sterilized hahahaha.

Also, the gambling community always uses mBTC to make pots seem bigger than they are. Should they use Satoshis!? Holy shit 1 billion Satoshis!?!?!? Oh that's not actually a big pot at all... Huh... now I hate bitcoins. They aren't worth much. 1billion Satoshis can't buy me much at all.

It's not that people can't or won't understand these things, it's the fact that it's a psychological deterrent to them using bitcoin.  I believe it will come, but I'm just saying making it more appealing will increase the speed at which the masses adopt it. 

I know many of you "hardcores" don't care if the masses adopt, the fact is that if only people that really understood the nuts and bolts of bitcoin were the only ones that used it, you'd still be spending 10,000 of them for a couple pizzas.



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February 09, 2017, 07:38:22 PM
 #6

No one is forcing anyone to buy 1 BTC at one go, just like no one is forcing to buy a bar of gold. It is already expected that if you can't buy in bulk, there will always be retails. The same goes with bitcoin. And changing the terms to mBtc does not seems to change any thing or add any appeal into it. It is already set term and people are already used to it, why go the trouble of changing the standard?

http://www.dispatch.com/content/stories/business/2014/06/10/psychology-of-stock-split-boosts-apples-shares.html

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February 09, 2017, 07:39:50 PM
 #7

Yeah, Bobby Lee seems to have been the one really pushing this movement and I support it.

It does literally nothing to impact current BTC holders and users, but will create a big influx of money and impact the market cap/price in a very positive way.

In effect, a 1000:1 stock split by adding the letter "m"
Good to know. I figured I wasn't the only one that thought this.
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February 09, 2017, 07:40:33 PM
 #8

Interesting concept, but I am not sure if I like it. I grow accustomed to standard bitcoin denomination, I have still trouble using mBTC.
For me using mBTC is like using cents to describe value - instead of saying - "I bought this for 14 dollars" would you say "I bought that for 1400 cents"?

mBTC may be helpful on the very basic level and for total newbies, who have no idea that bitcoin can be divided down to 8 decimal places.
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February 09, 2017, 07:42:31 PM
 #9

I personally think It's the other way around , If people sees that one bitcoin costs 1000$ right now that should give them a good idea on how valuable it is and probably encourage them on investing , at least this is how I see it. It also should be easy to understand that bitcoin can be broken into decimal places as well since transactions can be seen on the blockchain.


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February 09, 2017, 07:42:59 PM
 #10

Do you know that bitcoin is limited by 21 million number?
In the case of mass adoption bitcoin will have to be shared on mBTC or even for satoshies to be enough to everyone to use. But for that bitcoin will have to cost a lot. And only rich people will have capital in bitcoins, and others use only satoshies.
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February 09, 2017, 07:44:14 PM
 #11

No one is going to do this for us. If we stop talking in BTC and start talking in mBTC right now, then we will kickstart the transition. If we start it, then other media sources and forums will pick up on it, and eventually the exchanges will finish the job. Everyone knows that it has to be done, but they're just waiting for other people to do it.
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February 09, 2017, 07:46:01 PM
 #12

mBTC isn't the most human friendly or intuitive terminology.

10,000 mBTC uses two variables to deduce a specific value.

10,000 and 1 millionth of a BTC.

It might be better if values lower than 1 BTC could be deduced using only a single parameter, rather than two separate parameters.

If only for simplicities sake.

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February 09, 2017, 07:57:51 PM
 #13

Worst idea ever suggested Smiley I always get confused when I change btc to mbtc or umbtc it's just plain stupid and goes back to the times in math classes in school Cheesy. mass adoption doesn't necessarily mean every one from every layer of society starts using bitcoin but rather masses familiar with internet, computer, and online and digital world in general start adopting and recognizing crypto.

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February 09, 2017, 08:03:58 PM
 #14

Your analogy is true and full of sense as even most people just go for btc by default forgetting any other denominations which will take someone really interested to do digging to discover other denominations. However, the way most wallet sites are structured and designed he should not be too hard for anyone to get the necessary information but out of laziness, we get to ignore what matters. In my own case I know worth of that I have in relation to btc and nothing else...
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February 09, 2017, 08:48:59 PM
 #15

I personally think It's the other way around , If people sees that one bitcoin costs 1000$ right now that should give them a good idea on how valuable it is and probably encourage them on investing , at least this is how I see it. It also should be easy to understand that bitcoin can be broken into decimal places as well since transactions can be seen on the blockchain.


I thought this too and somewhat agree that the larger value per BTC is attention grabbing. But I think for many there is a barrier to cross between noticing bitcoin and using bitcoin and the standardisation of smaller units would help more with the latter.
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February 10, 2017, 07:14:46 AM
 #16

Bitcoin is very valuable from the very beginning .it will help to earn a lot in the future if u invest in it today .the price of bitcoins would be more than 3000 dollars at the end of this year .the problem is will mass adoption occur ?or will it be used by some people .

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February 10, 2017, 01:30:59 PM
 #17

I agree with the OP 100% because it scares potential investors away; if Bitcoin was categorized in lower denominations like mBTC and its value us equivalent to say 1 USD it will open up to more interest and investment rather than discouragement.



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February 10, 2017, 02:10:44 PM
 #18

From where I stand, using mbtc does not change the perception of people and if one is not careful then it might create more confusion because someone coming into bitcoin thinking the highest is mbtc then go to discover that what he is got is just a fraction of the real deal then he might get discouraged. I think we should still stick to the btc then followed by the explanation that you can get what you can afford. Simple as that.

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February 10, 2017, 07:38:16 PM
 #19

Interesting concept, but I am not sure if I like it. I grow accustomed to standard bitcoin denomination, I have still trouble using mBTC.
For me using mBTC is like using cents to describe value - instead of saying - "I bought this for 14 dollars" would you say "I bought that for 1400 cents"?

mBTC may be helpful on the very basic level and for total newbies, who have no idea that bitcoin can be divided down to 8 decimal places.

Your comparison is a little off though.  buying something for 140 mBTC is closer to 14$ then 14 BTC is to 14$.

Do you find it more convenient to say, I paid .014 thousand dollars for that, or I paid 140 dimes for that?  Because this is essentially the difference right now when using BTC.  Another thing to note is that if may not be too terribly long before 14mbtc = 14$
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February 10, 2017, 07:44:03 PM
 #20

From where I stand, using mbtc does not change the perception of people and if one is not careful then it might create more confusion because someone coming into bitcoin thinking the highest is mbtc then go to discover that what he is got is just a fraction of the real deal then he might get discouraged. I think we should still stick to the btc then followed by the explanation that you can get what you can afford. Simple as that.

I don't think this is a valid concern.  No one is ever worried that they can't have more than 1 dollar.  Its obvious you can have more than 1 mBTC.  It doesn't matter if you know the name for 1000 mBTC is a Bitcoin, or if you just think you have 1000 mBTC.

I think the odds are that its more confusing telling someone that it costs 0.0234 BTC rather than it cost 23.40 mBTC since most of us are already use to the unit of currency being somewhere in that decimal range.

 Psychologically I also think people find it more appealing to say "I have 100 mBTC" rather than "I have .1 BTC".
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