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Author Topic: With the price increase, again, should we consider moving from BTC to mBTC?  (Read 943 times)
tobacco123
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May 04, 2017, 12:07:27 AM
 #1

With the increase in bitcoin price, I think we should seriously consider using mBTC?

For example, if I am buying a $5 coffee, it will cost 0.0033 BTC now... Too many zeros behind the dot! Isn't it better if we use 3.3mBTC for a coffee? At least this is easier for someone with poor math like me...

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May 04, 2017, 12:11:53 AM
 #2

I think this make sense. Looking at the price chart, it is really frightening to see a $100+ jump in price in just a few days. It was a jump from $1350 two days ago to $1500 now.

If we use mBTC, it will look like a jump from $1.35 to $1.50- I will feel more comfortable.

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May 04, 2017, 03:32:29 AM
 #3

Well, if you are really a Bitcoin user, there will be no problem for you to compute BTC and mBTC. It is juts like dollar and cents in fiat. Everyone will get used to it if they are using Bitcoin consistently.

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May 04, 2017, 03:39:33 AM
 #4

I think there is no problem with zero's it just hard to pronounce it sometimes
when you're having an discussion with someone.
But over all the computation is easy and sometimes you can use some web application's to calculate you bitcoins to make your life lot easier.

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May 04, 2017, 03:52:43 AM
 #5

I do not know what concerns OP in using BTC and mBTC, wallet had already that function, so I guess it depends on the users if he wants to read his transaction as mBTC or BTC or even satoshi.  For me I believe this is not a concern  and the function is already available.  So if you really are a Bitcoin users, as what the early reply said, it would not be a problem.

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May 04, 2017, 03:56:21 AM
 #6

With the increase in bitcoin price, I think we should seriously consider using mBTC?

For example, if I am buying a $5 coffee, it will cost 0.0033 BTC now... Too many zeros behind the dot! Isn't it better if we use 3.3mBTC for a coffee? At least this is easier for someone with poor math like me...

there is only one unit and that is "Satoshi" Smiley
all the rest of the units are for user interface and you can use whatever you like but in the end it will all be translated to satoshi so better use that to begin with!

p.s. haters are gonna come and say bitcoin is not for coffee...

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May 04, 2017, 05:21:01 AM
 #7

With the increase in bitcoin price, I think we should seriously consider using mBTC?

For example, if I am buying a $5 coffee, it will cost 0.0033 BTC now... Too many zeros behind the dot! Isn't it better if we use 3.3mBTC for a coffee? At least this is easier for someone with poor math like me...

Why are you thinking about this and considers this as a problem? It's up to you if you are going to seriously consider using the measurement of bitcoin as satoshi, mBTC or zeros digits and bitcoin. But for me it's easy to use the unit of "bitcoin", 0.1 bitcoin and it's up to you on where you are convenient using any unit as long as it is bitcoin.

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May 04, 2017, 05:40:23 AM
Last edit: May 04, 2017, 12:18:37 PM by Amph
 #8

there is no moving towards something in bitcoin, you are free to set mbtc in the client and view everything with that prefix, to be honest i like all the zero behind, it make the thing clear and less confusing

mbtc some time can be confused with microbtc for example, i see many newbie that didn't know how many coin they had with the prefix
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May 04, 2017, 05:43:21 AM
 #9

With the increase in bitcoin price, I think we should seriously consider using mBTC?

For example, if I am buying a $5 coffee, it will cost 0.0033 BTC now... Too many zeros behind the dot! Isn't it better if we use 3.3mBTC for a coffee? At least this is easier for someone with poor math like me...

Yes,of course.If one bitcoin becomes too expensive,we will start using satoshis for  small purchases.
Those zeros behind the dot have always been confusing me and i use bitcoin for about 2 years and a half.
Anyway,this is a very small problem.

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May 04, 2017, 05:48:52 AM
 #10

there is no moving towards something in bitcoin, you are free to set mbtc in the client and view everythign with that prefix, to be honest i like all the zero behind, it make the thing clear and less confusing

mbtc some time can be confused with microbtc for example, i see many newbie that didn't know how many coin they had with the prefix

Probably the best answer for OP's question. It doesn't matter. Bitcoin is Bitcoin and we all know this was going to happen and the rate will pump more and more in the upcoming days, for your understanding you may call it mbtc but BTC is best for everyone and changing the whole market for that would not be a feasible idea.
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May 04, 2017, 06:04:26 AM
 #11

Most wallets make provision for Fiat values that are converted to BTC for you, so this is not really a issue. We have introduced a token system at our bar, to bypass Bitcoin problems and micro transactions. You buy X amount of tokens on entry and you get 1 or 2 beers for free. < this usually encourage people to adopt Bitcoin >

At the end of the evening, you cash the tokens out at the value that you bought it for. < It is written on the token page >

You have to make alternative plans to deal with volatility and transactions delays. ^smile^

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May 04, 2017, 12:10:57 PM
 #12

I think this make sense. Looking at the price chart, it is really frightening to see a $100+ jump in price in just a few days. It was a jump from $1350 two days ago to $1500 now.

If we use mBTC, it will look like a jump from $1.35 to $1.50- I will feel more comfortable.
Well actually, nothing difference and no problem if we implement or apply it.
Besides, it is still the same amount but maybe for other's viewed was more comfortable
to them.
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May 04, 2017, 12:20:24 PM
 #13

there is no moving towards something in bitcoin, you are free to set mbtc in the client and view everythign with that prefix, to be honest i like all the zero behind, it make the thing clear and less confusing

mbtc some time can be confused with microbtc for example, i see many newbie that didn't know how many coin they had with the prefix
That's right, even I've found out some people who assuming mbtc is the same as btc while they're earning from some sort of faucets. And especially, when the mbtc unit still contains zero behind it, it'll be more confusing than using ordinary btc unit.
Though, it's up to people but, for universal platform and bitcoin-based, I'd highly recommend using btc unit instead of mbtc.

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May 04, 2017, 12:38:57 PM
 #14

With the increase in bitcoin price, I think we should seriously consider using mBTC?

For example, if I am buying a $5 coffee, it will cost 0.0033 BTC now... Too many zeros behind the dot! Isn't it better if we use 3.3mBTC for a coffee? At least this is easier for someone with poor math like me...

Yes, that makes sense, especially the fees. Now the fees are so high to make a transaction.

I'm growing my BTCs by 0.72-1.44% each day on https://bitcoinprofit.net/boss/coinbitte
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May 04, 2017, 01:01:09 PM
 #15

I dont think that will be necessary, at first it is a bit confusing to used mbtc and btc but when you already used to it then it will be no problem, but for beginner it will make them easier to calculate thetir coin, no matter how much the prce increase when you already used to it then it wont be necessary
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May 04, 2017, 01:19:04 PM
 #16

well you are either doing a payment online which means you go to a website copy the amount or scan the QR or click on the payment link and open your wallet and paste the amount there. and all of these steps usually have an option to change the unit from BTC to uBTC, mBTC, BITS, Satoshi.

the difficulty you are referring to will only occur while offline. for example paying for a coffee in a coffee shop. and again you would be using your phone wallet and that "user interface" can be designed in a way to have all these different units.

so in the end you can use any of the options that you are more comfortable with.

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May 04, 2017, 03:25:11 PM
 #17

I usually talk mBTC anyway or "bits"  I like bits.
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May 04, 2017, 05:34:12 PM
 #18

With the increase in bitcoin price, I think we should seriously consider using mBTC?

For example, if I am buying a $5 coffee, it will cost 0.0033 BTC now... Too many zeros behind the dot! Isn't it better if we use 3.3mBTC for a coffee? At least this is easier for someone with poor math like me...

To be frank, it really doesn't matter.
People in Japan are used to quoting prices in thousands of yen. They don't freak out when the price is quoted in dollars, and it is only a few dollars.
It will make absolutely no difference, given the extent to which Bitcoin is divisible.


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