The "I cannot afford 1 BTC"-Problem

[Redaxo]

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

[L]

There are no plans to do such a thing.

21 million bitcoins and that's it!

[Red-Apple]

mBTC, uBTC, BITS, Satoshi, and a whole lot of other stuff already exist. you can read more about it here: https://en.bitcoin.it/wiki/Units

and most wallets already have the option to switch between these popular units that i named so you can see what you are most comfortable with.

[Kprawn]

We should all wear T-shirts saying things like, " Just 1 Satoshi at a time to my first Bitcoin " or "Bitcoin has small babies and they

are called Satoshi's " ..... or something similar to educate people. I have the same problem and once I explained this to people,

they dive right in. Once they bought their first few Satoshi's... they figure it out and they start buying more. 

[grermezter]

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

The best time to buy bitcoins was this past weekend when prices was driven to such an extremely low that investors were panicking, what a difference that a week makes now its soaring again. They can buy in small quantities if they cant afford to buy 1 BTC in just a single purchase, I am certain that their purchase will be rewarded in due time.

[Emoclaw]

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

mBTC and other fractions have already been "introduced" and you can use that instead of BTC.
Perhaps it's linguistically easier to say bits than anything else though. 1 bit = 1uBTC = 0.000001 BTC.

[Gintama214]

There are already small coins that are available and those are called mBTC, Satoshi, and BITS. You can earn them by doing trades, captchas, and other stuffs to earn them but if you want to convince them to buy coins you can tell that if you just buy worth of $20 of coins its value or price of BTC will soon increase and also they can just earn by doing campaigns, watching videos, and or doing surveys there are a lots of ways to earn bitcoin if they don't want to invest or buy. Also, let them see a chart of the increasing rate of bitcoin over time and if they still have many excuses and other stuffs to neglect, there is nothing we can do about it. You can't force people who are not interested on something and let them convince something that they don't like. You did your best to explain in your part and if they are truly interested they will come back to you and asks for help but if they don't just leave them alone and just keep earning. Someday just prove to them that you are earning something through bitcoin.  

[hilariousetc]

I would just explain the benefits and potential of bitcoin to them and tell them that you don't even need to own a whole bitcoin. People just need to get over their own psychological barriers cos maybe someday they will be kicking themselves for not buying in when bitcoin was at 2k and then asking is 0.1btc unaffordable now. If people can truly see the potential of bitcoin then then value of bitcoin today could be peanuts in comparison to the future price but that's something people are going to have to make their own mind up about but you're never going to get anywhere in business or finance if you don't take the risk on some investments at least. You've just got to decide whether bitcoin is going to be one of them.

[pinkflower]

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

They are thinking about it wrong. I assume you want your friends to invest in BTC. So a good way to start it is to think of how much they can afford to invest in fiat. The amount of BTC does not matter.

[jtipt]

We should all wear T-shirts saying things like, " Just 1 Satoshi at a time to my first Bitcoin " or "Bitcoin has small babies and they

are called Satoshi's " ..... or something similar to educate people. I have the same problem and once I explained this to people,

they dive right in. Once they bought their first few Satoshi's... they figure it out and they start buying more. 

Eh no this might not work, realistically a random stranger is not going to get interested in bitcoin by just reading your T-shirt quote. The only solution is to explain people properly that 1 BTC is just a larger unit of bitcoin can they can very easily but smaller amounts in Satoshi or mBTC.

[nizamcc]

While you introduce it to your friends, the best thing you can do to catch their interest in it could be the price rise itself, that how it started from less than a cent and is taking over the world currently with its price tag of more than $2500. Why do you think it could become a barrier here while you can put it in front of them as a positive as well as beneficial state-of-the-art comment and ask them to get in while they can still as many big businessmen have stated that the value could go to more than 5000 later this year.

[Minecache]

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

Ask your friends if they want to be 1 of the 21 million newly minted millionaires or if they are happy flipping burgers till they retire. 1 months hard work and saving will bag you 1 BTC or 20 ETH.

[bitdigger2013]

Bitcoin is still cheap until you reach to 2018 Q1. If you have missed the train to BTC then probably there are still buses like LTC and XMR which could take you to Dreamland.

[eli77]

Don't be sad If you cannot afford 1 BTC. You are not alone.
We buy Bitcoins to buy other crypto coins with lower exchange rate hoping to give us more high returns when those coins will get higher. Bitcoin is very useful as a mode of payment. Thanks.

[AK47-]

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

This would be horrible option. Bitcoin price is set to rise with time and there is no downside to that rather it make it more lucrative as an investment. There would only be 21 million bitcoins in circulation. That means possibility of people holding a whole bitcoin is only 0.3% of worlds population. Here comes an interesting part. In not more than 5 years I think People will love to hold 1 whole bitcoin specially the top 1%. Think how much people will be willing to pay for it. So instead of thinking about the high price think this way and insead of buying a whole bitcoin buy in parts and make a whole bitcoin. Bitcoin will skyrocket. Make your friends understand this.

[phantam]

While I get the point of everyone and yes satoshi/mbtc is honestly the solution I mean the fact that btc is divisible down to 0.00000001 means that even if btc was to reach the high expectation of 500,000usd/btc 1 satoshi would still be worth 0.005cents, so the btc version of a penny would still be worth less than an USD penny even at that level.

What needs to happen isn't a coin split or anything like that what needs to happen is people need to be explained that you don't need to buy 1 btc you can buy .001 btc if you want or .00001 btc (though the way fees work currently :S)

[YOYOY]

You miss it mate, the time that you can buy some affordable bitcoins are last week it's price go down and many are in panic that the bitcoin will be gone (that's what they knew) but they misinterpret it and many sell their bitcoins even lower than a thousand dollar. Tell your friends that if they want to buy some bitcoins with the current price maybe they should lower their demand for them to have some and even if they just keep it, we'll not know someday if 1 sat becomes a dollar and it would be great if it happens.

[dreamer81]

Just tell them to get some mBTC... I'll happily sell them 1mBTC for around $3.00
i'm sure they can afford that.

[xvacator]

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

i think you can answer their question with they don't have to buy the whole bitcoin, i mean they can buy with small amount for example, they only have $200 which mean they only get 0.07xxxx depend on the rate.

you can say that bitcoin is not like fiat, with bitcoin you can buy whatever amount of bitcoin with your money. tell them that bitcoin is another investment that will help them in the future because the price is always increase.  i think it is only psychological of people which don't want to know about something because if they are curious, they will trying to search more info in many places.

[coolcoinz]

We should all wear T-shirts saying things like, " Just 1 Satoshi at a time to my first Bitcoin"

That's a great idea, maybe you should start your own business.


I never had a problem with Bitcoin prices. A price of a whole gold bar is also ridiculously high, does that mean that we can't invest in gold because we have to buy a full bar? Of course not! If you want to invest buy whatever you can, you will still earn in proportion to your investment.