The "I cannot afford 1 BTC"-Problem

[olubams]

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 must admit that 1btc is a whole lot of money when converted to the fiat of my own local currency which I am very sure not a lot of youths can afford and those who can, I am not sure they can afford to lose it since that is the disclaimer of putting  your money into bitcoin. But my challenge is when telling them to buy what they can afford in the case of fraction of bitcoin but they still insist they are not because they are expecting the returns of 1btc but I think a more detailed explanation would do well to clear their curiosity.

[GideonGono]

Frankly, they need to change their mindset because 0.1 is a great value or 0.01 is something that is affordable and 0.0001 is also a fair and small amount. Maybe they wish to convert it to USD so they can see the real value to it and sooner or later if they don't decide quickly then they will surely miss the opportunity.

[Bezobraznike]

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 must admit that 1btc is a whole lot of money when converted to the fiat of my own local currency which I am very sure not a lot of youths can afford and those who can, I am not sure they can afford to lose it since that is the disclaimer of putting  your money into bitcoin. But my challenge is when telling them to buy what they can afford in the case of fraction of bitcoin but they still insist they are not because they are expecting the returns of 1btc but I think a more detailed explanation would do well to clear their curiosity.

   It is a lot of money for many people here, me too. Creator of this topic wrote "it's a psychological problem" and it is my opinion too, people would like to by whole bitcoin, but it is hard to get one. Many of
this people, and in that I count some of my friends, would like to be rich without work and risk. Buying small amounts when you can, 0.001 BTC or more, and working for it in several ways is also great. That
could be a way for many people to get to 1 BTC, it is how I plan to come to 1 BTC.
   Internet is free for all the people, people who do not know better should use free internet and find information that needs them. If no one offers you approach find it yourself, there is always a way if you are
ready to look for it!

[basesaw]

Thats why we have that so called "satoshi". It is like cents on a US dollar but. Satoshi is equivalent to cents if you would just like to compare it to a currency and the "dollar" itself is the bitcoin.

[GG_monster]

Bitcoins do not necessarily buy, they can also be earned or won, but gambling is too risky. It is also good to wait when the price goes down and you can buy coins at a low price. Bitcoin has grown well and will continue to grow, so you need to find ways to get coins.

[Soranith]

Frankly, they need to change their mindset because 0.1 is a great value or 0.01 is something that is affordable and 0.0001 is also a fair and small amount. Maybe they wish to convert it to USD so they can see the real value to it and sooner or later if they don't decide quickly then they will surely miss the opportunity.

Agree! People's mindset usually is the reason why they do not go in investment because they think its too expensive or something. No one tells them to buy 1 btc right away they can accumulate whenever they have available money. When I started buying bitcoin I wasn't thinking that bitcoin price will be what it is right now and that time $800 is already expensive for me but I took the risk anyway and now I am happy with the result.

[Blamsud]

Frankly, they need to change their mindset because 0.1 is a great value or 0.01 is something that is affordable and 0.0001 is also a fair and small amount. Maybe they wish to convert it to USD so they can see the real value to it and sooner or later if they don't decide quickly then they will surely miss the opportunity.

Agree! People's mindset usually is the reason why they do not go in investment because they think its too expensive or something. No one tells them to buy 1 btc right away they can accumulate whenever they have available money. When I started buying bitcoin I wasn't thinking that bitcoin price will be what it is right now and that time $800 is already expensive for me but I took the risk anyway and now I am happy with the result.

yeah anything in bitcoin or in cryptos will only make sense when we take the risk, risking it may result good or not depending on what we choose to do. So be smart on making decision it might result big impact.

[Dimelord]

Nothing extra could be done in this matter except creating awareness among the people that bitcoin is further divisible into 8 units called satoshis.So no need to get worried about the high price of bitcoin.Just they could even buy 0.00000001 btc which is one satoshi.Even i faced the same problem with my friends when i introduced them bitcoins.Then i explained them that they could even buy 0.1 btc or 0.01 btc and then they got convinced.

[Potato Chips]

Nothing extra could be done in this matter except creating awareness among the people that bitcoin is further divisible into 8 units called satoshis.So no need to get worried about the high price of bitcoin.Just they could even buy 0.00000001 btc which is one satoshi.Even i faced the same problem with my friends when i introduced them bitcoins.Then i explained them that they could even buy 0.1 btc or 0.01 btc and then they got convinced.

youre right. the rising price of bitcoin is not the problem here but the knowledge and the correct approach is. understand that everyone loves their money so intoducing an

unknown to them will be difficult particularly if you yourself doesn't really understand it well. it just results you getting overwhelmed by their questions. which is not a good thing

it can leave a bad impression on them. friendly advise, bitcoin is and will never be for the rich only

[qiman]

Some of my Family Members also say that they cannot purchase one full Bitcoin. I tell them I also do not yet own one full round Bitcoin but if one purchases slowly, a little at a time, one day one can own a complete Bitcoin. It' is as simple as that. The only problem there is here is for those who cannot think outside of the box and don't want to make the effort to start accumulating before the price rises a lot in the near future.

[merchantofzeny]

Somehow I feel that way. I've never really grown used to saying stuff in microbtc, etc. I say, "oh, I bought this alt for 0.00008564 bitcoins each" (dot zero, zero...). 

Would be nice if there are easier name for denominations, like how the dollar have pennies, quarters, dime, nickels, etc... I usually just say, "half-bitcoin", "quarter bitcoin".

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. 

Awwww, the Satoshi babies would be cute. Someone make an image for this!

[simbo]

Why should we do it easier for anyone? I see no reason for that.
If they want to understand, what it is, and why should they buy it. It it their problem

[Dudeperfect]

Point well taken. When I discussed Bitcoin with some of my friends and when it came to the price, I said Bitcoin reached $3K mark (it reached that mark 2 days ago at that time), then the very first reaction of couple of them was, "cool, so now we need to save $3K to buy Bitcoin." I explained them about smallest denominations and they were impressed with the various fractions of Bitcoin. We collectively need to do something to tackle this misunderstanding of the general public.

[dunfida]

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.

No it isn't possible already to buy cheaper coins infact if you did buy on those days on where price is on lowest 1800+ in previous days then you will surely gain profits as of now. Bitcoin is really expensive to buy it as a whole which an average joe would really have a hard time to buy it that's why we can really buy it on smaller parts which isn't bad at all and its not really necessary to purchase 1 bitcoin, you can always do it on a gradual way.

[Fishbones78]

It's a tricky situation. I often get asked how much BTC I own by IRL friends. If I turn around and say 0.3 BTC (thats vague), their faces drop. They all expect me to turn around and say something like 200. People don't realise the value of Bitcoin, because one I say to them thats $800, they become interested again.

The dilemma in short is that any decimal number sounds like it's worth nothing. The only fix (I think) is that once BTC grows enough and a satoshi becomes worth something, we will work in satoshis, like cents.

[Przemax]

In my opinion the lack of feeling of affordability is a part of the bitcoin's aspect.

People are resisting the urge to buy something they percieve as expensive, until they see it rise in price. In that moment they see themself as been wrong - it was not expensive, and they end up buying something that they previously resist to buy. Its somewhat a psychological hack.

If that would be the other way around it wouldn't be so magical in the eyes of the bitcoin buyers.

[European Central Bank]

it's pathetic that this is an issue, but it really is an issue.

it's too late now. luckily there's enough pockets who can see past it but i do wonder how much progress is being hindered by a very simple piece of psychology.

and the people who don't have a problem with it, you're wrong and always will be.

[BTCPharaoh]

Those who have a problem with the concept of not being able to buy a full bitcoin are easily encouraged to buy a portion share instead by simply saying:
When you can't afford a whole pizza. Just buy yourself a slice.

People will gain confidence in their purchases involving BTC once they actually own some. I always tell people to start small. $10 is a good entry point. Granted it's not going to make them $30 profit if BTC jumps $1000 in value. But to show how one can use %s of a whole can still be worthwhile.

If someone is looking to buy BTC but cannot afford 1 BTC, then tell them to just buy what they can afford or wait for a drop and buy at the new low price.

People seem to like over complicating the simple things.

[bryant.coleman]

Stock splits are very common in share markets. For example, the shares of Apple was split 7-for-1 basis on June 9, 2014. Something similar can be done with the Bitcoin as well, although it may need forking and such efforts. Showing the prices in mBTC is not an ideal solution. And this issue is pretty serious, as I know a few guys who went with ETH since they thought that the BTC prices were too high.  

[Pascal666]

it's pathetic that this is an issue, but it really is an issue.

it's too late now. luckily there's enough pockets who can see past it but i do wonder how much progress is being hindered by a very simple piece of psychology.

and the people who don't have a problem with it, you're wrong and always will be.

The default notation in any wallet software could always be changed to mBTC.
But this is only an issue when you're misinformed, lack knowledge, or desire that the price inflates by panic buyers.
In my opinion, it is only useful to switch unit notations when you're spending bitcoins.

The panic buyers will be shaken out just as quickly as they bought. So this is not an issue at all.