The "I cannot afford 1 BTC"-Problem

[Ayers]

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.

there is no solution, it's about the money they can spend, if they cna spend $1000 what matter if bitcoin is at $10k or $1000, they will not buy more anyway, they just need to get rid of this mental thing and buy what they can buy, this is a non-issue tell that to your friend

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[olushakes]

The issue is not even limited to Ops friends alone but also to mine too. The moment I just introduce my friends to bitcoin, the next question they ask is, how much is 1? thinking its cheap but the moment you tell them in terms of dollar value, they shout. But when you now tell them how much they can afford, they say they will wait till they can afford a whole 1btc, months and weeks go by, and I ask again, telling them the current price, then they say, if I had known, I should have bought it then... and the story continues.

[Webetcoins]

If I think 1 mbtc is also difficult, what else does 1 btc take long to achieve if I have the capital I want to buy when the btc price goes down and I will resell it when btc goes up so continuously up to 1 btc even if it can be more

well you are right we cannot blame bitcoin for this if the price of the bitcoin is out of reach now and we cannot afford it but I think the most positive point of the bitcoin is that it can be divide into fractions  it can be easy to use and to make other people understand the term bitcoin the price of the bitcoin will be stable after august first.

[BitcoinBallerina]

The issue is not even limited to Ops friends alone but also to mine too. The moment I just introduce my friends to bitcoin, the next question they ask is, how much is 1? thinking its cheap but the moment you tell them in terms of dollar value, they shout. But when you now tell them how much they can afford, they say they will wait till they can afford a whole 1btc, months and weeks go by, and I ask again, telling them the current price, then they say, if I had known, I should have bought it then... and the story continues.

It is crazy how almost anyone could have bought multiple Bitcoins in 2013, but now most people in the world cant afford even half of a Bitcoin...

[adzino]

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).

Such units already exists and are known to most of the people using bitcoins -
0.00000100 ฿ = 1 μBTC (microbitcoin)
0.00100000 ฿ = 1 mBTC (millibitcoin)
Tell them it's not  expensive yet and still affordable.  

[IamAltcoinfan]

Yes its good question even i tried to convince my friend to invest on BTC they asked the price then lots lost interest some are tried but seeing buying and selling difference  in exchanges like premium . There should be some common term like Mbtc so that common people will not afraid to buy because of high investment.

[bitbunnny]

Today it's not easy to get one Bitcoin especialy if you have to buy it. And it's going to be even harder because it's expected for price to rise further. Having in mind current price, in some countries the value of one Bitcoin is equal to small fortune. But there is no use of thinking what you could have done but what you can done in the future to get at least one Bitcoin.

[frowsiter]

I'm not sure why this concern has come up with bitcoin distribution. We don't need to explain people about its use if how to buy it or how much is affordable or etc. I'm really confused why you need to have plans for making it look like affordable. The value of bitcoin is same whether or not you divide it. It is volatile and you can divide it all the way down to 1 satoshi.

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)

It's not about their feeling, it's about how much they know about the bitcoin and its working. The statement you made as quoted above is not realistic or what can I say worth investing time in it. People will buy if they afford to buy otherwise they are their own.

[genocide]

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.

Such units like the μBTC, mBTC and satoshis exist already. But using this units won't make the bitcoin price look more affordable. Why? Because 1,000 mBTC for example is still just equal to 1 BTC. No matter how big it looks, it still has the same value. Now if they want to, they can buy 1 mBTC, but it is just equivalent to 0.001 BTC. In the end it won't depend on how the consumer feels about buying. It will still depend on how much the consumer is willing to pay in exchange for bitcoins.

[Pettuh4]

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.

Such units like the μBTC, mBTC and satoshis exist already. But using this units won't make the bitcoin price look more affordable. Why? Because 1,000 mBTC for example is still just equal to 1 BTC. No matter how big it looks, it still has the same value. Now if they want to, they can buy 1 mBTC, but it is just equivalent to 0.001 BTC. In the end it won't depend on how the consumer feels about buying. It will still depend on how much the consumer is willing to pay in exchange for bitcoins.

I think we need a re denomination of Bitcoin in order for us to use the smaller units which is more appealing to the lower and middle income families than the current one.

[faithupgrade]

Why force your self to buy the whole bitcoin. If they cant afford the whole, or half, then buy the small parts. I started to know bitcoin at 2000usd. But didn't buy. I bought it at 2400

[Mpamaegbu]

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.

What you seek is mere semantics. You just don't want a situation where zeros will appear before the actual numbers, right? It's like saying you don't want six of a product but you want half a dozen of that product. Whether you count it in mbtc or ubtc, it all gets down to satoshis. One hundred million satoshis equal 1btc. That's just the calculation. I agree that  not everyone can afford one Bitcoin at a go. However, one can build it up gradually.

[JohnCryptonian]

Personally, I think that they shouldn't get into it too much, the price is currently what it is and there are a lot of people trying to profit just from buying and selling. What people should understand is that you can do it by parts, it's just like a dollar but you can afford it in cents, it's divisible. It's never 1 BTC in the market today, probably when it was $3 or something, it could be always a whole number. Basing on mBTC, it's already happening but here in bitcointalk forum, they are used to BTC only, so they have to adjust and let them know that's it's not all about the money, it's about what Bitcoin can do for us especially in the future.

[kokojie]

There is no problem, we probably don't want people who can't grasp the concept of Bitcoin is divisible. It's not that hard to understand. These people only add to the volatility of Bitcoin as they will be the first to dump on any bad news.

[thadeius]

The fact that Bitcoin is a fixed supply is a wonderful thing. It is deflationary. The price rising is a good thing for anyone invested, perhaps your friends just need some basic economic lessons