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Author Topic: why not make the base unit mBTC instead of BTC  (Read 599 times)
Kj1
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May 25, 2013, 10:50:34 AM
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hi! this question/idea has been in my head for a while...  note that it is purely a subjective thing.  Its also somehting for in a few years, now it wouldn't have much of a success i know, but still...

when the value is high enough, i think we should talk in mBTC instead of BTC. Say that in a few years, 1000$ will get you 1 bitcoin. (I do believe we're going there). 

Such a value (and even now!) feels pretty high for getting into bitcoin.  Eg you invest like 500$ (which is actually a lot of money for most...) of your savings and what do you get, a mere 0.5 BTC?  Yeey, I just bought half a BTC with my 2 month savings! Buying a candy bar with bitcoin will cost you like 0.001 btc.  That also doens't sound good and right given our experience with regular currencies. 

Imagine that the main adopted unit would be mBTC.  The same candy bar will cost you 1 mBTC.  Thats just sounds more fair doens't it for a stupid candy bar?  It will be easier to calculate/compare prizes USD/BTC mentally.  it will feel more logical to buy everyday cheap stuff with mBTC. As for investing, the same 500$ will yield like 500 mBTC!  Again, sounds better right?

I know its the exact same thing and value; but i believe it lowers the mental threshold and directs attention away from the high/volatile course, keeps it open for newcomers, make it seem like more units are available (21 million isn't that much eh), etc. This will again increase the adoption rate.  Then in 10 years, we'll talk satoshi's!

there you go, my first post with an actual thought. 
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symaxian
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May 25, 2013, 11:14:18 AM
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It has been speculated that bitcoins will eventually be referred to using the lower denomination units, but it just hasn't come to that yet. Adopting a new base unit would be the responsibility of the wallet developers and the community as a whole.
I would also point out that the monetary unit should evoke more of a sense of its value than the quantity, no one really proclaims that they only received a "mere 0.5" of a gold bar. But I personally dont know of anyone that keeps track of their wealth in gold bars so again were back to moving to a lower denominated unit for convenience.
Prattler
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May 25, 2013, 11:17:54 AM
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I am using mBTC whenever I can. It's just much easier to think in terms of mBTC and not BTC.
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May 25, 2013, 11:21:50 AM
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Yes, you are right. It would be better for the adoption rate, if we would change to mBtc. (See my sig for another discussion of this)
Kj1
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May 25, 2013, 11:39:27 AM
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wow interesting reads in the sig of Birdy.  I'm gonna change my wallet to mBTC - didn't even know you could do that.
JSMill
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May 30, 2013, 04:41:37 PM
 #6

+1 to using mBTC
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