Start Using mBTC as Standard Denomination?

[The 4ner]

Does this detail matter in the large picture?

Fact is, Bitcoin is supposed to be an international currency, and we have nearly the whole world population using the metric system.

Cyprus, China, Argentina, all the countries Bitcoiners are so hyped about use the metric system.

USA and UK will have to adapt, not the other way around.

+1

Agreed.

[SgtSpike]

Does this detail matter in the large picture?

Fact is, Bitcoin is supposed to be an international currency, and we have nearly the whole world population using the metric system.

Cyprus, China, Argentina, all the countries Bitcoiners are so hyped about use the metric system.

USA and UK will have to adapt, not the other way around.

How many decimal places can you divide the Euro into?

Ok, now make Bitcoin match that.

[melvster]

Our startup will be calling the mBTC a "bit", and using the symbol below.

Let the market decide.  Would your mother rather own a "mBTC" or a "Bit"?  a mBTC is a just a group of letters to a layman.  A Bit is something that gives life to the unit.  If bitcoins were called oTDC's, or "OogleToadcoins, how interested would a layman be in owning them, as opposed to branding them "bitcoins"?  Because to a layman, you might as well call a MilliBitcoin an OogleToadcoin. Sometimes I think we live with tunnel vision in bitcoin land, in ignoring the larger picture.  So unless our goal is to remain an exclusive club and disregard laymen, I think "bit" is the logical choice.



Also, there is a perfect unicode symbol that already exists (U+0180) ƀ

Lower case b is genius ...

[jackjack]

Our startup will be calling the mBTC a "bit", and using the symbol below.

Let the market decide.  Would your mother rather own a "mBTC" or a "Bit"?  a mBTC is a just a group of letters to a layman.  A Bit is something that gives life to the unit.  If bitcoins were called oTDC's, or "OogleToadcoins, how interested would a layman be in owning them, as opposed to branding them "bitcoins"?  Because to a layman, you might as well call a MilliBitcoin an OogleToadcoin. Sometimes I think we live with tunnel vision in bitcoin land, in ignoring the larger picture.  So unless our goal is to remain an exclusive club and disregard laymen, I think "bit" is the logical choice.



Also, there is a perfect unicode symbol that already exists (U+0180) ƀ

Lower case b is genius ...

And old

[caveden]

Our startup will be calling the mBTC a "bit", and using the symbol below.

Let the market decide.  Would your mother rather own a "mBTC" or a "Bit"?

"Bit" is pronounced like the French word "bite", which means dick.
Perhaps you should avoid asking whether your customers' mothers want to own a "bit", if you ever have francophone customers.

[BlueNote]

Our startup will be calling the mBTC a "bit", and using the symbol below.

That's great, but a more logical proposal is to call the midpoint a bit so that you cover everything in an evenly divided manner. That way, a bit would be 10,000 Satoshis and a full bitcoin would be 10,000 bits.

If you use bit for the 3rd decimal place, then you'll have an uneven remaining range to the right.

[melvster]

Our startup will be calling the mBTC a "bit", and using the symbol below.

Let the market decide.  Would your mother rather own a "mBTC" or a "Bit"?  a mBTC is a just a group of letters to a layman.  A Bit is something that gives life to the unit.  If bitcoins were called oTDC's, or "OogleToadcoins, how interested would a layman be in owning them, as opposed to branding them "bitcoins"?  Because to a layman, you might as well call a MilliBitcoin an OogleToadcoin. Sometimes I think we live with tunnel vision in bitcoin land, in ignoring the larger picture.  So unless our goal is to remain an exclusive club and disregard laymen, I think "bit" is the logical choice.



Also, there is a perfect unicode symbol that already exists (U+0180) ƀ

I like the lowercase b with horizontal line. And I HATE the uppercase B with a vertical line, looks too damn much like a dollar sign. I don't know about "bit" though. Plus I'm sure lots of different terms will emerge, since it's used in so many different linguistic contexts.

Yeah it doesnt matter.  Germans call money, 'coal' or 'mice' ... go figure.  There can be lots of names for the same thing so long as you got it in the right context it's ok. 

[Razick]

Our startup will be calling the mBTC a "bit", and using the symbol below.

Let the market decide.  Would your mother rather own a "mBTC" or a "Bit"?  a mBTC is a just a group of letters to a layman.  A Bit is something that gives life to the unit.  If bitcoins were called oTDC's, or "OogleToadcoins, how interested would a layman be in owning them, as opposed to branding them "bitcoins"?  Because to a layman, you might as well call a MilliBitcoin an OogleToadcoin. Sometimes I think we live with tunnel vision in bitcoin land, in ignoring the larger picture.  So unless our goal is to remain an exclusive club and disregard laymen, I think "bit" is the logical choice.



Also, there is a perfect unicode symbol that already exists (U+0180) ƀ

I like the lowercase b with horizontal line. And I HATE the uppercase B with a vertical line, looks too damn much like a dollar sign. I don't know about "bit" though. Plus I'm sure lots of different terms will emerge, since it's used in so many different linguistic contexts.

Yeah it doesnt matter.  Germans call money, 'coal' or 'mice' ... go figure.  There can be lots of names for the same thing so long as you got it in the right context it's ok. 

I like mice. 1 mBTC = mouse, 10 mBTC = 10 mice 

[DoctorOozy]

These discussions are somewhat moot. The term milli is a standard prefix in the metric system and used daily by scientists http://en.wikipedia.org/wiki/Metric_prefix

I see these discussions about how to implement some kind of change without confusing people. Well sorry, the system is already in place and is already in use. People use millimeter, and milligram daily, just use mBTC when convient and those who don't get it will learn. Hopefully one day we will microBTC and nanoBTC discussions too but again they will be mute, this is how numbers work in standard form.. its normal... if it confuses you then get some maths education.

mBTC does not need to be the "standard denomination" it should simply be used when convenient as thats how numbers work.

[TippingPoint]

These discussions are somewhat mute.

as well as moot

[DoctorOozy]

These discussions are somewhat mute.

as well as moot

Lol ta edited.

[btcusr]

Somehow I am convinced that mBTC change is very important than moving directly XBT.
mBTC is change is going to make news, and push BTC exchange rates higher.

If I have to speculate, mBTC is going to reach in parity with dollar, within its first year of adoption. 

XBT adoption can wait at least 4 - 5 years, for now.

When mBTC exchange rates reaches $100 leavels, XBT change can push exchange rates further.

So, it is better to save XBT adoption for later.


I wonder why mbtc adoption is not happening..

[David Rabahy]

http://www.brainyquote.com/quotes/quotes/v/victorhugo136258.html ... mBTC's time hasn't come yet.

[giszmo]

I wonder why mbtc adoption is not happening..

It's coming and it was always natural it would come. This thread has no merits in it coming. We should think about starting µɃ. Lets open a thread!

[jackjack]

I wonder why mbtc adoption is not happening..

It's coming and it was always natural it would come. This thread has no merits in it coming. We should think about starting µɃ. Lets open a thread!

It is too late
Centimicrobitcoins Tiem!

[cryptocash]

I wonder why mbtc adoption is not happening..

Because it is a stupid idea.
It might have a psychological effect but that doesn't suffice to justify such a radical measure.

Why don't we change the currencies' ISO code every time a currency appreciates or devalues.
Because it's important to have stability with every currency.

What do you do when Bitcoin drops down to 30 dollars or even 5 or 2 dollars in the next six months (it's possible)?
Switch back to BTC?

It is a stupid idea as long as Bitcoin isn't relatively stable AND very widely used.
Once it's every other day in the mainstream media such a change could happen without utterly confusing people.
(But we are very far away from that)

[J603]

Currently, 1 mBTC and 1 uBTC are pretty much useless, so I don't see why they need to be adopted yet. Most items being sold for bitcoins now that I've seen have only gone out to two decimal places anyways. If one day enough people use bitcoins so as to warrant the use of those denominations, then it would make sense. But until then it's pretty pointless to measure price in mBTC or uBTC when very few things are priced that low.

[bitgold]

I wonder why mbtc adoption is not happening..

Give it some time. There will be more and more people call for this change, in time, mbc will come naturally.

There may be people who think they can handle tiny decimal numbers on daily basis; but if BTc is to become mainstream, the rest of us, 99% of the population do not want to deal with zeros after the decimal point.

[cryptocash]

The whole unit change seems so disruptive and difficult to coordinate now -- do we really want to have to deal with another one later when there are way more people to try to coordinate? I really think we should look to the endgame and figure out where we want to be.

I'd propose moving to uB (micro-bitcoin = 1e-6) as the standard unit now and forever. For now, it can be referred to as uB or uBTC, but over time, once it's ubiquitous, it should just be called a bitcoin. Because the smallest unit is the satoshi (1e-8), this means uB-denominated prices would get 2 decimal places maximum, which is the most that any consumer wants to deal with anyway.

I'm against using micro-bitcoin now so we can switch to bitcoin later (when? - not a good idea: confusing!).

The idea about defining the standard as 1e-6 isn't that bad. I think the two decimals for regular consumers might be a good idea.
BTW that could also be called hSatoshi (hecto Satoshi) according to SI-standards.

At the same time, I'd propose inverting the exchange rate, so instead of quoting uB/USD = .00013, it would be quoted as USD/uB = 7692. This is exactly the same way Yen are quoted relative to USD (USDJPY = 100.66), and is also the same way other private virtual currencies such as WoW gold are quoted.

And again our beloved American(s) are unaware that they are not alone on the planet and that their customs are not
necessarily the global standard!

Every "big" economy uses their currency as the base currency and all others as counter currencies.
It might be standard in the US to quote the Euro as USDEUR or USD/EUR
but in Europe all currencies are counter currencies to the EUR => EURUSD, EURGBP, EURCHF, etc.
I assume that China and Japan act the same way.

Since BTC is a global, nation-less currency (and the biggest of all crypto-currencies for that matter) the only logical step is to quote
BTCXXX (including BTCUSD). What is more, the base currency is usually regarded as dominant / of more value.



 

[nobbynobbynoob]

I switched my Bitcoin-QT wallet to display mBTC just now. Yay, I'm "rich"!

Just to warn you, bitcoin price tends to crash when I do things like this.