Start Using mBTC as Standard Denomination?

[escrow.ms]

I even started using it

It feels good to see some extra numbers in coins 

[killerstorm]

As I said in another thread, the word "coin" here is the problem. People see coins as small, semi-worthless denominations of a larger unit,

Ever heard of gold coins, cretin?

I guess they need rebrand them too...

[escrow.ms]

A Satoshi is the smallest division.  It seems logical to continue the tradition and name the decimal shifts after developers.  Gavin is appropriate.

"Send me 27 gavins"
"your total is 7.9 gavins"

Mate please add a additonal "A" in gavins. So i can change it to vaginas.

[Nancarrow]

I actually think this idea doesn't go far enough. We should switch to microbitcoins (0.000001 BTC = 1 uBTC = 100 Satoshi) as the basic unit (equivalent of the dollar, pound or euro) as soon as possible.

21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.

Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.

That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real'  ( ) cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.

Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.

[Birdy]

I actually think this idea doesn't go far enough. We should switch to microbitcoins (0.000001 BTC = 1 uBTC = 100 Satoshi) as the basic unit (equivalent of the dollar, pound or euro) as soon as possible.

21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.

Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.

That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real'  ( ) cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.

Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.

Just rename them credits!
The future is here

[pand70]

I actually think this idea doesn't go far enough. We should switch to microbitcoins (0.000001 BTC = 1 uBTC = 100 Satoshi) as the basic unit (equivalent of the dollar, pound or euro) as soon as possible.

21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.

Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.

That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real'  ( ) cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.

Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.

+1

But we don't need a cheasy name like bitdollar...
100 satoshis = 1 Bitcoin , 1 satoshi = well still 1 satoshi but also a bitcoin cent to help non geeks to adapt easier...

[101111]

Agree with OP though maybe Jun 2 is too soon.

It's irrational but true: people are happy to buy ripple or other alts because they're so cheap, but not buy bitcoin because it is too expensive.

[phorensic]

I created this thread a couple days ago: https://bitcointalk.org/index.php?topic=216175.0 . So obviously I am in favor of this change.

[chsados]

However, what you prefer to call it in casual conversation is another discussion. There you have my vote for "millibit", short for "millibitcoin".

naming and pronunciation is one thing but I also think there should be some type of sliding representation of price in marketplaces.  say an item in dollars is 5.99 there should be some type of standard sliding denomination that closely reflects this number.  

so $5.99 would be represented as 5.99XXXX
i hope that makes sense.

[discobean]

I prefer just BTC instead of mBTC.  But hopefully some day in the future we can just use Satoshi's.

[nubbins]

why don't we just call them bits?

it rolls off the tongue, and also implies that they're not full bitcoins. who knows, maybe in time it'll all be bits and coins, with 1000 bits in a coin rather than 1000mBTC in 1BTC. sure seems a lot less clumsy.

just a thought. 

[DoomDumas]

My contribution.

Nice pic

Gratz

[cointon]

1. Change the common name of a Satoshi to a bit.
2. Use the analogy of data storage to monetary storage.
3. 1 BTC = 100mb, or 1 bitcoin = 100 megabits.
4. Think of everything in bit.
5. Easy

[Lorren]

We could pronounce an mBTC as "em bit".

[Tacticat]

We could pronounce an mBTC as "em bit".

Here's my two favourite so far:

Long name: Millibit.
Abbreviation: mbit
Pronounciation: embit (only singular)

Longname: Millibit
Abbreviation: ₥
Pronounciation: mill (only singular)

The mill already exists as a currency unit and is equivalent to 1/10th of a cent.
http://en.wikipedia.org/wiki/Mill_%28currency%29

[raze]

1 BTC is "One Bitcion".
1 mBTC is "One MilliBit".
That's not so hard, is it?

[syncretic]

I think it's a wonderful idea.

[Razick]

1 mBTC is "One MilliBit".

As for the official term I think it should follow the standards: millibitcoin, mBTC etc.

That being said, I really like "em bit" or just "bit" as a term for everyday use. The US 1 cent coin is really just that, 1 cent, but everyone calls it a "penny,"  which is nowhere on the coin.

[aceking]

It will have a positive affect to bitcoin's adoption.

[grau]

Please rather consider XBT for reasons elaborated here:

https://bitcointalk.org/index.php?topic=220761.msg2326526#msg2326526