Start Using mBTC as Standard Denomination?

[TippingPoint]

The word Bond might have potential.

Why?

Primarily based on James Bond's connection to Miss Moneypenny.   

[keelba]

How about "mibs"? That's a combination of "milli" + "bit". It's easy to say, easy to spell, and has meaning. Right now $10 could buy you roughly 76 1/2 mibs. One mib would be worth just over $0.13 US or 13 cents at this time. If a single BTC was worth $1,000 then a mib would be $1 US. Then we could go to mibcents equal to a single US penny.

[Birdy]

The easiest way to force adoption of such a change would be to simply change the default units in the next bitcoin-qt release from BTC to mBTC.

Most people would not change the default and get used to dealing with mBTC.

+1 for this

[Idaho]

A switch to lower denomination is an excellent idea. I still talk to people who don't realise btc is divisible and as such think that it can't work.

M-Day is also a great idea - but the 2nd of June is far too soon. Get general agreement on a proposal on this board. Then gent consensus among a significant number of the exchanges and chart sites to default to mbtc in principle (with an option to switch view to btc). Then try and hammer out a target date.

Good point re. software. The wallet sites and wallet software devs would need to agree too.

[whitslack]

The word "Bitcoin" has too much momentum to subvert it now, and any attempt to do so would only further confuse the masses, which are already pretty confused by this whole Bitcoin thing as it stands.

The base unit of the Bitcoin currency is the bitcoin. As we're all scientifically minded folks here, it makes sense to use the SI prefixes to denote smaller (and larger) quantities of bitcoins.

The abbreviation of the bitcoin unit is BTC. It really should have been XBC, if we were to follow the rules of the ISO regarding currency codes, but it's not, and again, we're dealing with momentum. You can't easily change it now, nor should you, for the aforementioned reason.

Thus, the logical conclusion is that quantities of bitcoins may be expressed in units of millibitcoins, and the abbreviation of the millibitcoin is mBTC.

In casual parlance, I wouldn't expect anyone to utter the phonemes "em bee tee cee." I'd expect people to say "mils," "millies," or "millibits." I'd expect "millibitcoins" will be considered too formal for casual utterance.

I personally will probably say "mill," dropping the 's' even in the plural. "Are you kidding me?! 42 mill for a beer?!"

[Razick]

The easiest way to force adoption of such a change would be to simply change the default units in the next bitcoin-qt release from BTC to mBTC.

Most people would not change the default and get used to dealing with mBTC.

+1, does anyone know how to propose a software change to QT?

[whitslack]

+1, does anyone know how to propose a software change to QT?

Fork the repository, commit your change, and submit a pull request.

[bitcoinbear]

Just use mB for anything less than one bitcoin.

E.G. the price of a USD is currently 7.8 mB.

But when dealing with larger numbers it still makes sense to use whole bitcoins rather than mB.

E.G. I would sell my car for 31 btc.

It would be silly to say my car costs 31000 mB, and even sillier to say my car cost 31 kmB (31 kilomillibitcoin)

[The 4ner]

The easiest way to force adoption of such a change would be to simply change the default units in the next bitcoin-qt release from BTC to mBTC.

Most people would not change the default and get used to dealing with mBTC.

This would require the developers okay. You'd need to be able to convince them. I would say that you would also have to convince all users but unfortunately that is not the case anymore seeing as to how easily Gavin was able to make changes to the client and simply tell everyone you either get with the new or stay behind. Of course I'm referring to the exclusion of certain transactions from the blockchain. Now, whether you thought that the change to the new client version was good or not does not matter the point is that a change was easily made by elite members. So there's your answer convince them that your proposed change has positive outcome and the rest of us that use the Bitcoin-qt client will have no choice but to accept it.

[sebicas]

The psychological factor is important... 1 XRP is trading at $0.02, sounds cheap right? Well, since there are 100 Billions XRP, the price is about same as Bitcoin today. So if we can get exchanges to talk in mBTC and price becomes $0.13 instead of $130 it will be a great thing for Bitcoin.

[johnyj]

1 bitcarat = 1 carat bitcoin = 1/100 BTC, still gives a feeling of expensive

[Birdy]

The easiest way to force adoption of such a change would be to simply change the default units in the next bitcoin-qt release from BTC to mBTC.

Most people would not change the default and get used to dealing with mBTC.

This would require the developers okay. You'd need to be able to convince them. I would say that you would also have to convince all users but unfortunately that is not the case anymore seeing as to how easily Gavin was able to make changes to the client and simply tell everyone you either get with the new or stay behind. Of course I'm referring to the exclusion of certain transactions from the blockchain. Now, whether you thought that the change to the new client version was good or not does not matter the point is that a change was easily made by elite members. So there's your answer convince them that your proposed change has positive outcome and the rest of us that use the Bitcoin-qt client will have no choice but to accept it.

Maybe the majority of the users was just fine with this patch, did you think about that?
Of course it was no problem to make this patch then.

[Razick]

+1, does anyone know how to propose a software change to QT?

Fork the repository, commit your change, and submit a pull request.

First of all, I'm not familiar with Github, second, I'm not qualified to make the programming or configuration change. For those reasons someone else will have to do it.

EDIT: I don't mean that rudely at all, I'm just saying that I can't do it.

[Missionary]

What do you prefer?

10 mbc (milibitcoin)
10 mBTC
10 milis
10 milcoins
Other...

I really like 1 mbc, in lowercase also indicates that it's a subunit.

mBTC! It's not a matter of what you like or not. mX is the standard way to say it.

https://en.wikipedia.org/wiki/Milli

Let's use standards. Please.

[Missionary]

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

[pand70]

Let's use standards. Please.

It is standard but not usual for currencies.

I mean how many times have you heard about giga-dollars or peta-euros...

[Littleshop]

Often orders for small items in my store are priced in the mBTC range.  I have orders down to 16 mBTC SHIPPED for a set of QR stickers for example. 

[Missionary]

Let's use standards. Please.

It is standard but not usual for currencies.

I mean how many times have you heard about giga-dollars or peta-euros...

Since we don't have a central authority to decide what to call smaller denominations, it's only logical to fall back on standard units.

[jaminunit]

My contribution.

[Seth Otterstad]

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"