btcusr (OP)
Sr. Member
Offline
Activity: 405
Merit: 255
@_vjy
|
|
May 31, 2013, 02:44:29 AM Last edit: June 12, 2013, 08:39:39 AM by btcusr |
|
BTC - XBT / mBTC. 1 BTC = 1 million XBT = 1000 mBTC - XBT currency code adoption, is the next big thing for bitcoin.
- 1 cent increase in XBT-USD exchange rate is million times higher than 1 cent increase in BTC-USD exchange rate.
- XBT is like, 1:1000000 share split; May be we can experiment with milliBTC (1:1000) or bitcents (1:100)
Total worth of bitcoins, for 21 million coins when 1 trade unit reaches in parity with 1 USD cent, and 1 USD. Trade Unit = 1 USD cent = 1 USD ---------- ------------ ------- BTC $210,000 $21 million bitcent $21 million $2.1 billion milliBTC $210 million $21 billion XBT $210 billion $21 trillion satoshi $21 trillion $2,100 trillion
I will let you decide for a better trade unit. Edit - 1: edited completely to explain total worth of bitcoins, for different trade / exchange units
|
|
|
|
worldinacoin
|
|
May 31, 2013, 02:47:52 AM |
|
Standardization will help in the faster adopting of Bitcoin, I don't think it is a bad thing. What do you think are in their minds?
|
|
|
|
btcusr (OP)
Sr. Member
Offline
Activity: 405
Merit: 255
@_vjy
|
|
May 31, 2013, 04:15:30 AM |
|
Standardization will help in the faster adopting of Bitcoin, I don't think it is a bad thing. What do you think are in their minds?
It doesn't matter what I think. I just wanted to know whether 'they' are really interested, and any plans to push this forward.
|
|
|
|
worldinacoin
|
|
May 31, 2013, 04:17:31 AM |
|
Isn't it self explanatory? Standardization helps in faster adoption of the currency. Isn't faster adoption a good target?
|
|
|
|
grau
|
|
May 31, 2013, 07:00:07 AM |
|
Currencies have popular names like Yen, Dollar and standard names like JPY, USD.
XBT is not about renaming Bitcoin, but to agree on the unit compatible with legacy financial software and thinking of the rest of the world, so it helps adoption.
Traditional currencies are dividable by 100 (and not more), therefore virtually none of existing financial databases support currency columns with higher precision. This is why it is suggested that the standardized unit for those applications should be:
1 XBT = 100 satoshi
that also leads to 1 Bitcoin = 1 million XBT
The notation is handy since:
1,234,567.89 XBT = 1.2 Bitcoin or 1,234mBTC.
It is XBT and BTC because BTC is actually taken by Buthan and X is reserved for supranational currencies.
No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you.
|
|
|
|
solex
Legendary
Offline
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
|
|
May 31, 2013, 07:01:58 AM |
|
Currencies have popular names like Yen, Dollar and standard names like JPY, USD.
XBT is not about renaming Bitcoin, but to agree on the unit compatible with legacy financial software and thinking of the rest of the world, so it helps adoption.
Traditional currencies are dividable by 100 (and not more), therefore virtually none of existing financial databases support currency columns with higher precision. This is why it is suggested that the standardized unit for those applications should be:
1 XBT = 100 satoshi
that also leads to 1 Bitcoin = 1 million XBT
The notation is handy since:
1,234,567.89 XBT = 1.2 Bitcoin or 1,234mBTC.
It is XBT and BTC because BTC is actually taken by Buthan and X is reserved for supranational currencies.
No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you.
+1
|
|
|
|
worldinacoin
|
|
May 31, 2013, 08:14:10 AM |
|
+1 can't have explained it better. Thanks
|
|
|
|
Sukrim
Legendary
Offline
Activity: 2618
Merit: 1007
|
|
May 31, 2013, 10:12:37 AM |
|
Currencies have popular names like Yen, Dollar and standard names like JPY, USD.
Especially interesting about JPY: There is the "popular" abbreviation YEN and the official ISO standard name JPY BTC would be probably used similarly and to convert to XBT (the proposed standard name) you'd just need to multiply by a million.
|
|
|
|
btcusr (OP)
Sr. Member
Offline
Activity: 405
Merit: 255
@_vjy
|
|
May 31, 2013, 10:44:24 AM |
|
1 million XBT = 1 BTC, is also quite OK. Younger member in the family already started using XRP. Then, what Bitcoin foundation is waiting for ?!?!
|
|
|
|
Razick
Legendary
Offline
Activity: 1330
Merit: 1003
|
|
May 31, 2013, 01:11:19 PM |
|
BTC - XBT. I have seen a thread in this forum which was asking for XBT currency name (to represent 1 milliBit), like XAG, XAU. Bitcoinfoundation is anyways interested with this push / standardization. What people who 'controls' bitcoin, think about this They really want to go for it, or have something else better in their minds Shouldn't it be XBC?
|
ACCOUNT RECOVERED 4/27/2020. Account was previously hacked sometime in 2017. Posts between 12/31/2016 and 4/27/2020 are NOT LEGITIMATE.
|
|
|
jackjack
Legendary
Offline
Activity: 1176
Merit: 1257
May Bitcoin be touched by his Noodly Appendage
|
|
May 31, 2013, 01:14:17 PM |
|
XBC would be BTC
Then 1 XBC = 1 BTC = 10^6 XBT = 10^6 µBTC
|
Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2 Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
|
|
|
btcusr (OP)
Sr. Member
Offline
Activity: 405
Merit: 255
@_vjy
|
|
May 31, 2013, 01:58:35 PM |
|
BTC - XBT.
I have seen a thread in this forum which was asking for XBT currency name (to represent 1 milliBit), like XAG, XAU.
Shouldn't it be XBC? No coin please. Just like, XAG and XAU. XBT.
|
|
|
|
btcusr (OP)
Sr. Member
Offline
Activity: 405
Merit: 255
@_vjy
|
|
May 31, 2013, 02:07:00 PM |
|
Just imagine, what if we could buy 1000 XBTs for 12.862 USD cents...
|
|
|
|
|
|
Sukrim
Legendary
Offline
Activity: 2618
Merit: 1007
|
|
June 01, 2013, 11:36:59 PM |
|
It has been submitted already... multiple times already reaching back some years. ...responses haven't been very enthusiastic to say the least.
|
|
|
|
yona
Member
Offline
Activity: 92
Merit: 10
|
|
June 02, 2013, 03:30:53 PM |
|
+1 i believe the market should be allowed to grow in it's own organic pace. bitcoin economy is more important then psychological adoption at this stage. nevertheless, this is a good idea to add names to smaller fractions of bitcoin, and i am well for it.
|
|
|
|
btcusr (OP)
Sr. Member
Offline
Activity: 405
Merit: 255
@_vjy
|
|
June 02, 2013, 11:14:18 PM |
|
It has been submitted already... multiple times already reaching back some years. ...responses haven't been very enthusiastic to say the least. Submitted?! What was the response from them? Another way is just to push XBT usage from exchanges, like mtgox, etc.
|
|
|
|
CurbsideProphet
|
|
June 02, 2013, 11:25:32 PM |
|
No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you. No Bitcoin moves hands but there is a psychological factor that generally takes place, similar to a stock split. Generally this is to the upsize and short-term but there is usually an impact on price even if there shouldn't be one.
|
1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
|
|
|
|
|