Forget mBTC. Use Satoshis.

[jdbtracker]

so how much is a satoshi worth now in Rubles? Yen? mexican pesos?

[BitAddict]

Looks like Nakamoto himself advocated the use of Satoshis:

Eventually at most only 21 million coins for 6.8 billion people in the world if it really gets huge.

But don't worry, there are another 6 decimal places that aren't shown, for a total of 8 decimal places internally.  It shows 1.00 but internally it's 1.00000000.  If there's massive deflation in the future, the software could show more decimal places.

If it gets tiresome working with small numbers, we could change where the display shows the decimal point.  Same amount of money, just different convention for where the ","'s and "."'s go.  e.g. moving the decimal place 3 places would mean if you had 1.00000 before, now it shows it as 1,000.00.

+1 maybe is just easier in the future move the decimal place and call 100 satoshis 1 bitcoin.

[AliceWonder]

I like using mBTC. If 1BTC = $50 then 1 mBTC = nickel, which is the smallest US coin I care to deal with.

.1 mBTC is fine but 100 μBTC is confusing to many because the letter mu isn't something people are use to seeing.

Just using mBTC except for large sums is the simplist solution IMHO. And there's probably rarely a need to sell anything with denominations smaller than 1 mBTC anyway. Maybe if the value skyrockets but then .1 mBTC or .01 mBTC are not confusing.

But using a different name like Satoshis will be confusing to many.

[cosmicblue]

I like using mBTC. If 1BTC = $50 then 1 mBTC = nickel, which is the smallest US coin I care to deal with.
.1 mBTC is fine but 100 μBTC is confusing to many because the letter mu isn't something people are use to seeing.
Just using mBTC except for large sums is the simplist solution IMHO. And there's probably rarely a need to sell anything with denominations smaller than 1 mBTC anyway. Maybe if the value skyrockets but then .1 mBTC or .01 mBTC are not confusing.

  With BTC and mBTC we cover a complete range from

• 0.001 - 999.999 mBTC
• 1 - 21,000,000 BTC

[herzmeister]

Well in daily nominations, we use dollars, not cents, so I propose to use µBTC or Hektoshis. 

1 µBTC = 1 Hektoshi = 100 Satoshis.

or 1 BTC = 100 000 000.00 Hektoshis.

One beer in a bar (~ currently) = 3 million Hektoshis. Maybe still too large to be practicable today though.

[cosmicblue]

sound like "Hektoshits" 

[herzmeister]

just like Satoshits 

[DeathAndTaxes]

Very large numbers are just as annoying to work with as very small ones.

The OP points out that the JPY for example has a low valued base unit and this results in "large" prices.  Well 1 JPY is worth about $0.01 not $0.000001.

mBTC is large enough to result in small units without excessive decimal places.

i.e.
0.0004 BTC = annoying
40,000 satoshis = annoying
4 mBTC = just right

[sacko]

mBTC is large enough to result in small units without excessive decimal places.
i.e.
0.0004 BTC = annoying
40,000 satoshis = annoying
4 mBTC = just right

 

[ranlo]

Very large numbers are just as annoying to work with as very small ones.

The OP points out that the JPY for example has a low valued base unit and this results in "large" prices.  Well 1 JPY is worth about $0.01 not $0.000001.

mBTC is large enough to result in small units without excessive decimal places.

i.e.
0.0004 BTC = annoying
40,000 satoshis = annoying
4 mBTC = just right

Agree 100%. And at least for USD conversions it's much simpler to do as well. I hate when people say "100 satoshis" and you have to sit around trying to convert that (I have to do it first to mBTC and then to USD).

[sacko]

I like using mBTC. If 1BTC = $50 then 1 mBTC = nickel, which is the smallest US coin I care to deal with.
.1 mBTC is fine but 100 μBTC is confusing to many because the letter mu isn't something people are use to seeing.
Just using mBTC except for large sums is the simplist solution IMHO. And there's probably rarely a need to sell anything with denominations smaller than 1 mBTC anyway. Maybe if the value skyrockets but then .1 mBTC or .01 mBTC are not confusing.

 With BTC and mBTC we cover a complete range from

• 0.001 - 999.999 mBTC
• 1 - 21,000,000 BTC

Already implemented on the market: http://dk.ebid.net/for-sale/1-awesome-brand-new-bitnote-bitbill-107764070.htm

[ranlo]

I like using mBTC. If 1BTC = $50 then 1 mBTC = nickel, which is the smallest US coin I care to deal with.
.1 mBTC is fine but 100 μBTC is confusing to many because the letter mu isn't something people are use to seeing.
Just using mBTC except for large sums is the simplist solution IMHO. And there's probably rarely a need to sell anything with denominations smaller than 1 mBTC anyway. Maybe if the value skyrockets but then .1 mBTC or .01 mBTC are not confusing.

 With BTC and mBTC we cover a complete range from

• 0.001 - 999.999 mBTC
• 1 - 21,000,000 BTC

Already implemented on the market: http://dk.ebid.net/for-sale/1-awesome-brand-new-bitnote-bitbill-107764070.htm

Nice! Is the woman part of the purchase as well though?

[sacko]

Already implemented on the market: http://dk.ebid.net/for-sale/1-awesome-brand-new-bitnote-bitbill-107764070.htm

Nice! Is the woman part of the purchase as well though?

   Cameron Diaz?

[ranlo]

Already implemented on the market: http://dk.ebid.net/for-sale/1-awesome-brand-new-bitnote-bitbill-107764070.htm

Nice! Is the woman part of the purchase as well though?

   Cameron Diaz?

I'll take anyone, XD.

[jdbtracker]

bitcoin
tenths
Cents
thousanths
millionths

[bitbybit2]

Hello

Instead of using mBTCs I suggest we start using Satoshis. Here's why:

No decimal point - The chief complaint among ordinary people is that they are confused by the long line of digits after the decimal point. If we use Satoshis alone there will be no confusing decimal points. It'll be all integers.

Lots of precedents - While at first glance it might appear that 100 million Satoshis (1BTC) is a large number that people will struggle with, the reality is quite different. Quite a few countries have currencies where a single unit isn't worth much. Examples are Japan, Indonesia, Turkey, South Korea, India, Pakistan etc. People in these countries have adapted to prices in thousands and millions of currency units. So people will not find using Satoshis problematic.

Easy to articulate - Most languages have names for large denominations like "millions" or "thousands". In India for example people use crore (10 million) and lac (100,000) so 1 BTC would be 10 Crore. Another example in English speaking countries we use the kilo suffix 'k' to mean thousand. Lots of existing words that can be reused. People will not have to learn new terms like "mBTC".

So what do you guys think?

There is nothing confusing about using Satoshi or BTC or even the currency of your choice. It is all base 10 numbers. There have been proposal to use numbers that are beyond base 10. That is what I think would be confusing. Satoshi is better because it is in honor of the creator of Bitcoins.