Breaking our own limitations

[gadman2]

Join me for a moment and forget about the block size, altcoins, bubbles, and the dream of riches...

We (the bitcoin community) need to fully understand how the standard bitcoin unit (BTC) is such a heavy mental deterrent for mainstream growth.

We can all agree that everyone here has been exposed to the BTC unit for long enough that we are desensitized to it and can accept it quite easily. Within our community (this board and others) we are failing to fully understand the outward implications of standardizing bitcoin in 1 BTC units.

Imagine a scenario if/when btc breaks 10000$. This would square up 1 mBTC to 1 USD (correction: 1mBTC to 10 USD) . Now survey a user with little to no knowledge of bitcoin and ask them if they would rather accept 0.001 btc or 1mbtc. Again, we (the community) are desensitized to these denominations and we are quick to understand they are the same. For a new user, it's not the case or as easy to understand and creates a large barrier that they may not be able to cross. This is only one simple scenario for a problem that spans across many different applications.  

1 BTC units were designed to start us moving on the path we're currently following, but I personally believe when satoshi implemented a 8 decimal system he had a clear vision. And growth is that very vision. We already have expanded and grown, we must make room outward or we will only limit ourselves. If we want continued sustainability and prosperity on a level we haven't even begun to fathom then we should break the habit of using BTC as our standard denomination.

I do not have an answer for this problem. Simply referring all of today's values in a mBTC for a 1 million dollar coin will create the same problem in the future. Maybe we as a community can come together and figure this out.

[Xavofat]

Imagine a scenario if/when btc breaks 10000$. This would square up 1 mBTC to 1 USD.

1 mBTC is 0.001 BTC, so it would be worth $10.  1 mBTC was worth $1 when the BTC price was $1,000.

Ultimately, it's impossible to solve this without convincing the people who create clients.  You would have to encourage wallet developers to alter the units, one way or another.

If they did that though, they would have to very clearly clarify that they're talking about mBTC or bits rather than BTC, and that could be annoying.

[allthingsluxury]

This is a real effect, that affects the markets. Hence why stocks split. I believe this will lead to massive flows of funds into alternative cryptos.

[Jet Cash]

I don't like the idea of using 1mBTC. So I can think of two possible solutions.

• Use Satoshi as the unit of exchange, and Bitcoin as the name of the currency. There are precedents for this - Sterling/Pound and Renminbi/Yuan for example
• Have a scrip issue to existing holders, Issue 100 new Bitcoins for every Bitcoin held. This is common practice with shares, but I suspect the implementation on the blockchain would be impractical

[gadman2]

Imagine a scenario if/when btc breaks 10000$. This would square up 1 mBTC to 1 USD.

1 mBTC is 0.001 BTC, so it would be worth $10.  1 mBTC was worth $1 when the BTC price was $1,000.

Ultimately, it's impossible to solve this without convincing the people who create clients.  You would have to encourage wallet developers to alter the units, one way or another.

If they did that though, they would have to very clearly clarify that they're talking about mBTC or bits rather than BTC, and that could be annoying.

Correct, my oops. I "totally" knew that before I wrote this.

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[Clavulanic]

This is a real effect, that affects the markets. Hence why stocks split. I believe this will lead to massive flows of funds into alternative cryptos.

I think so mate, that's big maybe for next year because other investors will find it also profitable if they will also divert to crypto's investments. Well that effects will substancially give bigger chances to other coins to have it's pump eversince from the start of bitcoin price surges, the massive dumps of alts was very rampant specially these days had come to worst scenario which also fears other coins to die.