mBTC - what the worst could happen..?!?!

[btcusr]

When Bitcoin community starts using mBTC as standard, then next day news would be like,

"Deflationary Currency, inflated - 1000 times; 1:1000 wealth goes to early users."

Not a right statement, but that doesn't mean, it won't make it to news..

[AliceWonder]

I don't think that would happen.

But I don't think there needs to be any kind of "official" change. Exchanges will choose to sell how they want and at least some clients already support displaying in mBTC and some sites already sell in mBTC. There won't need to be anything "official".

[Asteral]

IMO, The worst that will happen will be that people will accidentally send 10 BTC when they meant to send 10 mBTC and lose money...This could end up creating bad press for Bitcoin if too many people make this mistake. To prevent this from happening, all the clients must agree to make mBTC the default denomination at the time of transition. Anyone sending in BTC should get a popup window warning that they are about to send in BTC. Likewise, all the major exchanges must agree to switch at the same time.

I think the best time to switch to mBTC would be when a bitcoin is worth $1,000. So 1 mBTC would equal about $1. This would attract many new businesses to accept mBTC since everyone is familiar with the dollars purchasing power.

[AliceWonder]

What would be cool is if when sending payments, clients always (with option to turn it off) ask confirmation and in the confirmation window, display the current USD value of the transaction based on weighted 7 day average. e.g.

Do you really intend to send 235 mBTC (~ $24.79 USD) ??

[GrantDe]

The change to mBTC will be slow and gradual, with programs and services starting to display things in mBTC, and then offering an mBTC option, and then finally defaulting things to mBTC (in my opinion).

[yayayo]

I don't think that would happen.

But I don't think there needs to be any kind of "official" change. Exchanges will choose to sell how they want and at least some clients already support displaying in mBTC and some sites already sell in mBTC. There won't need to be anything "official".

That's true. The free market will decide when it's time to switch to mBTC (or other base unit).



ya.ya.yo!