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Inedible (OP)
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November 16, 2013, 09:35:32 PM |
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First of all, this is NOT a discussion about the unit in which Bitcoin should now be denominated in. That's been discussed to death.
What I'd like to know is if people are thinking "that's too expensive - I can't afford to buy in".
Traditionally, stocks can only be purchased in whole units.
Although Bitcoin isn't a stock, the perception is that it can only be bought in whole units.
Agree/Disagree?
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MicroGuy
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November 16, 2013, 09:38:16 PM |
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I think most of the confusion is coming from those that have been programmed by the mainstream TV signals.  |
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Rupture
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November 16, 2013, 09:38:31 PM |
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Alot of people i know of who've seen it on the news believe it is a solid and cannot be split
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defaced
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November 16, 2013, 09:39:46 PM |
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Alot of people i know of who've seen it on the news believe it is a solid and cannot be split
Same |
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Mike Christ
aka snapsunny
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November 16, 2013, 09:40:31 PM |
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I've found a few newbies thinking it had to be whole for some reason; never thought this would be an issue.
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Inedible (OP)
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November 16, 2013, 09:41:25 PM |
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I've found a few newbies thinking this for some reason; never thought this would be an issue.
I suspect it's because we're used to Bitcoin and thinking of it as a currency rather than a stock. |
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Inedible (OP)
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November 16, 2013, 09:42:03 PM |
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Would be interesting to hear from those that voted No.
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Mike Christ
aka snapsunny
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November 16, 2013, 09:48:59 PM |
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I've found a few newbies thinking this for some reason; never thought this would be an issue.
I suspect it's because we're used to Bitcoin and thinking of it as a currency rather than a stock. I think you're right; it's also ingrained into our minds that we can't take a gold coin or a whole dollar and easily divide it into smaller parts (at least, especially not by tearing the dollar); perhaps the public isn't used to highly divisible money; a nickle's a nickle, a dime's a dime, but a bitcoin can be anything you want it to be, up to a hundred million places. |
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Coinseeker
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November 16, 2013, 10:41:58 PM |
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Would be interesting to hear from those that voted No.
I answered no and IMO, it's too fold. 1. The general public does not care. Bitcoin offers them no advantages over government fiat money and debit cards, so it's not viewed as a currency. 2. It's viewed like a stock and it's really only purchased for speculation and thus, it's not about fractions, it's about how much one can afford to invest. |
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InwardContour
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November 16, 2013, 10:46:26 PM |
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i think people that know nothing about hit hear "coin" and think of that as the single unit. i've seen several people in the newbie forum that thought you could only buy in 1 BTC increments. i imagine BTC is fairly confusing to the new user....
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minifrij
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November 16, 2013, 10:50:39 PM |
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1. The general public does not care. Bitcoin offers them no advantages over government fiat money and debit cards, so it's not viewed as a currency.
2. It's viewed like a stock and it's really only purchased for speculation and thus, it's not about fractions, it's about how much one can afford to invest.
At the moment I would say that this is my opinion on this. That and with all of the news about Silk Road and such, I doubt Bitcoin is viewed as a legitimate, legal currency by the general public, making them not want to buy it at all. I personally think that in a few years they will have caught on to Bitcoins, but as if they were stocks. |
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Inedible (OP)
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November 16, 2013, 10:51:03 PM |
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I answered no and IMO, it's too fold.
1. The general public does not care. Bitcoin offers them no advantages over government fiat money and debit cards, so it's not viewed as a currency.
2. It's viewed like a stock and it's really only purchased for speculation and thus, it's not about fractions, it's about how much one can afford to invest.
1) Naturally it only affects those wishing to buy. I feel it's an additional (imagined) barrier to entry. 2) This supposes they already understand the premise of this thread. |
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Inedible (OP)
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November 16, 2013, 10:52:24 PM |
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1. The general public does not care. Bitcoin offers them no advantages over government fiat money and debit cards, so it's not viewed as a currency.
2. It's viewed like a stock and it's really only purchased for speculation and thus, it's not about fractions, it's about how much one can afford to invest.
At the moment I would say that this is my opinion on this. That and with all of the news about Silk Road and such, I doubt Bitcoin is viewed as a legitimate, legal currency by the general public, making them not want to buy it at all. I personally think that in a few years they will have caught on to Bitcoins, but as if they were stocks. That's not the point of this thread. It's simply if the general public believes they can buy only whole Bitcoins, in which case it's a barrier to adoption. |
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Inedible (OP)
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November 16, 2013, 10:54:28 PM |
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I'm not sure if a lot of people have misread the question (or are adding an interpretation to it that doesn't exist) but the only relevant point is if you believe the public thinks Bitcoin must be bought in whole units i.e. anyone wanting to buy right now needs a minimum of $460.
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minifrij
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November 16, 2013, 10:58:00 PM |
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That's not the point of this thread. It's simply if the general public believes they can buy only whole Bitcoins, in which case it's a barrier to adoption.
Oh sorry, I mustn't have been reading properly. But yeah, mine is sort of the same as everyone elses. I expect that the general public only feels that they can buy it in full Bitcoins, but have no real interest to go into it further to find it is an actual currency. |
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Carlton Banks
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November 16, 2013, 10:58:55 PM |
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I blame all those Casascius Coin stock photos accompanying the articles... or maybe it's just totally bankrupt imaginations after all  |
Vires in numeris
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kwest
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November 16, 2013, 11:09:12 PM |
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Maybe exchanges should start showing prices both in BTC and mBTC side by side so new buyers (and the media?) get a clearer picture?
Right now on Bitstamp it just says "Bitcoin price: $437"
What if it said "1 Bitcoin: $437 - 1 mBitcoin: $0.437"
Or something similar.
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BittBurger
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November 16, 2013, 11:10:18 PM |
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No, they absolutely don't, and its funny you post this because I just got finished posting the same thing on the Bitcoin Foundation Forums.
I have already had several friends say they wish they could have gotten in earlier, but now bitcoin is too expensive...
Something needs to be done, quickly, or momentum will completely stop.
People think China is lucky because they got in when Bitcoin was affordable.
Not a lot of people have $460 to blow on one coin ....
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nobbynobbynoob
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November 16, 2013, 11:12:24 PM |
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Maybe exchanges should start showing prices both in BTC and mBTC side by side so new buyers (and the media?) get a clearer picture?
Right now on Bitstamp it just says "Bitcoin price: $437"
What if it said "1 Bitcoin: $437 - 1 mBitcoin: $0.437"
Or something similar.
I've been screaming for this to happen ever since I set my Bitcoin-Qt wallet to mBTC display, what, oh, a few days ago. But I'm not the one in control of the exchanges, chart interfaces, etc. |
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Inedible (OP)
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November 16, 2013, 11:15:24 PM |
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Edit: Ignore this post - it was posted when I was reading something else and posted the opposite of what I meant.
What's really odd is that most people posting agree that the public feel you can only buy whole Bitcoins yet the poll suggests the opposite.
Does everyone who voted no not want to discuss?
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Poll
