Does the general public know they can buy fractions of Bitcoin?

[Pente]

It is just a matter of education. Knowledge will spread. People will learn. Just be patient.

[1714257590]

1714257590

[1714257590]

1714257590

[Painful Truth]

Answer is: No

- >> http://www.reddit.com/r/Bitcoin/comments/1qsyp6/should_i_buy_one_bitcoin/cdg4yb9

[raspcoin]

I think there is another aspect of the perception of non-divisible bitcoins. While some people will be discouraged, others will buy one whole coin instead of their preferred amount. This could be one of the reasons why the price is constantly increasing.

[alp]

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?

I had a friend who bought whole units, didn't know you could buy fractions.  It's not common sense by far.  I remember people talking about Silk Road too thinking they had to buy in increments of 1 BTC.

[EndTheFed321]

the general public does not care about bitcoins all the general public cares about is the all mighty fiat fake dollar 

[allthingsluxury]

The people ive talked with and who have given bitcoin more than 10 minutes of consideration get this. The othe people simply have no idea.

[drrussellshane]

Nope, in general, people are quite ignorant of Bitcoin. Even the divisibility, which is a pretty simple aspect.

[The Bitcoin Co-op]

It's a common problem; we constantly have to inform people of the fact that bitcoins can come in fractions.

[Inedible]

You've really not understood the reason for this thread.

The root cause is simple ignorance. It's not something you can change easily or without a massive budget for educating.

There's plenty of room for discussion - just not regarding things that have been rehashed over and over.

Also, this is a three part thread so I can't see how you'd know if this is a waste of time yet. However, if you're here to make yourself look smart or if you feel you're above it all then there's nothing I can do about that. Feel free to make yourself feel better.

So you're suggesting if the general public just KNEW they could buy fractional amounts, they would?  Delusional.  The root cause IS simple and it's that the general public doesn't care about Bitcoin.  Not in wholes, halves or fractions.  Why, because it's useless to them.  So yes, you can push your totally original thread   of getting the exchanges to denominate Bitcoin in fractional amounts.  So glad you thought of that, as I've never seen a thread like that before.  And news flash, you can already buy fractions of Bitcoin's on every exchange I've ever used.  If you want to spend $100, you're likely to get a fractional amount, by default.  It's not rocket science.  You just type in how much you want to spend.  

I've never suggested that if the general public knew you could buy fractions that they would. Just that it will stop those who want to buy but don't have $650 to buy any.

Who said this was an original thread. Taking only the first post into consideration you can see I'm aware that it's discussed to death already.

You say it's not rocket science yet I reckon a lot of the public are put off buying simply because of this belief.

Where is your aggressive attitude coming from? lol

[Inedible]

The second part of this thread:

https://bitcointalk.org/index.php?topic=338144

[Distribution]

Many of the people I've talked to only want a whole bitcoin even when they find out they could buy fractions of them. They'd rather try to save up $700 for a single coin than buy .01 btc.

[Operatr]

This was a point I had to make to my parents that you don't have to purchase the entire coin.

But it is our job to educate those around us. You are confronting a fiat-oriented mind as that is all they have known. The concepts of Bitcoin's 8 decimal division is very foreign to accept, thinking of "1 Bitcoin" as a whole, unalterable unit, when really the denomination means nothing in a digital currency beyond a measure of 100 Million satoshi's. Plus there is a bias that decimals=small, as a decimal amount of 1 Dollar is a small amount, where in Bitcoin .1 BTC is actually a lot.

Shifting financial paradigms is never easy

[mikeymillie]

I think we just need to start using average person-friendly shorthand names for smaller divisions.   "mBTC" and "uBTC" sound alien and clinical and even after they become familiar they remain are ungainly to use in casual conversation. "Micro", "Milli" and "Nano" sound overly techy and convey a sense of "minisculity" which won't feel right when they are used in trade for real-world things like taxicab rides and movie tickets.  I was thinking something like "mikeys" and "millies" for microBTC and milliBTC respectably, and "Nannies" for nanoBTC.  Yes that's my username so I might be biased, but this is how I bounced the terms off a few of my non-BTC-aware associates in conversation while explainng that Bitcoin can be denominated much more flexibly than dollars or euros, and phrases like "so you'd pay 9 or 10 mikeys for a sammich and chips, point your phone at a QR code and map, paid and on your way.." seemed to roll off better than trying to use a term like microBTC or "A few thousands of a Bitcoin".  If not those terms than something else, so we can talk about Bitcoin without sounding like geeks trying to spread a technology fetish around. 

[mikeymillie]

I would love to see some kind of parity with or incorporation of
the word 'dollar' and its credibility halo effect,
but it might be too much to ask what with BTC / USD exchange rate
getting bitchslapped all over the place by FOREX and commodity traders
and (probably) North Korean operatives,
who only stop working on their bots long enough
to pinch themselves and make sure they are not dreaming this all up. 

also, lol. BTChslapped. 
sigh.

[lindatess]

The problem isn't whether they know or not.

Even if they did know, I don't believe it would affect their decision to purchase coins.

Think about how one would feel about owning 1 millionth of an ounce of gold. Not worth much at all. They wouldn't be very happy with using those small amounts of gold either.

Mathematical trickery won't make the bitcoin price skyrocket, in fact people will see past the illusion and send the price crashing down to earth as they see your manipulative techniques. To assume people are just going to play dumb is a stupid theory.

Buying fractions doesn't help anyone. Anyone who wants to buy products because prices are already seeing fractional amounts quoted as prices. We can't magically turn to satoshis think everyone will begin to think like pennies. In fact when you believe there are so many coins around, it destroys the fact that the coins are actually rare.