Need to switch to mBTC soon

[Georgio]

I hope representatives from the biggest exchanges will see what we are talking here and take measures.

Exactly NOW is the time for this when the price is approximately $1000 for BTC and 1 mBTC will be $1.

[FiatKiller]

I just remembered that when I first got into mining back in April, that I too was turned-off from mining BTC because of this psychological factor of only showing a balance of 0.03 or something like that. It was only ASICs that got me to switch from Litecoins to Bitcoins. Although I'm doing both now, it does kinda prove the bad mojo of whole bitcoins for some people.

[Technomage]

Indeed it is possible that such a simple and meaningless distinction can actually be a competitive threat for Bitcoin. It's a real issue. Our services are ready for the mBTC switch at any time, however we are looking at the big services to take the lead. The risk of added confusion is big if major services don't support mBTC and we make a complete switch.

What I'm thinking is that there could be a grace period where both units are used together. We might do this. It's not as clean, but it will lead to less confusion.

[Georgio]

Indeed it is possible that such a simple and meaningless distinction can actually be a competitive threat for Bitcoin. It's a real issue. Our services are ready for the mBTC switch at any time, however we are looking at the big services to take the lead. The risk of added confusion is big if major services don't support mBTC and we make a complete switch.

What I'm thinking is that there could be a grace period where both units are used together. We might do this. It's not as clean, but it will lead to less confusion.

Yes, for example on your site where it is written the 1 BTC = 1054 USD below it you can write 1mBTC = $1.054 and link to article on the homepage that people can buy also mBTC which is 1:1000 from a bTC and the big exchanges can also put next to the BTC price also mBTC and explanation about what is mBTC this will be a good start.

[worldtreasurefinders]

I guarantee, if mBTC were to become the standard unit, people worldwide would flock to mBTC at $1 a piece so much so that within weeks one single mBTC would be between $5-10, which makes the original 1 BTC worth $5000-10000.

[beetcoin]

I guarantee, if mBTC were to become the standard unit, people worldwide would flock to mBTC at $1 a piece so much so that within weeks one single mBTC would be between $5-10, which makes the original 1 BTC worth $5000-10000.

i think you may be overestimating its impact.. i'm not saying it wouldn't make a difference, but to imply that it would drive the price of BTC up 5x-10x is a bit crazy.

[Cunningham]

!!! Bitcoinity switched to mBTC !!!
Along with a warning: Don't panic! 

[DeathAndTaxes]

!!! Bitcoinity switched to mBTC !!!
Along with a warning: Don't panic! 

Oh noes the value of my Bitcoins declined 99.9% overnight.  Jumps out first floor window.

[BitchicksHusband]

Mine went up 100x.  Weird.

[bitmarket.io]

'milicoin'

i like it

[beetcoin]

the funny thing is that they might have been serious with that "don't panic" disclaimer.. since everybody is bound to panic when something like this happens. so many of us are irrational 

[bryant.coleman]

I guarantee, if mBTC were to become the standard unit, people worldwide would flock to mBTC at $1 a piece so much so that within weeks one single mBTC would be between $5-10, which makes the original 1 BTC worth $5000-10000.

I am quite skeptical. For BTCs to be worth $10K, the market cap has to be increased from $ 12 b USD to $120 b USD. That is a huge task, and might require millions of new buyers.

[beetcoin]

I guarantee, if mBTC were to become the standard unit, people worldwide would flock to mBTC at $1 a piece so much so that within weeks one single mBTC would be between $5-10, which makes the original 1 BTC worth $5000-10000.

I am quite skeptical. For BTCs to be worth $10K, the market cap has to be increased from $ 12 b USD to $120 b USD. That is a huge task, and might require millions of new buyers.

or maybe thousands of "extremely rich" wallstreeters/bankers.

[Bitcoinpro]

I guarantee, if mBTC were to become the standard unit, people worldwide would flock to mBTC at $1 a piece so much so that within weeks one single mBTC would be between $5-10, which makes the original 1 BTC worth $5000-10000.

I am quite skeptical. For BTCs to be worth $10K, the market cap has to be increased from $ 12 b USD to $120 b USD. That is a huge task, and might require millions of new buyers.

or maybe thousands of "extremely rich" wallstreeters/bankers.

it just requires transaction fees to be lowered, it could initially have a negative affect

cause im sure people reaping the transactions will try to cause a price crash effect

[Mjbmonetarymetals]

mbtc = the quickest way to make everything priced in it look really expensive - its a crappo idea not sure who's pushing this, if your wondering why buying a Bitcoin is costing a bunch dollars it's due to the fact there being printed to infinity, in a few years time you'll be able to spot exactly where the nearest btc ATM is by the queue of wheel barrows.

[beetcoin]

mbtc = the quickest way to make everything priced in it look really expensive - its a crappo idea not sure who's pushing this, if your wondering why buying a Bitcoin is costing a bunch dollars it's due to the fact there being printed to infinity, in a few years time you'll be able to spot exactly where the nearest btc ATM is by the queue of wheel barrows.

what? i don't quite understand your logic. you actually think that having BTC set at $1,100 has a more welcoming psychological effect than $1.10?

[Cunningham]

I think the switch to mBTC is a good move.

From my own experience, people unaware of Bitcoin are absolutely shocked looking at a BTC price of $1000 .
Instead, a unit price of $1 is far more accessible.

And from a consumer perspective, mBTC can also be more attractive.
Why? Because prices are more easy to compare, at least to $ and €.

Imagine someone is going to buy an iPhone.
He will see that he has to pay $850 for it on the Apple store.
At the current BTC price, he would pay either 740 mBTC or 0.74 BTC.

Paying 740 mBTC instead of $1150 is obviously more tempting.

And what happens if the average Joe finds out that next month,
the same iPhone costs 450 mBTC, while the price in $ is still the same $1150?

Right - he will definitely consider buying Bitcoin!

I can see a slogan here: "With Bitcoin, even Apple prices are falling."  

[Operatr]

There is a motive on Reddit to call this new unit an "Embee", or mB(tc). I actually like that way better than "millibitcoin" or similar.

Satoshis  .00000001,  Embee's .0001

http://www.reddit.com/r/Bitcoin/comments/1s1gx0/bitcoinity_switches_to_mbtc/

Remember, public perception is the thing we can fix with this, it needs a nice, simple name that can be remembered and not sound too technical. Embee is also in line with traditional fiats in being no more than two syllables so it is easy to say in conversation. "Mil li bit coin" is chunky, "em bee" is smooth, like pen-ny, dol-lar, nic-kle etc.

A suggestion, but we need to call it something nice sounding that doesn't create an additional public problem of sounding strange.

I know a lot of people that had no idea 1 BTC can be bought in fractions. Buying "whole" coin is also just more satisfying, and don't deny it you would rather have 1 BTC and not .38435345 of one. This is a way to subtly shift Bitcoin into a smaller "whole" unit that is much more palatable.

[maximian]

Many thanks to Bitcoinity for taking the lead on this! Hopefully the other charting sites will follow.

Eventually people will become very comfortable with mBTC, and usage will gradually shift to just calling it BTC again.

[WebCanvas.in]

Excellent idea, but my vote goes to uBTC thinking future in mind. (if at all BTC hits $1M)
mBTC is also a good idea. Its like splitting of shares and may produce wonders in no time. Who knows, If switched, mBTC value may hit $1000 as fast as it can be!

As the price of one bitcoin approaches and hopefully surpasses $1000, many ordinary investors will feel that it's "too expensive" to buy in. Yet they would be happy to buy if the asset were denominated in millibitcoins (mBTC), because then it would "feel cheap" at ~$1 per unit.

This psychological resistance to the high price of one unit of an asset is the reason why most stocks do splits, to keep the price of one share under a few hundred bucks.

Also, we should keep in mind that bitcoin is still essentially like a penny stock or a pre-IPO security -- i.e. a risky early-stage investment -- and therefore in most people's eyes a price of nearly $1000 seems overpriced. I'm talking about the Average Joe here.

We need to bring the quoted price of the unit in line with the very early-stage nature of this investment opportunity. We don't need Average Joe comparing the price of one bitcoin to the price of one share of Google stock, because it is entirely inappropriate to compare bitcoin's current stage of development to the stock price of a well-established huge corporation. As long as people are inclined to make this comparison, due to the price, it will hold bitcoin back from widespread adoption.

I believe the bitcoin community should change over to a mBTC standard as soon as $1000/BTC is reached. Exchanges should report the exchange rate in mBTC, and bitcoiners should talk in terms of mBTC. This would reinforce the reality that we are still near the beginning of the process of bitcoin's growth.