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Author Topic: The Bitcoin Dollar  (Read 1902 times)
omar
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November 26, 2013, 10:16:28 PM
 #1

Each bitcoin has 8 digits after the decimal point.

1.00000000

This was a great idea when bitcoin started and its value relative to fiat currencies was very low. But now with the price of bitcoin reaching close to $1000 USD, it's a good time to introduce a new convention: the Bitcoin Dollar (BTC$), where there is just two digits after the decimal point.

Thus, 1 bitcoin = 1,000,000 Bitcoin Dollars
that is: 1 Bitcoin Dollar = 100 Satoshi

Why? Because people are not used to currencies having 8 digits of resolution. As bitcoin goes mainstream changing it to 2 digits makes it easier for people to deal with it and helps them understand that when they buy 1 bitcoin they are really buying 1 million bitcoin dollars. So rather than looking expensive compared to country backed dollars, it looks inexpensive.

I know we could also call it a micro bitcoin, but using that terminology just makes it sound like you are getting something really small. Also it doesn't give you any idea about how many digits are after the decimal. People already know that a dollar has two digits after the decimal.

Bitcoin clients and sites should allow users the option to view amounts in Bitcoin Dollars. Sites can gauge what percent of users enable this option and if a majority start using it then it could be made the default and viewing amounts in bitcoins being optional.

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November 26, 2013, 10:20:35 PM
 #2

Each bitcoin has 8 digits after the decimal point.

1.00000000

This was a great idea when bitcoin started and its value relative to fiat currencies was very low. But now with the price of bitcoin reaching close to $1000 USD, it's a good time to introduce a new convention: the Bitcoin Dollar (BTC$), where there is just two digits after the decimal point.

Thus, 1 bitcoin = 1,000,000 Bitcoin Dollars
that is: 1 Bitcoin Dollar = 100 sathoshis

Why? Because people are not used to currencies having 8 digits of resolution. As bitcoin goes mainstream changing it to 2 digits makes it easier for people to deal with it and helps them understand that when they buy 1 bitcoin they are really buying 1 million bitcoin dollars. So rather than looking expensive compared to country backed dollars, it looks inexpensive.

I know we could also call it a micro bitcoin, but using that terminology just makes it sound like you are getting something really small. Also it doesn't give you any idea about how many digits are after the decimal. People already know that a dollar has two digits after the decimal.

Bitcoin clients and sites should allow users the option to view amounts in Bitcoin Dollars. Sites can gauge what percent of users enable this option and if a majority start using it then it could be made the default viewing amounts in bitcoins being optional.


This is wrong for one main reason; if we add additional decimal points, your "Bitcoin Dollar" is now ambiguous. Secondly, numbers would be too big, who wants to buy a beer for 3,500 units? If the point of this is psychological, the units go against that.

And you spelled satoshis wrong.

And that unit is already a UBTC.


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g3raint
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November 26, 2013, 10:21:45 PM
 #3

+1  simplicity will improve acceptance.

G

------------------------------------------------------
BTC: 1NTs92VRppSsSeYLAXJtP1SxAzBwYk8JeH
------------------------------------------------------
omar
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November 26, 2013, 10:42:12 PM
 #4

This is wrong for one main reason; if we add additional decimal points, your "Bitcoin Dollar" is now ambiguous. Secondly, numbers would be too big, who wants to buy a beer for 3,500 units? If the point of this is psychological, the units go against that.

And you spelled satoshis wrong.

And that unit is already a UBTC.

Thanks, fixed the typo.

Is there really a plan to add more decimals?  Someone correct me if I'm wrong, but I don't think the design of bitcoin allows that.

In some countries paying 3,500 units for a beer is normal :-)

markjamrobin
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November 26, 2013, 11:02:15 PM
 #5

This is wrong for one main reason; if we add additional decimal points, your "Bitcoin Dollar" is now ambiguous. Secondly, numbers would be too big, who wants to buy a beer for 3,500 units? If the point of this is psychological, the units go against that.

And you spelled satoshis wrong.

And that unit is already a UBTC.

Thanks, fixed the typo.

Is there really a plan to add more decimals?  Someone correct me if I'm wrong, but I don't think the design of bitcoin allows that.

In some countries paying 3,500 units for a beer is normal :-)

The protocol would allow for a fork to add decimal places, if necessary. Whether that happens depends on BTC value. If a satoshi becomes too large of a unit, then it will be.

And why create a new unit, instead of using the already well established UBTC?


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November 27, 2013, 02:56:52 AM
 #6

bitcoin dollar is a mouthful, and you are forced to say the whole thing to avoid confusion with either bitcoin or dollars.

How do you say uBTC? 'u-bit'?

We should keep it simple. bits.

1BTC = 1 000 000 bits

It's easy, it has historically been a unit of currency, and it's already in the name!

'Do you accept bitcoin?'

'Yes, it's 250 bits'

bitcoin price ticker | bits.so
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November 27, 2013, 03:07:44 AM
 #7


How do you say uBTC? 'u-bit'?

μBTC = micro BTC

BTC : 1QANHjH7wLGv6fJbUtKyjCVQCig3nzo7di
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November 27, 2013, 04:36:37 AM
 #8

While I am from the USA, Bitcoin is for the world.  We would have to have 'the Bitcoin Euro' etc.....

I think mBTC is the answer for now.  Someday exchange rates will stabilize and it will be just like translating between Euros and Dollars. 

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November 27, 2013, 06:39:05 AM
 #9

Each bitcoin has 8 digits after the decimal point.

1.00000000

This was a great idea when bitcoin started and its value relative to fiat currencies was very low. But now with the price of bitcoin reaching close to $1000 USD, it's a good time to introduce a new convention: the Bitcoin Dollar (BTC$), where there is just two digits after the decimal point.

Thus, 1 bitcoin = 1,000,000 Bitcoin Dollars
that is: 1 Bitcoin Dollar = 100 sathoshis

Why? Because people are not used to currencies having 8 digits of resolution. As bitcoin goes mainstream changing it to 2 digits makes it easier for people to deal with it and helps them understand that when they buy 1 bitcoin they are really buying 1 million bitcoin dollars. So rather than looking expensive compared to country backed dollars, it looks inexpensive.

I know we could also call it a micro bitcoin, but using that terminology just makes it sound like you are getting something really small. Also it doesn't give you any idea about how many digits are after the decimal. People already know that a dollar has two digits after the decimal.

Bitcoin clients and sites should allow users the option to view amounts in Bitcoin Dollars. Sites can gauge what percent of users enable this option and if a majority start using it then it could be made the default viewing amounts in bitcoins being optional.


This is wrong for one main reason; if we add additional decimal points, your "Bitcoin Dollar" is now ambiguous. Secondly, numbers would be too big, who wants to buy a beer for 3,500 units? If the point of this is psychological, the units go against that.

And you spelled satoshis wrong.

And that unit is already a UBTC.

I disagree with this.  There are many countries where a beer costs 3,500 units, and there is nothing wrong with that there.  It's just a matter of getting used to it.  What IS difficult to get used to though, is workign with currency in 0.0xxxxx format.

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November 28, 2013, 04:03:07 AM
 #10

I like bits, as previously mentioned it was historically used to refer to 1/8th of a Spanish Dollar ... because they were easy to split into eight pieces (another term was "pieces of eight").

http://en.wikipedia.org/wiki/Bit_%28money%29
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June 22, 2014, 07:32:06 AM
 #11

Good to see that Coinbase is now allowing prices to be shown with just 2 decimals. They are calling the new unit "bits". A bit confusing, but I like it better than micro-bitcoin. Maybe people will start calling this unit the bit dollar and sathoshis would be bit cents.

http://www.coindesk.com/coinbase-announces-pricing-bits-bitcoin-buyback-option/

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June 22, 2014, 08:42:04 AM
 #12

A BitDollar?Huh

People shouldn't be getting confused as they can see the prices/balance in wallets in dollars or euro.
So really, they can go with what they are used to.

I don't understand why that is confusing to some people.
If you want to buy $20 worth of BTC then that's what you will get.

If you want to buy a product that is $20 worth of BTC, that is what you will pay.


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June 22, 2014, 09:55:49 AM
 #13

Oh god please let this madness stop

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June 22, 2014, 10:01:13 AM
 #14

Paying for things in such big amounts might be confusing at first, but people will get used to it. I think people will still just pay for stuff with the fiat value anyway so it'll avoid most confusion.

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June 22, 2014, 10:06:06 AM
 #15

bitdollar? wait will there be a biteuro bityen then?

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June 22, 2014, 10:12:05 AM
 #16

Bitcoin dollar all the way Tongue

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June 22, 2014, 10:13:29 AM
 #17

Bitcoin dollar all the NO way Tongue

FTFY    Grin Grin Grin Grin Grin Grin Grin

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June 22, 2014, 11:25:02 AM
 #18

so many names for the same amount of bitcoins.

i really hope a consensus can be reached, as long as it's not bit. (and bitcoin dollar is a pretty terrible name as well)
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June 22, 2014, 01:19:54 PM
 #19

so many names for the same amount of bitcoins.

i really hope a consensus can be reached, as long as it's not bit. (and bitcoin dollar is a pretty terrible name as well)

and bitcoins is 8 letters long (think decimals of a bitcoin)

bit is 3 letters long
00000100

(pre-empting a rebuttle)

better then zib.. zib has no relation to bitcoin and sounds foreign
bit is atleast part of a bitcoin.. literally and financially.

let me guess you want 100sat to be called a bitcoin. so you can shout to the world you finally have 10 bitcoins.. while the world laughs back at you and say you only have a dollar in reality. thats like calling a ounce gold coin, a tonne of gold.

all of these discussions and more can b read over 100 different threads as of autumn 2013.. its now boring, th majority that bothered to vote prefer bit, and many service providers are already rolling with it..

...moving on with our lives

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June 22, 2014, 02:02:31 PM
 #20

BitPay and Coinbase agree.

http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html

http://blog.coinbase.com/post/89405189782/its-bits

Hardfork aren't that hard.
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