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Author Topic: The Bitcoin Dollar  (Read 1910 times)
RawDog
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June 22, 2014, 03:09:19 PM
 #21

Bitcoin dollar all the way Tongue
Team America, Fuck yeah!

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June 22, 2014, 05:03:46 PM
 #22

I like bits and mbits. I am sure over time a standard will emerge. 

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June 22, 2014, 05:38:35 PM
 #23

bitdollar? wait will there be a biteuro bityen then?

Lmao Cheesy thats what i was thinking Cheesy, Slippery slope indeed
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June 22, 2014, 05:47:00 PM
 #24

Bitcoin dollar all the way Tongue
Team America, Fuck yeah!
knew someone was going to say that LOL

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June 22, 2014, 08:45:46 PM
 #25

Actually the word 'dollar' is derived from the Dutch word 'daalder' which is derived from the German word 'thaler'.

http://en.wiktionary.org/wiki/dollar

To really make it American, you'd have to call it a bitbuck  Wink


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June 22, 2014, 10:02:27 PM
 #26


Use of the word 'dollar' makes things more ambiguous in my opinion. The term bits is already being adopted by users and bitcoin businesses (coinbase, bitpay, etc).

Not to mention that bits are usually very good things - bacon bits, naughty bits... BTC bits. Done.


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June 22, 2014, 10:27:44 PM
 #27

a)  This thread is 6 months old, did it really need to be bumped when there's already a recent topic about coinbase?

b)  Naming it dollar is a terrible idea and I've posted before to explain why:

The problem with this idea is that there are plenty of places in the world where dollars (or anything else with connotations to the US for that matter) are not viewed in the most positive light (to put it mildly).  While I'm sure it would make sense for people in Western countries, we have to remember that bitcoin is a global currency.  It's understandable that most of us in the English speaking part of the forum will have a western-centric outlook of the world and it's easy to forget that people in other places will have radically different views.  Bitcoin at it's core is a neutral and unbiased algorithm, so we should stick with new and neutral denominations.

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June 23, 2014, 05:44:01 AM
 #28

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.

thanks or the info friend, this adds more knowledge about bitcoin, bitcoin future hopefully more familiar to many people and can be accepted in all countries
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June 23, 2014, 07:30:21 AM
 #29

Bitcoin dollar all the way Tongue
Team America, Fuck yeah!
lmfao!!  had a chance to use that one earlier this evening during a TV show Smiley

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