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Author Topic: re-denominating bitcoins  (Read 617 times)
bitsapient
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November 27, 2013, 12:29:56 PM
 #1

If the end goal for bitcoin is for it to eventually mature into a viable alternative currency, the price of products should be easy to understand in bitcoin terms. As it stands, if I were to ask for the price of a cup of coffee in bitcoins, it would come down to something like .003 bitcoins, which is a bit unwieldy to say or understand.

It's simply a naming convention, but I think it is important that we denominate bitcoins in a way that is easy for everyone to understand. With the price of bitcoin closing in on $1000, this seems to be the perfect opportunity to refer to 1/1000th of a bitcoin as the standard unit. The standard name for 1/1000 BTC seems to be "milli-Bitcoin", but this sounds also a bit unwieldy to say. How about "Millibit"?

This redenominating can only happen if enough people adopt it for it to catch on so please if you agree with me, start thinking and talking in terms of millibits!

Any thoughts?

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November 27, 2013, 12:31:41 PM
 #2

Milcoin seems legit

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menocco
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November 27, 2013, 12:35:23 PM
 #3

Who knows to be honest. Maybe in five years time 1 btc = 1$ . I hope not though  Grin
BurtW
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November 27, 2013, 12:36:58 PM
 #4

Milcoin seems legit

milliBitcoin = mBTC
microBitcoin = uBTC
nanoBitcoin = nBTC

No need to reinvent the wheel.

As far a slang terms these always develop naturally.  Trying to "name" them is like trying to give yourself a nickname - it does not work.

BTW this has been discussed at least a thousand times.  You can use the search function to find threads on a subject and add to that thread instead of starting yet another thread on the same subject.

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bitsapient
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November 27, 2013, 12:45:42 PM
 #5

How have the efforts been going? It does not seem yet to me that the term "millibitcoin" has caught on yet.

 Are there any worthwhile ideas how to reach mass adoption?
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November 27, 2013, 02:42:48 PM
 #6

How have the efforts been going? It does not seem yet to me that the term "millibitcoin" has caught on yet.

 Are there any worthwhile ideas how to reach mass adoption?

Mass adoption is a process.  That is exactly what is happening:  slowly more and more people are starting to learn about it.

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fenghush
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November 27, 2013, 03:02:04 PM
 #7

IMHO mass adoption will occur only if the proposed unit is included in the most widely used bitcoin clients.
Rainkiss
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November 27, 2013, 03:04:29 PM
 #8

Having a term for the smallest unit lessens the need for other names I think. Think about pricing in other currency, even 1 million of an unit of currency is still just that, we don't have special names for "1 million dollars." In your example of .003, if you're wanting to verbalize that as a price, just say "300k sat(oshi)."

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November 27, 2013, 03:05:19 PM
 #9

Milcoin seems legit

nanoBitcoin = nBTC


There is no meaning for nBTC.
Under the current protocol, there is only 8 decimal places for Bitcoin.

Unless there is a hard fork, the smallest denomination would be satoshi.
dayfall
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November 27, 2013, 03:10:24 PM
 #10

Millie, Mike, Satoshi.

I mine 7 Millies a day.

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November 27, 2013, 05:50:12 PM
 #11

Milcoin seems legit

nanoBitcoin = nBTC


There is no meaning for nBTC.
Under the current protocol, there is only 8 decimal places for Bitcoin.

Unless there is a hard fork, the smallest denomination would be satoshi.


Quote
Unless there is a hard fork, the smallest denomination would be satoshi 10 nBTC.
  Oops, sorry, that has "no meaning"

Also 1,000,000,000 nBTC is currently worth about $1,000.00, oops, sorry, again said something with "no meaning".

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WayTooGosu
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November 27, 2013, 05:52:12 PM
 #12

People often use mBTC where one of those is a thousandth of a BTC and is about a dollar.

Loski
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November 27, 2013, 06:19:50 PM
 #13

Milcoin seems legit

nanoBitcoin = nBTC


There is no meaning for nBTC.
Under the current protocol, there is only 8 decimal places for Bitcoin.

Unless there is a hard fork, the smallest denomination would be satoshi.


Quote
Unless there is a hard fork, the smallest denomination would be satoshi 10 nBTC.
 Oops, sorry, that has "no meaning"

Also 1,000,000,000 nBTC is currently worth about $1,000.00, oops, sorry, again said something with "no meaning".

Sorry, your whole post is really meaningless lol.
Maybe you can use picoBTC and femtoBTC as well.
samsam
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November 27, 2013, 06:25:11 PM
 #14

I am not sure if bitcoin can be used as a currency. Currently, the bitcoin network can only process 7 transactions a second.

I personally think bitcoin will take the place of precious metals bullion and large wire/ACH transfers.

That is, it will be used to store wealth and transfer large sums of money.

In that case, bitcoins could become very expensive.

35% of all gold is held as investment or by central banks.

It that moved over to bitcoin, bitcoin's market cap would be in the trillions of dollars.
Blueblarflubar
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November 27, 2013, 06:32:19 PM
 #15

I'm also in favor of redenomination, bitcoin at 1000 dollars might turn people off to buying it in the first place
urbtc13
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November 27, 2013, 06:36:19 PM
 #16

For the start no one is going to be happy asking for any number of "millibitcoins" out loud when they're currently accustomed to asking for the single syllable 'cents'.

It will certainly need some form of accepted slang to work on the streets and be used by the average joe.

Although perhaps some time in the future payment points in stores will simply list multiple currencies on a screen that the customer will choose and swipe their card. No speech required, just visual recognition of the amount. 0.0000001 is however, very confusing no matter how you name it.
bitsapient
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November 28, 2013, 12:51:48 PM
 #17

I suppose the first breakthrough in mass adoption would come if an exchange were to suddenly start listing its bid/ask in terms of millibitcoins instead of a full bitcoin. Anyone have the inside scoop on what their stance is on that?
emilia79
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November 28, 2013, 01:29:02 PM
 #18

why redenomate it ?

Not all people work with international metric system, and what ?

In Science, some work with MPa and MeV and nC. So what ?

Why always rename (or re-brand) things; is it a fashion month ?
bitsapient
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November 28, 2013, 01:55:24 PM
 #19

Because using large numbers is unwieldy. Imagine trying to buy a bag of chips worth 50 cents. In whole bitcoins that would be .0005 BTC. To speak the words "point zero zero zero five bitcoins" is awkward and can cause confusion over decimal places, especially if BTC goes up another order of 10 or more.

The psychological value of switching to milliBitcoins is more than worth it, especially if the endgoal is to someday use BTC as a viable alternative to fiat currencies.
BurtW
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November 28, 2013, 02:23:42 PM
 #20

I see no point at all in the dozens and dozens of threads on this subject.  You do not need permission from anyone to start using mBTC, uBTC, satoshis, the "meaningless" nBTC, or whatever you want to use.  Just start doing it.  If you feel that you want to use mBTC in all of your posts and emails on the subject from no on then just do it.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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