millibitcoins

[henryreardon]

We need a split into 1000 millibitcoins, which would be just over $1 each at the current price.  They'd fly off the shelves, and effectively kill LTC and all the other altcoins.

How can we initiate the change to mBTC?

[BitchicksHusband]

We could all write to all the exchanges asking them to do this on January 1, 2014.  If we could convince the Bitcoin Foundation to make a recommendation and for the Bitcoin wallet programs to switch at the same time, then it could happen.

[fiddelingones]

I already thinking in mBTC term, 1 mBTC = 0.001 BTC = around 1 USD, easy !

[shizuska]

IMO its good idea too, BTC foundation would have to send reccommandation letter to all exchanges.

[henryreardon]

Good idea.  Anybody wanna take a stab at a succinct template email to them?  And maybe an email list of exchanges?  Then we could all fire away.

Sort of like those emails we receive to write our Congressmen

[2_Thumbs_Up]

We need to use the word 'bits' for a millionth of a bitcoin instead.

http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.

And I live in a country that uses the metric system.



Bits is so much more psychologically appealing as well. Imagine this conversation.

"Bitcoin is to expensive"

"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."

"Oh"


Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.

Just my 2 bits.

[taenaive]

well, if we keep this 1000 dollar price very stable... it might.
But, we will eventually end up using µBTC or bits as the guy mentioned above in the future

[kolesozw]

You can set mBTC in Bitcoin-qt, what is the deal?

[PenAndPaper]

We need a split into 1000 millibitcoins, which would be just over $1 each at the current price.  They'd fly off the shelves, and effectively kill LTC and all the other altcoins.

How can we initiate the change to mBTC?

I don't think this is a very sophisticated strategy to kill LTC. (why kill it anyway, just buy some ltc and harvest great gains  )
I mean LTC can switch to mLTC and it 'll still be "cheaper" right?   

[Wilhelm]

I vote for Satoshi

0.000 000 01 BTC = 1 Satoshi (Sat)
0.000 01 = 1 kilo-Satoshi (kSat)
0.01 = 1 Mega-Satoshi (MSat)

currently $1 is 11.5 Mega-Satoshi

[theonewhowaskazu]

We need to use the word 'bits' for a millionth of a bitcoin instead.

http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

I've been pushing for this kind of hard recently, but it's only because I think all the other naming schemes causes too much mental hiccups for some people. I've had plenty of conversations where people get confused by using the SI-system on currency. And their skepticism of it never seem to dissappear from that point forwards. Bits is the most intuitive name I've come across that seems to resolve this issue.

And I live in a country that uses the metric system.



Bits is so much more psychologically appealing as well. Imagine this conversation.

"Bitcoin is to expensive"

"You can buy bits of a bitcoin. 1 USD currently gets you 1000 bits."

"Oh"


Getting 1000 bits for your dollar sounds a lot better than getting a fraction of a bitcoin for your dollar, even if you call that fraction mBTC or uBTC. Logically it shouldn't matter much, but in order to get people to focus on the important parts, it seem to mather a lot.

Just my 2 bits.

I made a thread all about that. Not sure that "bit" is the best short name, though. One guy recommended bai.

[operrajunk74]

We need a split into 1000 millibitcoins, which would be just over $1 each at the current price.  They'd fly off the shelves, and effectively kill LTC and all the other altcoins.

How can we initiate the change to mBTC?

I don't think this is a very sophisticated strategy to kill LTC. (why kill it anyway, just buy some ltc and harvest great gains  )
I mean LTC can switch to mLTC and it 'll still be "cheaper" right?   

People would be confused, 1mBTC = 1.10 USD  and 1 LTC = 40 USD ? They may think LTC is better because of higher price  
And buying LTC now? No way!

[Tirapon]

Definitely time to switch to mBTC IMO

[Kleptoid]

I don't think it's a good idea to combat misconception with confusion.

[invisiblehand]

I vote for mBTC, short and simple

It is inevitable

[revans]

We need a split into 1000 millibitcoins, which would be just over $1 each at the current price.  They'd fly off the shelves, and effectively kill LTC and all the other altcoins.

How can we initiate the change to mBTC?

Why would you want to kill all the competition ? I thought free market libertarians believed in competition and were against monopolies.

[GigaCoin]

We need a split into 1000 millibitcoins, which would be just over $1 each at the current price.  They'd fly off the shelves, and effectively kill LTC and all the other altcoins.

How can we initiate the change to mBTC?

i support this the mXBT/ mBTC movement 100% . I believe its an important step for the mainstream to get into bitcoin, right now the masses mentality is "bitcoin is too expensive" however when they look at it from mXBT / MBTC point of view it'll look affordable, especially if it's going to be used as a currency.

A good comparison is Gold, a TT bar is the equivalent of 1 Bitcoin and 1 ounce is the main unit of measure for the price of gold globally.

It's time to make the switch asap before Bitcoin going full mainstream in 2014, exchanges should start by pricing bitcoin by mxbt and xbt this will help the transition.

[revans]

We need a split into 1000 millibitcoins, which would be just over $1 each at the current price.  They'd fly off the shelves, and effectively kill LTC and all the other altcoins.

How can we initiate the change to mBTC?

I don't think this is a very sophisticated strategy to kill LTC. (why kill it anyway, just buy some ltc and harvest great gains  )
I mean LTC can switch to mLTC and it 'll still be "cheaper" right?   

People would be confused, 1mBTC = 1.10 USD  and 1 LTC = 40 USD ? They may think LTC is better because of higher price  
And buying LTC now? No way!

Why do you consider Bitcoin even at current prices to be the best investment ever but Litecoin at current prices to be bad? Litecoin does the same thing, can do it quicker, and at present still offers hobbyist miners a chance of getting involved.

[invisiblehand]

BTC has a much stronger network effect, it is years ahead of LTC

LTC is like RC Cola compared to BTC Coke

mBTC would have a real effect on people looking to get in who perceive BTC to be "too expensive"

[PenAndPaper]

People would be confused, 1mBTC = 1.10 USD  and 1 LTC = 40 USD ? They may think LTC is better because of higher price  

Considering how prices affect the decisions of newcomers i think yes thats possible.
40$ dollars is still quite cheap after all, if you think that something similar that was worth 40$ some months ago now worths 1000+ .