Who will fund BTC price above $1200+ ????

[BittBurger]

Lets say there's a sell order for 1.0 BTC at $10,000 .....

Lets say 400 people purchase 0.0025 BTC.

Lets say they pay $25 for each 0.0025 BTC.

This would equate to 1 BTC and $10,000 total spent.

Would this activity cause BTC to be valued at $10,000?  Or does it not work that way?

If not, I simply don't see how BTC is going to hit $10,000 .... purely from a trading perspective.  People usually wont buy 0.0025 of a stock anyway.

[MAbtc]

But it boggles my mind that people would really be so stupid, that not changing the unit would "stifle" growth. I find reading mBTC data from exchanges just hurts my eyes.....

[superresistant]

You said it, it's about switching to smaller unit.

[RodeoX]

A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.

[Dragonkiller]

Unit does need to change. Probably not yet though. But it does play an important role. For example, I'd rather pay $1000 for an ounce of gold than $1000 for 1/35 kg of gold. Even though it's the same thing, it has a psychological effect.

[gentlemand]

People are that stupid. 10-20 minutes of measured research would clear things up quickly. I'm not sure how many are prepared to do that. Observe what professional financial journalists often come out with.

Bitcoin could bypass consumption by the general public and head straight for institutional investment. It'll be fed back to people in a 'safer' form.

Where Bitcoin might falter is the gap between enthusiast/ early adopter territory and big finance. It'll take a handful of visionaries to bridge that gap. I think they're out there already.

[BurtW]

I think we should all move to nBTC that way the minimum amount is 10.  Bitcoin would really take off then.  Imagine!  People could buy thousands of "shares" at a time for only one dollar!  But best of all no one would ever have to own just one.  The least you could own would be 10.

The effect on the market is undeniable.  We would be the first currency/asset where we did not have a way to transact in units of the currency/asset !!!  

No more mucking about with single digits.  Double digits accounts and transactions for everyone!!!

[Reece523]

One thing I've noticed about myself is that I'm more cautious with my Litecoins than with my Bitcoins -- I think it's because 5 LTC feels like a lot but 0.18 BTC doesn't really (maybe a benefit for Bitcoin in certain industries [eg. gambling?]). There's something unsettling for me about me not having at least half a bitcoin. I couldn't imagine myself being content with 0.0025BTC but 25 mBTC doesn't sound too bad at all.

[seleme]

I kinda think it's too late to change anything. Bitcoin is what has been advertised to regular people, not milibitcoins or anything similar. And bitcoin scarcity is what is being used as one of main bitcoin selling points, changing anything is pretty risky.

[superresistant]

A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.

Well it is very relevant. The mass adoption depend mostly on that specific point.

People don't care about logic. They don't want the idea of a slice of a pie, they want a Bitcoin or 10 Bitcoins, something they can count with their damn fingers.

[bumpk1nK]

A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.

Well it is very relevant. The mass adoption depend mostly on that specific point.

People don't care about logic. They don't want the idea of a slice of a pie, they want a Bitcoin or 10 Bitcoins, something they can count with their damn fingers.

They can buy Satoshis instead, and feel very rich, if this is how it works

[shadowninjax]

yes I too believe in the psychological factor affecting the average joe in investing small amounts to just try out. And switching to mBTC would probably help a lot to move the bitcoins to higher levels.

[I_bitcoin]

I will continue to convert fiat to bitcoin until my salary is all bitcoin.   How about that?

Edit: This means I don't stop after 1200.

[RodeoX]

A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.

Well it is very relevant. The mass adoption depend mostly on that specific point.

People don't care about logic. They don't want the idea of a slice of a pie, they want a Bitcoin or 10 Bitcoins, something they can count with their damn fingers.

I think your right, I just know better myself. I helped someone last week buy their first bitcoin. No matter what I said, the person wanted 1 bitcoin.  

P.S. I know this is heresy, but we could just move the decimal point and say that 0.001 is now 1.0. Everyone would suddenly have more bitcoin, but the same slice of pie.

[cp1]

If everyone wants one of the currency unit then we should move the decimal point the other way and demand will increase by 10x.

[BurtW]

Question:  why do we need dozens and dozens of threads about the same damn subject?

Next time, instead of starting yet another thread about changing the units, just add your comments to the end of one of the other threads.

[cp1]

Question:  why do we need dozens and dozens of threads about the same damn subject?

Next time, instead of starting yet another thread about changing the units, just add your comments to the end of one of the other threads.

Maybe we should divide each thread into 1/100 of a thread, so everyone can have their own thread about the BTC unit, while keeping all of them in the same thread.

[rampantparanoia]

You. You will fund the BTC price above $1200.

[HigsonPP]

i think the mbtc camp's argument is super weak. i get it, down to the satoshi

[windjc]

It's very obvious that many on this forum do not understand basic human psychology. mBTC is the obvious choice. People are SIMPLE creatures. The idea of cheaper is always better. And humans hate decimals. The more decimals the more they will avoid. You think the average human wants to calculate .00000... Of something you just don't get it.

People want ease of use, ease of understanding and simplicity.

Bitcoin is yet any of these things. Although I am confident the right choices will be made long term.