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Author Topic: Let's just start using Satoshis when talking about bitcoin  (Read 78 times)
KonstantinosM
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May 16, 2018, 04:21:26 PM
 #1

Given all the hidden inflation when it comes to USD, eventually we're bound to hit parity.


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May 16, 2018, 04:27:40 PM
 #2

Could you make things clear? Are you talking about a satoshi will equal to 1 U.S. Dollar? If that is what you meant I don't think it is a good idea as it is nowhere possible as of the moment thinking that 1 satoshi is equal to a dollar is like thinking Bitcoin will be priced at 100 million dollars which is nowhere near on where we at right now.

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KonstantinosM
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May 16, 2018, 04:40:57 PM
Merited by Vod (3)
 #3

Could you make things clear? Are you talking about a satoshi will equal to 1 U.S. Dollar? If that is what you meant I don't think it is a good idea as it is nowhere possible as of the moment thinking that 1 satoshi is equal to a dollar is like thinking Bitcoin will be priced at 100 million dollars which is nowhere near on where we at right now.

Well, the Zimbabwean dollar is probably already at parity with satoshis... Don't forget we're talking about fiat money.

And with numbers like the ones on http://www.usdebtclock.org/ I don't trust the US economy 100%.



To be clear, the satoshi/USD parity was just an exaggeration, that being said even if we don't hit parity 100,000 satoshis sounds better than 1 mbtc and 50,000 satoshis sounds better then 0.5 mbtc.

Plenty of zeroes and no need for decimals is a huge advantage for bitcoin imo.

Will combat the total nonsense that bitcoin is expensive if just a cent can buy you certain amount of satoshis or mSats.


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DooMAD
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May 16, 2018, 05:43:28 PM
 #4

Well, the Zimbabwean dollar is probably already at parity with satoshis

Maybe, but no one really uses that anymore.  Zimbabwe now primarily use USD and also accept a few other national currencies.  Although the government are reportedly considering relaunching the ZWD.  The Venezuelan Bolivar is probably a better (and more current) example.

However, for most other places in the world, we aren't really there yet.  Plus, I tend to think the usage of µBTC / microbits is more likely to be adopted than raw satoshis, as most places are accustomed to having two decimal places.

Instead of 301500 satoshi, for example, 3015.00 µBTC looks more like a "normal" price in many Western nations.  But if that's ~$25.00 USD, it's still going to be a big change for people to adapt to.  You're probably right to assume that several other fiat currencies are going to crumble, though, so the smaller denominations will likely become more popular over time.

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May 16, 2018, 05:50:10 PM
 #5

Could you make things clear? Are you talking about a satoshi will equal to 1 U.S. Dollar? If that is what you meant I don't think it is a good idea as it is nowhere possible as of the moment thinking that 1 satoshi is equal to a dollar is like thinking Bitcoin will be priced at 100 million dollars which is nowhere near on where we at right now.

Well, the Zimbabwean dollar is probably already at parity with satoshis... Don't forget we're talking about fiat money.

And with numbers like the ones on http://www.usdebtclock.org/ I don't trust the US economy 100%.



To be clear, the satoshi/USD parity was just an exaggeration, that being said even if we don't hit parity 100,000 satoshis sounds better than 1 mbtc and 50,000 satoshis sounds better then 0.5 mbtc.

Plenty of zeroes and no need for decimals is a huge advantage for bitcoin imo.

Will combat the total nonsense that bitcoin is expensive if just a cent can buy you certain amount of satoshis or mSats.
No it does not. It rather makes things more complicated to be honest, I remembered that faucet sites are just using the words satoshis to make their claimers think that they have huge rewards. To be clear I would still use .001BTC instead of 1 mBtc or 100,000 satoshis to avoid confusion with other members especially the ones that are new to Bitcoin. Adding more zeroes indeed makes it look more valuable but it adds a lot of confusion to people. And also to clarify you the hyper inflation that happened to Zimbabwe is due to their wrong doing, they thought that overprinting their own money as well as creating big bank notes is a good economical solution which is not.

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hatshepsut93
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May 16, 2018, 06:09:02 PM
 #6

Given all the hidden inflation when it comes to USD, eventually we're bound to hit parity.

It's too inconvenient to use satoshi's as the main unit today, it's hard to read something like 3525154 satoshi because you have to count all the decimals. mBTC is the best unit today, it's close to $10 so for smaller transactions the range will be 0.1 - 10 mBTC. When estimating larger amounts, like when checking your savings, it's convenient to use whole Bitcoins. Smaller units like  µBTC, satoshi and even fractions of satoshi (possible with Lightning Network) will become more usable as Bitcoin's price increases, but not before that, unless in some special cases like LN micro-transactions.

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May 16, 2018, 06:34:42 PM
 #7

"satoshi" or "satoshis" is already a term in Bitcoin. A satoshi is the smallest unit of one bitcoin, so BTC0.00000001.

Here's a conversion source for you, you'll find the conversion of a satoshi at he top of the list ---> https://www.bestchange.com/converter/

Given all the hidden inflation when it comes to USD, eventually we're bound to hit parity.

And Bitcoin hit parity with the US Dollar when BTC1 = $1...a long, long time ago.

For a satoshi to reach parity with the dollar a Bitcoin would have to be worth $100,000,000. So, yeah, let's say "were bound to hit parity", but "eventually" is a very long, long time in the future.

If we want to get to that point, it's probably best not confuse the general public with a name change.

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May 16, 2018, 06:35:02 PM
 #8

I don't believe 1 satoshi will ever equal 1 USD as each Bitcoin would be then valued at 100 million each. But I do believe that 1 millibit will equal 1 USD and that price line of 100k seems not too far off and plausible. If I got my assumption incorrect, apologies because I see some mentioning 1BTC=1 USD as parity I thought it meant in regards to satoshis.

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freesia_pnp888
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May 16, 2018, 06:35:20 PM
 #9

what? Bitcoin is not Voldermosrt LOL if you know what I mean.
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May 16, 2018, 06:50:19 PM
 #10

It would be easier to talk about prices using satoshi measurements and most already do. It's only in the media that they use decimals instead as it isn't an official denomination. It's common here as this is more casual chat and it's easier to talk trade in sats than 0.xxxx btc

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May 16, 2018, 06:54:24 PM
 #11

BITS
100 sat= 1 bit(ubtc)

should be what we should all start using commonly. i already started using it years ago and started seeing some services following suit, so we should all start using bits for common measure

0.00010000 = 100bits  (thus satoshi's are then treated like cents)
(dollar analogy..   bits=bucks sats=cents)

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May 16, 2018, 08:20:47 PM
 #12

I'll keep using what I use -- BTC units with decimal points -- until the market forces me to change.

I've been hearing this suggestion ever since I got into Bitcoin in 2013. I think we'll eventually move to smaller units, but there's no point in pushing "bits" or "satoshis" when most people still haven't wrapped their head around bitcoins yet.

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July 06, 2018, 09:51:18 AM
 #13


STS or BTC is based only on the trust value of the user. USD is behind the US and BTC is not
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July 06, 2018, 10:28:51 AM
 #14

I think satoshi is already referred to certain fractions of bitcoin?

Bitcoin being changed as satoshi will make it look like a central coin. I think the name bitcoin is already sellable.

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