Move Bitcoin's radix point 3 places to the right to improve BTC acceptance

[bitbrasil]

I think Bitcoin needs a currency system reform. The way it is now, it's scaring people away, even though it is just psychological. Using other units like mBit is not much helpful either.

The best way is to continue to use 1 Bitcoin as a unit name and move the radix point 3 steps to the right, so:

0.001 old BTC = 1.00 new BTC.

In countries where hyperinflation occurs, it's a common approach to make a monetary reform and usually move the radix point 3 steps to the left. Since Bitcoin is hyperdeflating, it makes sense to do the opposite.

I think this will greatly improve BTC acceptance. Like it is today, it's just silly to go buy a coffee for 0.0015 BTC. It's not how most people are used to buy things.

In order for this to be effective, it's not enough to do this just in speech, wallets and prices at stores should display the new unit system. I'm not sure how difficult it would be to change this at the software level though.

[whtchocla7e]

In other words make rich people richer and poor people poorer?

[bitbrasil]

In other words make rich people richer and poor people poorer?

It's just a naming convention, it wouldn't make people richer or poorer.

[Dr Bloggood]

I agree, doing that would be a psychological incentive for the masses.

Give it time till BTC goes x10 though, you shouldn't make this re-evaluation every year, it can confuse too and give the impression of inflation.

In other words make rich people richer and poor people poorer?

 

[whtchocla7e]

In other words make rich people richer and poor people poorer?

It's just a naming convention, it wouldn't make people richer or poorer.

The "psychological" effect goes both ways.

[byt411]

People need to stop thinking 1 BTC should equal 1 USD or something. BTC was designed with units until satoshis to counter the inflation and the value of BTC.

[Kazimir]

In other words make rich people richer and poor people poorer?

How, exactly, would this make rich people richer and poor people poorer?

Printing new money like crazy and distribute it only amongst banks, i.e. what the FED and ECB are doing every day, that's what makes the rich richer and the poor poorer.

Shifting to smaller Bitcoin units can more or less be considered to be effectively the same as printing new money, except now it's evenly distributed along all current owners of money, instead of just a few elite monopolists. HUGE difference.

[Kazimir]

Is it time to move gold's radix a few decimal places? I mean, 1 bar of of gold is like $30,000 or something. We should consider 0.0001 bar of gold to be the 'new bar of gold'.

Or perhaps people should just wake the f*ck up and use their brain.

People who are as stupid to think "1 BTC is almost $1000, that's too expensive per unit" will be the latecomers. Their loss.

[Dr Bloggood]

People who are as stupid to think "1 BTC is almost $1000, that's too expensive per unit" will be the latecomers. Their loss.

But that's the way the masses think, seriously!

It will give Litecoin a good boost...

[Dr Bloggood]

In other words make rich people richer and poor people poorer?

How, exactly, would this make rich people richer and poor people poorer?

Shifting to smaller Bitcoin units can more or less be considered to be effectively the same as printing new money, except now it's evenly distributed along all current owners of money, instead of just a few elite monopolists. HUGE difference.

Would you agree that ahifting to smaller BTC units is technically inflation, but without the negative effects of (common) inflation?

[bitbrasil]

Is it time to move gold's radix a few decimal places? I mean, 1 bar of of gold is like $30,000 or something. We should consider 0.0001 bar of gold to be the 'new bar of gold'.

Or perhaps people should just wake the f*ck up and use their brain.

People who are as stupid to think "1 BTC is almost $1000, that's too expensive per unit" will be the latecomers. Their loss.

People don't use gold to buy a coffee. Gold is a commodity not a currency. People don't use gold units in their monthly expenses spreasheet. It's different from bitcoins.

[Kazimir]

But that's the way the masses think, seriously!

I know. There will be a big mass of latecomers!

But I agree, something in this direction may help to speed up mass adoption.

Would you agree that ahifting to smaller BTC units is technically inflation, but without the negative effects of (common) inflation?

If we keep calling these new units "BTC" (though they are 1/1000th of the previous BTC) then yes.

The negative effect of common inflation = the money in our wallet and on our bank loses value. Doesn't happen with shifting to smaller BTC unit!

[bitbrasil]

I agree, doing that would be a psychological incentive for the masses.

Give it time till BTC goes x10 though, you shouldn't make this re-evaluation every year, it can confuse too and give the impression of inflation.

actually it's deflation, not inflation, right?

[zeetubes]

"Is it time to move gold's radix a few decimal places? I mean, 1 bar of of gold is like $30,000 or something. We should consider 0.0001 bar of gold to be the 'new bar of gold'."

There are so many flaws with this argument it's not funny. Gee why do you think silver outsells gold by an order of magnitude? Do you it could be because the average person thinks its cheaper? They think they are getting more for their money and they think they can't afford gold, even though they could buy a tiny gold coin for the same price as a silver eagle.


"Or perhaps people should just wake the f*ck up and use their brain."

Yes, you should.

[BTC-TK]

We would need to move it every couple of years then since USD inflation soars and BTC deflation increases.

[zeetubes]

It may actually be a better idea to switch the values of the satoshi and the btc. Regardless, the only reason 95% of the alternative cryptocurrencies exist is because the perception is that the price of bitcoins is too high. If you want a taxi driver in Botswana to start accepting payments in bitcoins then you'd better make it easy for him/her because they probably didn't stay at school too long. Otherwise btc becomes just another  elite investment for people who had access to a good education.

[lnternet]

I don't think moving the radix will work.

More realistically create a good name for mBTC and start using that as the primary unit of reference.

[Mageant]

Too much of the software and awareness is curently build around the decimal point where it is currently. It would be too disruptive to change that now.

Even if we did it, it would only be a temporary solution. In a few years time you would need to move the decimal point again.

Better just to change ot mBTC and in a few years to uBTC.

[Remember remember the 5th of November]

In other words make rich people richer and poor people poorer?

Rich people get richer regardless.

[rick2718]

I tend to agree the idea has merit and would probably boost price.
I have heard the counter argument that the $1,000 price tag is a psychological
plus, not a minus since the 'real-ness' of that amount is what helps make headlines, also
that it draws comparison with high stock prices from goog at >$1100  to berkshire hathaway
at 172,000+ per share.

In any case I think it would be too disruptive to pull off even with consensus.