BTC currency unit is too complicated to accepted widely.

[anrian062]

I notice when i explain "what is bitcoin and how bitcoin will become the huge payment system" to my wife(who didnt know anything about bitcoin). Then she states something that i want to share. Its from newbie in cryptos yet experienced in bank economic.

Do you think bitcoin wont be accepted with so many zeros in BTC or satoshi unit? For the price to be used in daily payment. BTC is so complicated to understand widely. Think this with a point of very low degree of education.

I think we need to invent something more stupid-free in btc currency unit.
Kindly share your thoughts. 😊

[DooMAD]

We had a topic about this just the other week.  The best part is, you can put the decimal place wherever you want.  Whatever makes most sense for you.

[insto]

Yes, that's what I think too, and there are more general weaknesses that seem to be difficult to remove. If examined more deeply, Bitcoin is speculative (in relation to value). Its value is determined by the number of people or business units that accept Bitcoin. If more and more use, the value will continue to increase. Conversely, if it gets less, the implication is that the selling price will go down. Besides that, as a crypto currency, Bitcoin does not recognize transaction cancellations. The process is also public, no entity can provide guarantees for negligence that causes loss or errors in the shipping process. Hardware wallets (special devices for storing private keys) are also susceptible to virus attack or damage if not treated properly, can cause coins to float.

[Svelto]

IMO, it is just a matter of acceptance. People are used to how the traditional money works. But come to think of it, you would have to adapt to the difference fiat currencies around the world. Take for instance, if you are originally from USA and travelling to Indonesia. You will need some times to get used to buying a coke for IDR 8,000 than $1. That is 0.00016 BTC.

[First77]

Now bitcoin is just a digital asset and has its value of $3000 or $6000 because of people who believe in Bitcoins.

[Squishy01]

I think that is because the world of cryptocurrency is still pretty much underground. Despite the popularity of bitcoin, the common public only really "know" about it but not actually understand it.

Moreover, the whole process of how bitcoin achieves its value is hard to understand and too complicated, even for educated people (unless they are into economics and cryptocurrency).

As insto said:

...Its value is determined by the number of people or business units that accept Bitcoin. If more and more use, the value will continue to increase. Conversely, if it gets less, the implication is that the selling price will go down. Besides that, as a crypto currency, Bitcoin does not recognize transaction cancellations. The process is also public, no entity can provide guarantees for negligence that causes loss or errors in the shipping process. Hardware wallets (special devices for storing private keys) are also susceptible to virus attack or damage if not treated properly, can cause coins to float.

There is no legitimate back up for bitcoin, unlike normal national currencies (which have values depending on the government's gold stash and many other economic factors). It mainly depends on transactions and how many are really willing to use it.

[Tytanowy Janusz]

And thats the new way of future cryptocurrency projects developement. To be more user friendly. Cryptos should be as easy to use ase regular payment. And thats what we are going too - mentioned on  Consensus 2018. Crypto will evolve to app on which you will be able to store token thats value is stable and similar to your native fiat money (USD for US, PLN for Poland etc. ) because according to  Consensus 2018 sooner or later every fiat will have their token equivalent or even multiple equivalents (like USDT and TUSD). Crypto will be also much easier to use. You will be able to install 1 app and store there your BTC. Then you will be too stupid to transfer them to correct BTC adress and you will send them on ETH adress - it want matter. Blockchains will be linked and will interlace between themselve.


Using crypto will be as easy as playing angry birds. (according to consensus 2018).

Back to multiple 0 in btc. There is not a problem to create app there you will store your btc (and manny other coins) and transfer them like
"how much you wont to transfer"
-20$
"where"
-key
"in which currency"
-BTC

[LeGaulois]

Because we're not used yet to use it. About 15 years ago my country changed its currency because of the Europe Union. It was disturbing because we were lost with the prices (on the top of that, the prices magically increased) during maybe 2 years. Worst for senior people because it is the 3 rd currency they use, a lot of them still talk using the currency that replaced the old currency which has been replaced for the euro. Imagine the conversations when we talk about money, sometimes you need to use a currency that you have never used

[damrianto]

btc currency when it is still not able to be circulated thoroughly to the public. and it is very difficult to understand to be a currency. But to introduce bitcoin to society, bitcoin must spread its currency even though this is an obstacle, inevitably the community must accept and eventually bitcoin will be able to become a currency.

[Gaaara]

Actually we can decrease the decimals by adding a initial in the name for example, mBTC which valued at 0.001 and μBTC which valued at 0.000001 and of course satoshi or sat which valued at 0.00000001. I know it complicated thing more but if you think further we can easily used to this by using daily and it will be easier and clearer for them if they get used to it.

But indeed it bitcoin has a complicated features and to be able to use it you wanted to understand each and every aspects which can easily find in the forum but its too complicated for those who don't use computer a lot, I guess the key for bitcoin's success is technology.

[aoluain]

Almost anything can seem complicated at the start but with perseverance and dedication
anything can be mastered. All people need to know is the value of 0.00000001 for example
And how a wallet works for sending and receiving payments.

[abhilodha]

soon it will be like  1 pepsi= 100 sats thats it....
we will measure in sats just like er do with alts

[TheGreatPython]

I notice when i explain "what is bitcoin and how bitcoin will become the huge payment system" to my wife(who didnt know anything about bitcoin). Then she states something that i want to share. Its from newbie in cryptos yet experienced in bank economic.

Do you think bitcoin wont be accepted with so many zeros in BTC or satoshi unit? For the price to be used in daily payment. BTC is so complicated to understand widely. Think this with a point of very low degree of education.

I think we need to invent something more stupid-free in btc currency unit.
Kindly share your thoughts. 😊

First point here goes that bitcoins are not meant for low educated peoples and only experienced and working peoples can get it much accurately. We have very low chances of making some changes in bitcoins to make it more easier and simpler for the globe to understand but it would ruin the importance of bitcoins then. Bitcoins are great as they are now and they do not need any major changes. Just the peoples need to adapt bitcoins for their betterment. Also an experienced person in terms of cryptocurrencies would never make mistake in the amount of "0" the transaction has. (Commonly known as satoshi)

[Red-Apple]

Do you think bitcoin wont be accepted with so many zeros in BTC or satoshi unit? For the price to be used in daily payment. BTC is so complicated to understand widely. Think this with a point of very low degree of education.

when you use a lot of zeros in front of a currency unit so often it means that currency is worth a little compared to others.

for instance lets say a cup of coffee is worth $5
you pay 5 US dollars for it
Indians pay 350 INR for it
Indonesians pay 73,000 IDR for it
Vietnamese pay 116,000 DONG for it
Zimbabweans pay 150,000 Zimbabwe dollar for it
bitcoiners pay 78,000 satoshi for it.
(prices are from xe.com)

you see in real world people are using a lot of zeros and they have no issues with it, it is just that you haven't been looking around much to see them.

experienced in bank economic.

i can't believe someone with basic not even advanced economic knowledge doesn't know this already!

[btcprospecter]

Unfortunately there is no stupid free option the value is still the same even if it is 0.00001 btc or 1 random coin. For new people to crypto currencies they want 1 btc but fail to realise that there is less than 21 million of them if a btc was worth virtually nothing than btc would not work.

[Pursuer]

nothing about bitcoin is complicated unless you want to make it complicated for yourself. the case of decimals and number of zeros is exactly like the case of saying they don't understand how bitcoin works.

nowadays people don't even want to understand how things work, they are only using them. it is the consumerism at its best and you can't do anything about it. for instance when buying something you don't care if it has no zeros or hundred zeros in front of it, you don't also care how bitcoin works you just point your phone at that picture which you may not even know is called a QR code and click confirm and make the payment. or if you are on PC then you just click on a link and the payment happens after you confirm it in your wallet.

[ambisyon]

Yes, I think btc is complicated for those who really do not have knowledge about it.  I believe with proper education about btc as a currency and as a payment system to the people in general, it could be widely adopted in the near future. Information dissemination is the key to the problem regarding on how btc could achieve mass adaptation.

[1Referee]

People fail to realize that you can easily tweak clients to make things more user friendly. It has nothing to do with Bitcoin at all.

Instead of people asking you for whatever amount of satoshis, they can just request a payment based on USD (or whatever fiat currency) from where you scan the QR code and that's really it. In the background your client will make sure everything gets sorted and completed in a secure manner, you can't ask for more convenience than that.

As long as the fiat value of Bitcoin remains the dominant factor you don't have to worry about anything else.

I'm using Bitcoin on a daily basis like this and it works just as well as PayPal works, but with way lower fees and without a central party involved.

[jseverson]

They're just numbers. How can that get complicated? People are taught to read these at elementary school. Just about anyone is capable of counting zeros. You can also use mBTC, uBTC, etc. otherwise. You could make a much better case with setting up a wallet, sending out transactions, taking care of your money, etc., and even then, that only takes a little bit of getting used to.

I agree that things could be much easier on the end of users, considering how easy it is to swipe a card/NFC or use Paypal, but I don't see the number of zeros being a problem for adoption at all.

First point here goes that bitcoins are not meant for low educated peoples and only experienced and working peoples can get it much accurately. We have very low chances of making some changes in bitcoins to make it more easier and simpler for the globe to understand but it would ruin the importance of bitcoins then. Bitcoins are great as they are now and they do not need any major changes. Just the peoples need to adapt bitcoins for their betterment. Also an experienced person in terms of cryptocurrencies would never make mistake in the amount of "0" the transaction has. (Commonly known as satoshi)

They're meant to be usable by everybody. The user experience aspect can be dumbed down without affecting integrity of the protocol. There's still the question of how though.

[NeuroticFish]

People fail to realize that you can easily tweak clients to make things more user friendly. It has nothing to do with Bitcoin at all.

This sums it up perfectly. It's not Bitcoin, it's the clients.
Just not "people" have to do this, it's up to us. We have to make the clients easy to use. We have to make better clients, or improve the current ones, in a way each type of user can get exactly what he expects.
We have to make Bitcoin easy to use for everybody, hiding, if necessary, the "scary" "overcomplicated" details. Then everybody will be happy(er).


This community has a lot of smart people and a lot of software developers. I'm sure something good can come out of this.

You can also use mBTC, uBTC, etc. otherwise.

Or you can show the price also in another currency (eg US Dollar) to make sure you don't send 1$ or 100$ when you want to send 10$.