How much is that again?

[CoinRocka]

Fast forward 10 years.  Bitcoin has boomed.  Nordstrom checkout lines are filled with QR and Google glassholes.  "That will be .00007452 bitcoin please"

How does the average Joe comprehend this value?  I mean most people struggle with two decimal transactions.

[1714622700]

1714622700

[1714622700]

1714622700

[LostDutchman]

Fast forward 10 years.  Bitcoin has boomed.  Nordstrom checkout lines are filled with QR and Google glassholes.  "That will be .00007452 bitcoin please"

How does the average Joe comprehend this value?  I mean most people struggle with two decimal transactions.

You've stumbled on one of the many very good reasons that bitcoin will never and should never go mainstream.

My $.02.

[Gabi]

Time to use your brain guys, you can just use millibitcoins or microbitcoins. The bitcoin-qt client already let you choose that.

That would like be 74.52 microbitcoin 

[LostDutchman]

Time to use your brain guys, you can just use millibitcoins or microbitcoins. The bitcoin-qt client already let you choose that.

That would like be 74.52 microbitcoin 

Now let us assume that you just gave that information to John or Jane Doe who understand dollars.

They still don't know how much MONEY they are going to spend.

My $.02.

[h3rlihy]

If bitcoin booms it's never going to completely replace dollars. I can see it being more like;

"That'll be $3"
"Cool, bitcoin ok?"
"Sure"
*puts $3 into bitpay or some form of payment processor that converts it to bitcoin at whatever the going rate is*
"That'll be 0.006btc then"

[CoinRocka]

Time to use your brain guys, you can just use millibitcoins or microbitcoins. The bitcoin-qt client already let you choose that.

That would like be 74.52 microbitcoin 

Now let us assume that you just gave that information to John or Jane Doe who understand dollars.

They still don't know how much MONEY they are going to spend.

My $.02.

Mere satoshis on the bitcoin  

[Gabi]

Then don't come in europe, here you will have to use euro or pounds, good luck discovering how much you are going to spend  

Nothing stop the shop from showing also the euro/dollar/pound price using the current price of bitcoin  

[Bluemustang]

Don't we all walk around with phones with calculators in our pockets? ^^

[mayne]

they'll be an app for that 

[superduh]

Time to use your brain guys, you can just use millibitcoins or microbitcoins. The bitcoin-qt client already let you choose that.

That would like be 74.52 microbitcoin 

Now let us assume that you just gave that information to John or Jane Doe who understand dollars.

They still don't know how much MONEY they are going to spend.

My $.02.

that will be one gram of gold
http://world.time.com/2014/02/28/al-qaeda-in-syria-extorts-christians/

[cdog]

hundred
thousand
million
billion


people understand the decimal place pretty well from my experience, its just where you put it that might confuse them

[Singlebyte]

Fast forward 10 years.  Bitcoin has boomed.  Nordstrom checkout lines are filled with QR and Google glassholes.  "That will be .00007452 bitcoin please"

How does the average Joe comprehend this value?  I mean most people struggle with two decimal transactions.

Fast forward 15 years.

Cashier:  What is a dollar?  What are cents?  We only take bitcoins sir!


Bitcoin is no different then transacting in gold if gold had become the defacto standard currency.  "That will be 2,030 grams sir."  Any currency that is adopted will become common place.  Hell....I don't know what a peso or yuan or a yen is worth.  But I can convert it OR I can LEARN it.

[Meuh6879]

And with BTC, you can't stole it ... but with gold 

[franky1]

Time to use your brain guys, you can just use millibitcoins or microbitcoins. The bitcoin-qt client already let you choose that.

That would like be 74.52 microbitcoin 

Now let us assume that you just gave that information to John or Jane Doe who understand dollars.

They still don't know how much MONEY they are going to spend.

My $.02.

now lets assume that there are people in the world that never travel abroad,, so they have no clue how to convert euro's to dollars...
now lets assume that there are regular travellers that can convert euros in their head in milliseconds.
are you saying euro's are a failure because some people cant convert.

now then when bitcoins develop, most items would be priced in fiat and at the cashiers desk. those people that can convert bitcoin(because they use bitcoin regular) would ask to pay via bitcoin. those that fear new experiences would stick to fiat.

there will not be a time when only bitcoins exist, so suggesting those that are inexperienced would suffer is wrong.

my $0.02.

[grifferz]

This thread is like "herp derp imagine this world wide intarweb catches on but people want to buy something securely, how can average man with a typewriter understand how to factor large primes and shit. ECOMMERCE IS AND SHOULD BE DOOMED"

[tokeweed]

If bitcoin booms it's never going to completely replace dollars. I can see it being more like;

"That'll be $3"
"Cool, bitcoin ok?"
"Sure"
*puts $3 into bitpay or some form of payment processor that converts it to bitcoin at whatever the going rate is*
"That'll be 0.006btc then"

"oh wait, bitcoin just plummeted, that's .01 btc. thanks. "

[r0ach]

How does the average Joe comprehend this value?  I mean most people struggle with two decimal transactions.

It's easy.  Ignore all the milli-whatever the hell people.  Everything will be priced in Satoshi.  Your hamburger costs 20 satoshi.  It's much more logical to count upwards than downwards for cost of goods.  If you want to buy a car, 100,000 Satoshi.

The nomenclature might eventually change, but this will be how it works.

[DanielVG]

Different names can be invented.
Currently 1 Satoshi is the smallest unit of bitcoin.

The current naming of bitcoins is:

1 BTC = 100,000,000 Satoshis
1 BTC = 1000 mBTC (millibitcoin)
1 mBTC = 100,000 Satoshis
1 μBTC (microbitcoin) = 100 Satoshis

The most obvious step is the change over from BTC to satoshi's.
millibitcoins and microbitcoins will pop up on websites in the very near future and will eventually become standard.
Then also this phase will disappear and people will start using satoshi's to name bitcoins.
I give it 20 years and people will say "hey i bought a car for 20.000 satoshi's"

Satoshi's then could have the same evolution bitcoin had and a new name could be invented.  THis way, you can infinitely divide BTC.

[Joshuar]

Fast forward 10 years.  Bitcoin has boomed.  Nordstrom checkout lines are filled with QR and Google glassholes.  "That will be .00007452 bitcoin please"

How does the average Joe comprehend this value?  I mean most people struggle with two decimal transactions.

You've stumbled on one of the many very good reasons that bitcoin will never and should never go mainstream.

My $.02.

So true, many people on this forum think that Bitcoin will actually be the ruling cryptocurrency in 10 years, there are cryptos that improved upon Bitcoin and continue to improve(Litecoin for example..), not to mention future cryptos that have yet to be released.

Bitcoin is not practical in real world situations. No way around it..

[acoindr]

It's easy.  Ignore all the milli-whatever the hell people.  Everything will be priced in Satoshi.  Your hamburger costs 20 satoshi.  It's much more logical to count upwards than downwards for cost of goods.  If you want to buy a car, 100,000 Satoshi.

The nomenclature might eventually change, but this will be how it works.

I think you have a point. It would be easier to have all prices standardized. So say I want a car at a cost of 20K USD. Let's call the BTC price now $500, which is:

20K USD = 40BTC = 40,000 mBTC = 4,000,000,000 (4 billion Satoshi)

If/when bitcoin again goes to 1K USD in the future we have:

20K USD = 20BTC = 20,000 mBTC = 2,000,000,000 (2 billion Satoshi)

If/when it reaches 10K USD we have:

20K USD = 2BTC = 2,000 mBTC = 200,000,000 (200 million Satoshi)

I like that whatever convention is used it's easy to see the deflation reflected in Bitcoin's price. It seems most obvious with Satoshis though, which wouldn't change/bounce around in peoples' memory. It's just the one unit.