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Author Topic: Sats rather than Bitcoin - will it cause a price pump?  (Read 302 times)
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August 10, 2019, 02:45:38 AM
 #21

You know what you can do with 1 Satoshi ?
- Nothing
It haven't yet increased to the price where the Satoshis Can actually make a difference , right now the price is too low to even make a use of 100 Satoshis .
Interestingly some advertising companies use this to actually lure in the people , to watch videos and then give them 1-2 Satoshis and this works with the ones who don't know how big a Satoshi is.
I think it would still take some time to make Satoshi what it is made for.



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August 10, 2019, 03:36:54 AM
 #22

What ever unit you prefer to use, the value is all the same so what's the point? That's why it doesn't matter for me if it is called in Satoshi or mBtc because I can use it if I want to. However, I still stick on the term Btc because that's the majority and that's what I got used to.

As long as you know the conversion units then this might not be a big deal for you. Yeah! "one hundred million satoshis" is longer to write than "one bitcoin" but there's an easier way to write it. It could be 100M SAT and 1 BTC, I don't find it a hassle task at all Smiley.
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August 10, 2019, 03:47:41 AM
 #23

I believe that Satoshis will be used more often, but not at this stage, we need much bigger price for it. Still, I have no doubts that 1 full Bitcoin will remain to be main number, no matter of price.
@o_e_l_e_o, mBTC been used on gambling websites for long years already, but personally for me this denomination isn't very convenient. I use it rarely and I simply can't remember how much 1 mBTC is converted into Bitcoin. So, I prefer Satoshis for small amounts.
Yes I think Sats is being used more often than we know I think most of us are using it whenever we describe a price.
For example when the price of something that we want would fall down to something about BTC0.001 most of us would say it like 0.001 BTC instead we would say 100k Sats.
We usually use Sats and Bits when it isn't going to reach a whole BTC but I think what ever we call it wouldn't really affect the price of 1 BTC.

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August 10, 2019, 07:52:21 AM
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 #24

The mBTC is clearly an $€ centrist point of view.
And why does your currency keep being re-denominated? Or why did Zimbabwe's? Because people struggle to work with values of several billions and trillions, so the currency was re-denominated to bring it back towards 1s, 10s, 100s, etc., which people can understand, work with, and compare much more easily.

mBTC (or even bits or kilo-sats as JC suggested) are simply the denominations which have the fewest number of preceding or succeeding zeroes. They are easier to read, they are easier to say, they are easier to compare. You never have to count 5 or 6 zeroes to make sure you are sending the right amount. Knowing that 1 mBTC is roughly 10 dollars (for example), you can easily eyeball a number and get a feel for it in fiat, which is much harder to do if you are thinking 100,000 sats is 10 dollars or 0.001 BTC is 10 dollars.

But as I said before, I'm not trying to force anyone else to use them. If you like using sats, then you use sats. Luckily, bitcoin has several denominations to suit all tastes.

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August 10, 2019, 08:45:44 AM
Merited by Jet Cash (2)
 #25

As Bitcoin increases in value, I'm noticing that a few people are quoting prices in Sats rather than Bitcoin. One US dollar is currently worth about 9,400 Sats, and if Bitcoin continues to increase, fractional prices will start to become an inconvenience. Share prices often increase when there is a share split, and the use of Sats rather than Bitcoin is very much like a share split. Do you think that this will increase the appeal of Bitcoin, and thus increase the price?

Maybe the long term investors amongst us should encourage the use of "Satoshis", or the more affectionate "Sats". Smiley
Maybe it's not so important nowadays, but if Bitcoin is going to grow, it will be way more useful to quote prices in Satoshi. But it's hard to adjust to changes. I find it difficult to convert the prices in my mind, without turning to some tools. Not because it's difficult, but because I am not used to it. And I think that the price per BTC makes more sense these days that the price per Satoshi or of 1 dollar is Satoshis.
And I guess others are right to bring in the game things like mBTC first. As the price will grow, I think we'll be slowly moving towards Satoshis through other nominative units first.

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August 26, 2019, 11:30:28 PM
 #26

The name bitcoin would always dominate over satoshi  just like the US dollar and cent. Most people are not comfortable with quoting "Satoshi" when dealing with small amount of bitcoin. Personally, I prefer saying bitcoin instead of satoshi irrespective of how small the amount or bitcoin.
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August 27, 2019, 07:10:45 AM
 #27

The name bitcoin would always dominate over satoshi  just like the US dollar and cent. Most people are not comfortable with quoting "Satoshi" when dealing with small amount of bitcoin. Personally, I prefer saying bitcoin instead of satoshi irrespective of how small the amount or bitcoin.

Many currencies have a different word for the unit of a currency. For example Sterling is the word to describe the Britsh currency, and it has a variety of units within that - The Pound, Pennies, Sovereigns, Britannias and Guineas. The Pound and the Penny are the most common ones, and mst people don't know of the others. The Chinese currency is known as the Renminbi, but most people seem to use the Yuan, which is the trading unit. The difficult with Bitcoin is the massive gap between the Satoshi and one Bitcoin, and one can only assume that Satoshi's vision was for Bitcoin to achieve such a stratified value, that the Saroshi became the practical unit of exchange.

Once you move into the world of investment currencies, things can get a bit complex. For example, a gold Britannia has a face value of £100, and is legal tender in the UK.A single coin currently costs £1,320.09 ( it was sub-£1,000 not so long ago ). That is 132,009 pennies. Obviously public use will be based on the most convenient and univerally recognised denomination. My point ws that people may feel richer when they have 132k pennies rather thasn one Britannia. In fact this is not really a valid comparison, as a Britannia is minter from 24 carat gold,and thus has a high intrinsic value. The penny is manufactured from base metals, and thus has a value related to the fiat currency. I believe that Bitcoin will become an investment unit, raher than a trading unit in ther future.

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August 27, 2019, 07:19:35 AM
Merited by Jet Cash (2)
 #28

The difficult with Bitcoin is the massive gap between the Satoshi and one Bitcoin, and one can only assume that Satoshi's vision was for Bitcoin to achieve such a stratified value, that the Saroshi became the practical unit of exchange.

Satoshi wasn't the one to come up with the idea to name the smallest unit of Bitcoin after its creator, it was ribuck's idea:

https://bitcointalk.org/index.php?topic=407442.msg4415850#msg4415850

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August 27, 2019, 07:30:50 AM
 #29

We all have smart phones these days, so to quickly fire up Preev.com and to convert Fiat value to Bitcoin is not a big ask for most people. I personally think the "Satoshi" denomination will be too complicated and the volatility will cause a lot of micro changes in the price. Example : One moment the price is 0.00045623 and after a few seconds it might be 0.00047230 etc.. so people will struggle to work with that.

One zero in the wrong place will also cause people to lose a lot of money, if you do not concentrate on what you doing.  Roll Eyes

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August 27, 2019, 07:53:10 AM
 #30

One zero in the wrong place will also cause people to lose a lot of money, if you do not concentrate on what you doing.  Roll Eyes

Which is exactly the case with mbtc, bits or whatever. I still find it confusing. I would have to check a converter for anything priced in mbtc every single time. Me brain can't wrap itself around it.

BTC or Satoshis are the only units that make sense to me. Anything in the middle has the potential for expensive mistakes and confusion.

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August 27, 2019, 10:01:50 AM
 #31

Well I'm one of those people who use sats instead of Bitcoin because of how easy it is to say and to use. It does make an appeal but I doubt it will be a reason for a price increase. People will still need to find a decisive thing in Bitcoin that would make them invest in it or rather use it in their everyday lives. As time goes by, I think sats will be use more in the future.

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August 27, 2019, 02:31:30 PM
 #32

As Bitcoin increases in value, I'm noticing that a few people are quoting prices in Sats rather than Bitcoin. One US dollar is currently worth about 9,400 Sats, and if Bitcoin continues to increase, fractional prices will start to become an inconvenience. Share prices often increase when there is a share split, and the use of Sats rather than Bitcoin is very much like a share split. Do you think that this will increase the appeal of Bitcoin, and thus increase the price?

Maybe the long term investors amongst us should encourage the use of "Satoshis", or the more affectionate "Sats". Smiley

Maybe if the valued sats now then bitcoin will pump. For this is the only way to make the price go back to 21k.maybe people will are just making any way just to make the price to go up.
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August 29, 2019, 12:14:15 PM
 #33

Well I'm one of those people who use sats instead of Bitcoin because of how easy it is to say and to use. It does make an appeal but I doubt it will be a reason for a price increase. People will still need to find a decisive thing in Bitcoin that would make them invest in it or rather use it in their everyday lives. As time goes by, I think sats will be use more in the future.
Many of us has actually been using satoshi without recognizing it, because for you to use btc, then you must be making at least a transaction that is equivalent to the current value of bitcoin, and no matter the btc we had to the from of our statement or transaction, provided that it is still 0. Then I think it still belongs to satoshi.

So payment has always been in satoshi, I mean smaller payments, most of the money I have collected has been in satoshi, it is when I then pile it up that I would say it is in btc. I have also been trading more in satoshi and when I convert, I convert from satoshi into fiat, so satoshi is actually not new and people have been using it a lot without knowing.




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August 29, 2019, 03:00:11 PM
 #34

mBTC is much formal to use as a small unit of BTC, it might be confusing for some, but they will get used to it, wallet services can also use it, but they should give choices on what the user preferred to use. But for sure, most will stick to the original.

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squatter
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August 29, 2019, 07:13:18 PM
 #35

One zero in the wrong place will also cause people to lose a lot of money, if you do not concentrate on what you doing.  Roll Eyes

Which is exactly the case with mbtc, bits or whatever. I still find it confusing. I would have to check a converter for anything priced in mbtc every single time. Me brain can't wrap itself around it.


Same here. I'd prefer to stick with BTC myself -- the way it's always been. Trying to use mBTC and especially smaller units always screws with my head. Everyone trying to change the unit all the time -- especially with no widespread agreement among mBTC, bits, satoshis, etc. -- just makes things confusing for everyone.

Some people obviously just want to link the unit to dollar value. To them I'd ask, are we just going to keep adjusting units every time Bitcoin increases (or decreases) in value? Is that really a logical approach?

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August 29, 2019, 07:23:31 PM
 #36

mBTC is much formal to use as a small unit of BTC, it might be confusing for some, but they will get used to it, wallet services can also use it, but they should give choices on what the user preferred to use. But for sure, most will stick to the original.

I don't see a reason to use satoshis or mbtc all of a sudden. Is paying 0.1 so much different than 0.01 for the same thing?

I can see what some people see in this because it will get crazy once bitcoin is used for payments and becomes worth 30 thousand dollars or more and you will have to pay 0.0001 for a cup of tea but we aren't there yet. If people in some countries like Venezuela had to pay thousands for the same cup you can pay 0.0001. It's all the same.

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August 29, 2019, 07:43:43 PM
Last edit: August 29, 2019, 08:10:14 PM by malevolent
 #37

Some people obviously just want to link the unit to dollar value. To them I'd ask, are we just going to keep adjusting units every time Bitcoin increases (or decreases) in value? Is that really a logical approach?

For many people seeing prices start to have more zeroes to the right of the decimal point  every year or every other year, is confusing, but it all comes down to personal preference, that's why we get people using different units. I personally don't mind the mBTC unit, or just plain BTC if there aren't too many zeroes, but I'm not really a fan of using satoshis (except for fees per B), and bits even less so.

I don't see a reason to use satoshis or mbtc all of a sudden. Is paying 0.1 so much different than 0.01 for the same thing?

I can see what some people see in this because it will get crazy once bitcoin is used for payments and becomes worth 30 thousand dollars or more and you will have to pay 0.0001 for a cup of tea but we aren't there yet. If people in some countries like Venezuela had to pay thousands for the same cup you can pay 0.0001. It's all the same.

I don't think many are buying single cups of coffee with Bitcoin, but if they are then 0.0001 BTC sounds like a right price for coffee in a cheaper cafe. 0.0001 BTC or 0.1 mBTC is about a dollar, and in line what one will pay for a coffee in some student pubs/bars here.

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August 29, 2019, 09:19:51 PM
 #38

Which is exactly the case with mbtc, bits or whatever. I still find it confusing. I would have to check a converter for anything priced in mbtc every single time. Me brain can't wrap itself around it.

For people dealing with the metric system daily, it makes more sense, if a bitcoin is x thousands an mbtc is x.
But for the ones that are not used to this, yeah probably it gets confusing just as how a race one mile 3 furlongs and 211 yards long look like ..what the hell to me.Cheesy.

I don't see a reason to use satoshis or mbtc all of a sudden. Is paying 0.1 so much different than 0.01 for the same thing?

I can see what some people see in this because it will get crazy once bitcoin is used for payments and becomes worth 30 thousand dollars or more and you will have to pay 0.0001 for a cup of tea but we aren't there yet. If people in some countries like Venezuela had to pay thousands for the same cup you can pay 0.0001. It's all the same.

As I said before it's about how easy is for some of us to deal with those prices especially since the mbtc is close to being 10x the us and the euro.
Most of my purchases are somewhere between 1mbtc to 15 mbtc.

Something costs 5 mbtc, I can simply make the math in my head and 5x9.5 , 47.5
Now, is not quite the same for 0.005 x 9500, or in case of the satoshi advocates 500000x0.000095 (hell I don't even know if I got the numbers of zeros right)  Grin
For the cup of coffee, a fancy one is something like 0.3 to 0.5 mbtc, which sounds a lot better than 0.0003 or 0.0005 in my opinion.

Of course the whole thing will not work so smooth as the price goes further up, but for now, for some of us is far easier to deal.
 

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