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Author Topic: Pricing everyday items in SATs  (Read 249 times)
CrowdforAngels
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August 15, 2019, 03:54:27 PM
 #1

I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs

Can of Coke (X) SATs
Meal in a nice restaurant (X) SATs
Rocket for moon (X) SATs + me Smiley

Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly.

I'm sure this has been talked about at length - you can just point me there.
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August 15, 2019, 04:09:51 PM
 #2

As i know its forbiden to make price tags in other currencies in every country
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August 15, 2019, 04:19:25 PM
 #3

In Western world people are used to price stuff in dollars or units that are close to dollars - GBP and EUR for example. Bitcoin also has a unit that is close to one dollar - micro BTC. It's roughly $10 today, so you'd pay 1.5 mBTC for a pizza, or 0.1 mBTC for a can of coke - much more convenient than dealing with thousands of satoshi's. Our brains are wired to operate better with smaller number of digits, so the unit of Bitcoin used for daily purposes should keep the number of digits to a minimum. The time of satoshi's will come when BTC will hit 1 million.

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August 15, 2019, 04:20:48 PM
 #4

As i know its forbiden to make price tags in other currencies in every country

Pounds down anyway, let just move to SATs (BTC) On a serious note, I know a number of the larger retailers price in GBP, EUR & USD if they have a global presence.

I will look into this Micro BTC. I've obviously been under a rock.
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August 15, 2019, 04:29:45 PM
Last edit: August 15, 2019, 06:43:22 PM by Theb
Merited by DdmrDdmr (1)
 #5

And how do you think posting prices in satoshi can encourage mass adoption? Because if I'm just a regular person and see prices of another currency it would easily discourage me on buying onto that store. We in the crypto industry needs to get used to it on not seeing the BTC amount of what we are buying for and the only way to get a fair estimate of what we are expected to pay in BTC. We can even use our own wallets to determine the amount in BTC so really posting the prices in satoshies would only produce a lot of confusion rather than convenience for all the parties.

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August 15, 2019, 04:36:58 PM
 #6

Vote then,

If you walked into a shop and there was a can of coke for sale, what would you prefer to pay

a) 9,600 SAT b) 0.096 mBTC or c) 9.6k SAT


And how do you think posting prices I satoshi can encourage mass adoption?

The main barrier for me is the price and its valuation, which is continually tied to the conversation. As you mentioned there are ways to get around this, but usually by using another base currency. e.g. quoting the item in dollars (and the amount paid in BTC). I suggest the radical and do away with a base currency and simply quote in BTC.

But for small items that's not easy to convey (the shop counter idea)
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August 15, 2019, 04:50:02 PM
 #7

I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs

Can of Coke (X) SATs
Meal in a nice restaurant (X) SATs
Rocket for moon (X) SATs + me Smiley

Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly.

I'm sure this has been talked about at length - you can just point me there.


  • About 12 thousand
  • About 200 thousand
  • No idea, we don't really launch rockets.

Our garbage coin is currently 1.5 per satoshi, so its kinda easy to give you those answers.

In your example your can is 96 hundred, as expected from a country with a sane economy you have a bit lower prices due to better competition and free market.


Vote then,

If you walked into a shop and there was a can of coke for sale, what would you prefer to pay

a) 9,600 SAT b) 0.096 mBTC or c) 9.6k SAT

I vote a of course, b is nonsense no matter what the USD/EUR centrists say.

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August 15, 2019, 05:09:45 PM
Last edit: August 15, 2019, 05:25:09 PM by ralle14
 #8

Using smaller measurement comes down to one's preference imo, i've used different types on websites that have mbit, microbit, bits, satoshis I don't mind which one I should focus on because at the end they're all the same.

On the three given choices i'll also pick mBTC because the wallet I currently use is set to mBTC. But I prefer using BTC0.000096 because it's still used on most places. 


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August 15, 2019, 05:26:44 PM
 #9

<…>
We’re pretty far away from that being in general of any practical use yet. I’m trying to imagine that scenario taking place right now at my local supermarket, and frankly nobody would have a clue what SATs are (and barely BTC for that matter).
 
In any case, being BTC as volatile as it is, it would require the use of digital pricing, as labelling would be a nightmare to update in accordance to price variation, often within the same day. But the core issue is that the ease of use for the average Joe is not a piece of cake, and simply trying from the pull side of things (price tags in BTC/SATs pulling the demand of this payment method) is not enough if the ease of use does not incentive the consumer to use it.

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August 15, 2019, 05:57:35 PM
 #10

Pricing everyday items in sats is not a hard task. Just with a widget that makes a calculation in terms of sats this can be achieved. When more and more people start using bitcoin on daily needs such a way of pricing becomes common with online stores and can see on offline stores very rarely as we cannot have the value changed for every minute with relation to the market fluctuations.

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August 15, 2019, 07:05:50 PM
 #11

As i know its forbiden to make price tags in other currencies in every country

Pounds down anyway, let just move to SATs (BTC) On a serious note, I know a number of the larger retailers price in GBP, EUR & USD if they have a global presence.

I will look into this Micro BTC. I've obviously been under a rock.

Haha... wait til you hear/read about the other denominations people have tried over the years to popularise for Bitcoin. For me it's always been satoshis and decimals... but I'm also used to gambling sites especially use mBTC... and some even used bits (100 satoshi units).

But I've actually always said I hope to see the day when even at forex counters you see every currency being priced in satoshi.

USD/BTC
GBP/BTC
JPY/BTC

etc.

And when everything will be quoted not in USD value but BTC. Gold, oil, stocks! Wouldn't that be a sight for someone who lived through the first ten years, eh?

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August 15, 2019, 10:38:27 PM
 #12

Mbtc is the best one. 1 btc is 100 btc cents and 1mbtc is 1/10 of a btc cent. That isn't very hard to understand now is it? saying 145000 satoshi is silly when you can just say 1.45mtc using 0.00145000 is even worse.



As i know its forbiden to make price tags in other currencies in every country

Pounds down anyway, let just move to SATs (BTC) On a serious note, I know a number of the larger retailers price in GBP, EUR & USD if they have a global presence.

I will look into this Micro BTC. I've obviously been under a rock.

Hes talking crap ignore him.


I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs

Can of Coke (X) SATs
Meal in a nice restaurant (X) SATs
Rocket for moon (X) SATs + me Smiley

Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly.

I'm sure this has been talked about at length - you can just point me there.


  • About 12 thousand
  • About 200 thousand
  • No idea, we don't really launch rockets.

Our garbage coin is currently 1.5 per satoshi, so its kinda easy to give you those answers.

In your example your can is 96 hundred, as expected from a country with a sane economy you have a bit lower prices due to better competition and free market.


Vote then,

If you walked into a shop and there was a can of coke for sale, what would you prefer to pay

a) 9,600 SAT b) 0.096 mBTC or c) 9.6k SAT

I vote a of course, b is nonsense no matter what the USD/EUR centrists say.

so mbtc is nonesense but saying 96 hundred is ok? 1mbtc is a 1/10 of a bitcoin how is that difficult?

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August 16, 2019, 04:19:23 AM
 #13

I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs

Can of Coke (X) SATs
Meal in a nice restaurant (X) SATs
Rocket for moon (X) SATs + me Smiley

Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly.

I'm sure this has been talked about at length - you can just point me there.

Apart form being a professional trader and someone who understands the crypto market pretty well Sats is a bit confusing measurements for mass adoption to be possible. mBtc seems cool to like normal dollar to cent 100 mBtc equals 1Btc that way it will be easier to understand for anybody even without crypto knowledge
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August 16, 2019, 06:08:19 AM
Last edit: August 16, 2019, 08:58:51 AM by ralle14
 #14

so mbtc is nonesense but saying 96 hundred is ok? 1mbtc is a 1/10 of a bitcoin how is that difficult?
You missed two zeros there 1mbtc is 1/1000. Like i've said earlier it depends on our preference, even though one is better than the other many of us will still go back to using decimals or other measurement because that's what they like to use.

saying 145000 satoshi is silly when you can just say 1.45mtc using 0.00145000 is even worse.
Using satoshi isn't silly they're still useful if you check some explorers, estimators and wallets they use satoshi or sat when recommending the correct amount of fees. In the future we could be using satoshi if the price of bitcoin keep on rising after every halving.

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August 16, 2019, 06:18:47 AM
 #15

It is not a bad idea to price things in sats when it makes sense. For example coffee or other small items. In general humans do not like to have a lot of zeros in the front of a price. For example "how much is that? " it is 0.000030515 , or  "how much is that?" it is 3000 sats.

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August 16, 2019, 07:10:39 AM
 #16

It is not a bad idea to price things in sats when it makes sense. For example coffee or other small items. In general humans do not like to have a lot of zeros in the front of a price. For example "how much is that? " it is 0.000030515 , or  "how much is that?" it is 3000 sats.
Agreed. Cannot imagine purchasing stuff with so many zeros and decimals involved and calculations like these can be tricky to begin with. Sats or mBtc seem like the ideal way to price everyday items currently.

However, none of this matters a lot when compared to the volatility factor which is the primary deterrant. The volatility factor needs to go down so that BTC price can stay stable over the long term.

 
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August 16, 2019, 07:16:08 AM
 #17

I'm sure this has been talked about at length - you can just point me there.

basically every time there is a price rise, someone raises this discussion again.
it is a good suggestion, but the thing is that there is no "official" bitcoin unit that all merchants must follow. every merchant is free to use any unit or units (as in offering multiple formats) as they want.
you can also set your wallet application to show you any unit you want. for example if you prefer Satoshis then set it to show you Satoshis. so when you want to pay a vendor for a "Can of Coke" you see the value in Satoshi no matter what the vendor shows you.

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August 16, 2019, 08:43:29 AM
Merited by DdmrDdmr (1)
 #18

This is going to cause a lot more confusion, imagine seeing an expensive SamSung television on sale for 1 298 7215 Satoshi.  Roll Eyes  The consumer would look at that price and think he or she is in Zimbabwe or Venezuela, where they have hyperinflation and crazy prices for goods and services.  Roll Eyes

A lot of people in 3rd world countries are not educated and trying to explain to them how much 1 298 7215 Satoshi is, would be a challenge. You will have to use digitized QR codes that constantly change, based on the latest Bitcoin price.  Cheesy 

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August 16, 2019, 10:17:24 AM
 #19

If i am speaking my mind, i have to say i hate those who are contantly speaking in sats. Just do the absolute value sof BTC, it makes much  more sense for me, i can instantly calculate it. This way i dont need an extra conversation to get to he fiat value which is needed like ir or not.

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August 16, 2019, 10:42:50 AM
 #20

It is impossible to do that at this point of time since bitcoins value is very volatile. Let us say for example today the value of a sack of rice is 0.003 btc, then what will happen if the next day bitcoins value goes bearish then the price of rice is now 0.005 btc. The merchant is at loss here and thus it is very hard to make pricing in bitcoin since aside from possible losses in value the merchant will also be forced to change the price tag of an item everytime due to the volatility of bitcoin. Also, the slow transfer of bitcoin from one wallet to another wallet is another problem.

 
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