Pricing everyday items in SATs

[Anonylz]

I think this is one among many reason why mass adoption will be very difficult, pricing items in terms of SATs many retailers will have a hard time knowing this likewise the buyers, and don't even mention the highly volatile nature, what will happen when btc increase in price! reduce the SATs value
this is certainly not going to be easy, mass adoption is far reached

[javadsalehi]

What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously.
We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini.

[barbara44]

Sure, that is the stage where bitcoin will eventually get to, where things will now be paid for in satoshi and not in bitcoin, if we really are to adopt it as payment for goods, we have to be able to purchase things in satoshi which the opportunity is still there, although it is still the same thing when we have our figures in 0. Btc amount, we are still indirectly spending satoshi and I think majority of us has even spent satoshi more than we have spent bitcoin, just that we did not tie the name to bitcoin.

What I will just like to ask is when satoshi eventually becomes like $1, and we have still not disconnect from fiat, how would we buy things in the market that are priced less than $1usd since satoshi is still the lowest denomination for bitcoin now.

[CrowdforAngels]

What I will just like to ask is when satoshi eventually becomes like $1, and we have still not disconnect from fiat, how would we buy things in the market that are priced less than $1usd since satoshi is still the lowest denomination for bitcoin now.

I'd like to see the math on that, noting the 18 decimal places plus coin thats been lost over the years etc - what value does BTC need to reach for a SAT to be $1 or even just $0.01 cent for that matter!

[The Sceptical Chymist]

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

I don't know if that's true or not, but in reality we're so far away from pricing things in terms of bitcoin that it's a moot point.  However, for the sake of this discussion I completely agree with OP's suggestion--I much prefer "sat" than other denominations like mBTC.  The only units I can quickly compute in my head are sats or BTC, and if a common idiot like myself can understand those easily enough, then anyone else can too.

It would be so nice if bitcoin were so widely adopted that this actually became an issue, but we're not there yet.  Not by a long shot.

What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously.
We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini.

Yep, I've got no problem with that whatsoever.  It's totally logical IMO.

[Bttzed03]

What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously.
We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini.

This is actually the better approach for me. The option to price more valuable products in BTC instead of thousands/millions of Satoshis wasn't mentioned in the OP that's why many don't agree.

[CrowdforAngels]

What's the problem if we use both bitcoin and Satoshi? As well as both dollar and cents that are used simultaneously.
We can use Satoshis when we refer to an ice-cream and use bitcoin when we refer to a lamborghini.

This is actually the better approach for me. The option to price more valuable products in BTC instead of thousands/millions of Satoshis wasn't mentioned in the OP that's why many don't agree.

My only quandary is that would you mentioned both in the same number i.e. 27 BTC 9700 SAT or would it be easier to use the long-form 27.0000097 BTC?

Does anyone know of a site that prices everyday goods in BTC or SAT?

[Mulann2]

if we can have items priced in lesser denomination in fiat then it is equally right to have items priced in SATs as well, i would prefer SATs than mbtc to be honest that confuse me alot, for example, it is very easy to say i paid 10sats for this book"   am sure even the none crypto users will find this easy as well.

[carter34]

I was to say is going to be difficult to understand and interpreted to the customer's understanding but it can start from somewhere. Things are not learnt in just a day, if the process starts, then more people will key into it and it goes on like that till a huge adoption starts. Since some cryptocurrency are also being used to purchase products already.

[CrowdforAngels]

I was to say is going to be difficult to understand and interpreted to the customer's understanding but it can start from somewhere. Things are not learnt in just a day, if the process starts, then more people will key into it and it goes on like that till a huge adoption starts. Since some cryptocurrency are also being used to purchase products already.

Well this is why it would be good to have a basket of goods priced in SATs  - if you could navigate to a website and see the top 50 items priced in SAT and updated daily it would help adoption.

Maybe thats a working project for the good of the cause.

[bitart]

I thought that this thread would be a some kind of new 'Big Mac Index' to compare some countries' prices on a common and well known subject, but not in USD but in BTC
But it seems that the topic has changed and now it's everything about using Sats instead of BTC, and nothing about the prices of the coke, restaurant, rocket, etc...
Or I just misunderstood something and this was just to propagate using Sats to calculate prices?

[Artemis3]

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.

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

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?

Yes, because that DOT introduces confusion, while 96 hundred is clear and concise. There are many countries that don't bother with decimals at all, and even Europe used to have those.

[CrowdforAngels]

I thought that this thread would be a some kind of new 'Big Mac Index' to compare some countries' prices on a common and well known subject, but not in USD but in BTC
But it seems that the topic has changed and now it's everything about using Sats instead of BTC, and nothing about the prices of the coke, restaurant, rocket, etc...
Or I just misunderstood something and this was just to propagate using Sats to calculate prices?

Actually, you're on the money,

We are trying to come up with the best way to price everyday items and how this could then be communicated. There is a bit of a discussion around BTC, SAT, mBTC, etc and what works in the majority of countries.

I guess the 2 axioms for this conversation are the location (because culturally we handle numbers differently) and value (because items do not have a uniformed price).

I might try and build an index for the prices of goods and use location search tool to offer some flexibility.

[bitart]

...

I guess the 2 axioms for this conversation are the location (because culturally we handle numbers differently) and value (because items do not have a uniformed price).

I might try and build an index for the prices of goods and use location search tool to offer some flexibility.

OK, got it now.
Maybe you can use the exchange rate of each nation's fiat compared to USD when you want to determine how does the location change the way each nation handle large or small numbers. Usually if the exchange rate of a nation's fiat (compared to the USD) is somewhat equal (like EUR/USD, which is around 1,1 or something similar) that nation will use similar number format (few decimals).
If 1 USD compared to a different nation's fiat equals e.g. 500 fiat, that would mean that should use more decimals when they think about bitcoin compared to the others who use USD as a base for that calculation.

[Sharon121212]

Don't be faster than your shadows mate don't see pricing of goods in satoshi happening soon. And would the purchase with satoshi only be online?  Or would there be a physical bitcoin currency?
Because countries for example in the Third World still actively prefers off line purchase to online

[Artemis3]

...

I guess the 2 axioms for this conversation are the location (because culturally we handle numbers differently) and value (because items do not have a uniformed price).

I might try and build an index for the prices of goods and use location search tool to offer some flexibility.

OK, got it now.
Maybe you can use the exchange rate of each nation's fiat compared to USD when you want to determine how does the location change the way each nation handle large or small numbers. Usually if the exchange rate of a nation's fiat (compared to the USD) is somewhat equal (like EUR/USD, which is around 1,1 or something similar) that nation will use similar number format (few decimals).
If 1 USD compared to a different nation's fiat equals e.g. 500 fiat, that would mean that should use more decimals when they think about bitcoin compared to the others who use USD as a base for that calculation.

About 100 Yen is 1 USD (its more like 110 but whatever) so this means the japanese coin doesn't need to use cents, as 1 cent is about 1 yen.
About 1000 Won is USD, so add that zero for South Koreans. One upon a time i bought something for 15 Won, which means 0.15¢. Now try to imagine prices stated with decimals, when talking about cents, not US Dollars, then you might understand my issue. The fact that i just told you 0.15¢ is absurd in itself, for an American... Think what mBTC does, the exact same thing.

[CrowdforAngels]

Don't be faster than your shadows mate don't see pricing of goods in satoshi happening soon. And would the purchase with satoshi only be online?  Or would there be a physical bitcoin currency?
Because countries for example in the Third World still actively prefers off line purchase to online

Your right, infrastructure is a huge problem. Even when I'm in China, you need card or wechat pay for the cities and then cash for the outlying regions.

I would love a physical representation of Bitcoin and I'm sure over the years, i've seen the coins that have a QR code basically stamped on them.

[TimeBits]

Well there is well over 80 trillion fiat in circulation.

So let`s say .000000000000000000000000000000001 for a coke

[Artemis3]

Well there is well over 80 trillion fiat in circulation.

So let`s say .000000000000000000000000000000001 for a coke

No fool, a coke is like 10 thousand satoshi. Quite simple, come live under hyperinflation to see where your value of things in time end (which Dietrich suggested before getting kicked for supporting the "wrong" person).

FYI 10 thousand satoshi is simply 0.00010000 or 0.0001 BTC. Is that 0.1 mBTC? I don't even know, i also refuse to use that.

[Mandoy]

I agree with that we should start  using satoshi since it is easy to understand. Unlike microbtc and millibtc , satoshi is much easy to read and even the children whom I taught how to collect btc in faucets have an easy time understanding satoshi compared to milli and microbtc. I also believe that 1 satoshi will reach 1 dollar each in the future thus we should start using it now.