Switching to mBTC and its psychological impact

[promise444c5]

Some student with $750 in BTC would have to use magnifying glass to count the zeroes in their BTC holding's number. With mBTC they would know that they hold roughly a dozen and the decimals aren't even that important.

Exaggerated.. max decimal place on most wallet is  8 with some supporting 6 and  anything  below 5 is most likely dust. Besides I don’t think most people really care about the unit that much, they care more about the equivalent in fiat and how close they are to 1 BTC/ how many BTC they have.

Units may only get more attention when its acceptance as a means of direct payment increases at large.

Still prefer either sats or BTC anyway ..

[Nothingtodo]

Over time, the price of Bitcoin may be increasing day by day, meaning that earlier if someone wanted to invest, it was possible to buy hundreds of Bitcoins at the same time personally. But now if someone wants to buy one Bitcoin, it is beyond his means. Considering the digit in this situation, if someone wants to invest $100, then zero will come after his point more than once. So in this situation, mBTC or Sats will give him mental comfort that he has 10 mBTC or a few million sats. However, several non-custodial wallets have already added the issue of such currency units. Those who use Electrum non-custodial wallets will mainly see this advantage.

[d5000]

But maybe some people can argue that having similar name to bitcoin can make people get confused about it.

Exactly that's my problem with "bits". Some could, for example, argue that "bit" could also simply be a short form of "Bitcoin". And then you have a new source of confusion, even for possible scam attempts.

There was another idea which was the "Hal" or the "Finney" for some small unit (I guess it was 10 satoshis according to the Bitcoin wiki, although other sources claim it's the "Finney" is worth 10,000 satoshis). This is better in my opinion, because it is distinctive. However, at least the 10-satoshi unit imo is innecessary. If the "Finney" was worth the same as the "bit", i.e. 100 sats, or alternatively 1000 sats, then I'd support it because it would occupy a space close to current fiat units.

But I stand by my stance of the previous post - I think "Bitcoin" and "Satoshi" are largely sufficient.

PS: If Bitcoin really gets significantly above the 1 million USD mark, then thinking about smaller units than the satoshi could be necessary. So we could imagine a "Satcent" (1/100 sats). I don't really like the "msats" of the Lightning Network, but they have got some acceptance now so I'm nobody to interfere there ...

[Smartprofit]

When I was young, I dreamed of earning $1,000,000. I don't know why... I was young and foolish, and saving $1,000,000 seemed like a pretty good life goal. Now I don't think so. I never achieved $1,000,000. If I had, I'd probably be very proud of that achievement. 🙋

However, I still love the number 1,000,000. It's very beautiful!

That's why, for me, the unit of measurement for Bitcoin is 0.01 BTC (1,000,000 satoshi). Earning 0.01 BTC is much easier than earning 1 BTC. 1 BTC = 100 million satoshi. Easy to calculate and easy to remember. It's easy to feel like a millionaire!

As for mBTC, I personally don't like that unit of measurement for Bitcoin. 💁

[Smack That Ace]

At which price do you think the world, and particularly exchange trading will switch to mBTC?

I think even now it would be psychologically easier for new people to get unboarded (especially the youth). BTC is way too inaffordable for many. Some student with $750 in BTC would have to use magnifying glass to count the zeroes in their BTC holding's number. With mBTC they would know that they hold roughly a dozen and the decimals aren't even that important.

I think no one would argue that in case of persistent repricing upside we *would have to* switch to mBTC eventually. So why wait? Why not initiate it slowly now?

I think primary reason for this is branding and psychological anchoring.

Bitcoin's greatest strength is its fixed supply cap of 10 million limited supply. So, one Bitcoin carries sense of prestige, much like gold standard.

When we say Bitcoin, we still think of whole coin.



Speaking for myself, I would still prefer to see BTC as primary unit by default on exchange. Because I have become accustomed to counting using that 0.00. Perhaps the exchanges won't change these thing on their own, as they would naturally make them user friendly.