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Author Topic: making bitcoin subdivisions more palatable to the general audience  (Read 1195 times)
MasterOfCoin
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May 10, 2014, 09:29:08 PM
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with 21 million bitcoins to split up among 7 billion people, it is safe to say that most people will never own or use a full bitcoin. in march of this year, the attempt to popularize milli-bitcoin was largely unsuccessful for various reasons.

i propose we rename sub-dinominations of bitcoins to “bitcoin dollar,” “bitcoin cent,” and “satoshi.”

1.   since the dollar is the world reserve currency, dollars and cents should be most familiar with people around the world in the sense that the words “dollar” and “cent” are already on the tips of people’s tongues.

2.   a small fraction of a pie is not particularly appetizing… so the idea of a thousandth or millionth of a bitcoin to people is like the idea of breaking up a delicious apple pie into crumbs and saying that since that apple pie is worth 1000 apple pies, then a piece of crumb from that pie would be equality as filling and satisfying to eat as a single slice of pie. not gonna happen…

http://www.shonblog.com/wp-content/uploads/bitcoin.jpg

1 bitcoin = 1000 bitcoin dollar
1 bitcoin dollar = 100 bitcoin cent
1 bitcoin cent = 1000 satoshi

the conversion ratio may be a bit confusing at first, but i believe people will pick it up rather quickly.

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byt411
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May 10, 2014, 10:12:24 PM
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I believe that you have no idea what bitcoin is about. Bitcoin is supposed to be a currency, and the world doesn't need the dollar. The US's endless ponzi cycles are already beginning to break, and Bitcoin is starting to triumph.

Saying that a crumb of a pie is worth 1000 pies? You are wrong. 1BTC = 1BTC. We don't need other exchange rates once Bitcoin shines above all the others.
MasterOfCoin
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May 10, 2014, 10:18:32 PM
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I believe that you have no idea what bitcoin is about. Bitcoin is supposed to be a currency, and the world doesn't need the dollar. The US's endless ponzi cycles are already beginning to break, and Bitcoin is starting to triumph.

Saying that a crumb of a pie is worth 1000 pies? You are wrong. 1BTC = 1BTC. We don't need other exchange rates once Bitcoin shines above all the others.

i'm using the term dollar as a word, not as $ or the money itself. bitcoin will not triumph without enough adoption from the peoples. i'm only attempting to make a smooth transition over to bitcoin from the dollar. if you have a better suggestion please share it with us.

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jonald_fyookball
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May 10, 2014, 10:21:06 PM
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It's as reasonable a proposal as any other.  Time will tell what people converge on.  mBTC already used by sites like coins.ph and many people here are talking about 1,000,000 bits = 1 bTC

byt411
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May 10, 2014, 10:24:03 PM
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I believe that you have no idea what bitcoin is about. Bitcoin is supposed to be a currency, and the world doesn't need the dollar. The US's endless ponzi cycles are already beginning to break, and Bitcoin is starting to triumph.

Saying that a crumb of a pie is worth 1000 pies? You are wrong. 1BTC = 1BTC. We don't need other exchange rates once Bitcoin shines above all the others.

i'm using the term dollar as a word, not as $ or the money itself. bitcoin will not triumph without enough adoption from the peoples. i'm only attempting to make a smooth transition over to bitcoin from the dollar. if you have a better suggestion please share it with us.

Then why when the European Union adopted the Euro, why didn't they call it something else that already exists?
Because things have to be change and be unique, otherwise no one will remember it. "Bits" is okay. "Cents" isn't.
DooMAD
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May 10, 2014, 10:30:19 PM
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The problem with this idea is that there are plenty of places in the world where dollars (or anything else with connotations to the US for that matter) are not viewed in the most positive light (to put it mildly).  While I'm sure it would make sense for people in Western countries, we have to remember that bitcoin is a global currency.  It's understandable that most of us in the English speaking part of the forum will have a western-centric outlook of the world and it's easy to forget that people in other places will have radically different views.  Bitcoin at it's core is a neutral and unbiased algorithm, so we should stick with new and neutral denominations.

MasterOfCoin
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May 10, 2014, 10:30:41 PM
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I believe that you have no idea what bitcoin is about. Bitcoin is supposed to be a currency, and the world doesn't need the dollar. The US's endless ponzi cycles are already beginning to break, and Bitcoin is starting to triumph.

Saying that a crumb of a pie is worth 1000 pies? You are wrong. 1BTC = 1BTC. We don't need other exchange rates once Bitcoin shines above all the others.

i'm using the term dollar as a word, not as $ or the money itself. bitcoin will not triumph without enough adoption from the peoples. i'm only attempting to make a smooth transition over to bitcoin from the dollar. if you have a better suggestion please share it with us.

Then why when the European Union adopted the Euro, why didn't they call it something else that already exists?
Because things have to be change and be unique, otherwise no one will remember it. "Bits" is okay. "Cents" isn't.

thanks for the discussion. yeah i can certainly see it that way for sure. i guess i'm one who would like to remember or be constantly reminded of the past/history as i move forward in life. i suppose that's where my inspiration for what i came up with came from. i broke my leg over a year ago and when i was in a wheelchair i never thought i would walk again. i can walk, run and jump now, but i like the fact that i can feel and kinda see where my fibula fractured and i use that to motivate me to do all kinds of things today

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MasterOfCoin
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May 10, 2014, 10:44:04 PM
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The problem with this idea is that there are plenty of places in the world where dollars (or anything else with connotations to the US for that matter) are not viewed in the most positive light (to put it mildly).  While I'm sure it would make sense for people in Western countries, we have to remember that bitcoin is a global currency.  It's understandable that most of us in the English speaking part of the forum will have a western-centric outlook of the world and it's easy to forget that people in other places will have radically different views.  Bitcoin at it's core is a neutral and unbiased algorithm, so we should stick with new and neutral denominations.

yeah i  agree with the bitcoin ecosystem being neutral and being unbiased. i suppose with the terminology should reflect that as well. and i guess i was hoping people can overlook the negative connotations associated with the dollar and use the term dollar as a reminder of what was and where we (not just talking about people in the US, but as a blanket for fiat) came from

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MasterOfCoin
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May 12, 2014, 06:24:18 PM
 #9

more on the notion of using "bitcoin dollar" and "bitcoin cent." i think it's incredibly important to be reminded of the past while the attempt is made to move forward. in a similar way to the blockchain whereby keeping a permanent record is essential to its function, the words "dollar" and "cent" should be kept on the record and in the forefronts of the cryptocurrency... as a tatoo, a scar, a constant reminder to those of us who so easily forget where we came from, the mistakes we've made, and what we've learned.

I hear all. I see all. I know nothing at all.
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