When mBTC will become the default denomination

[franky1]

this has been discussed endlessly the OP is just trolling i think..

mbtc is just temporary and would confuse people from moving from a whole bitcoin measure to mbtc, then months later ubtc.

many many many topics have come to the conclusion to jump to 100 sat measurements (ubtc) to future proof the measure for longer and because eventually 100 sats (ubtc) is a easy to understand measure much like cents to the dollar, pennies to the pound.

some businesses are already using the 100sat measure and calling it 'bits'.. im not going to debate the naming as thats a 10 month argument that has settled itself.

all im saying is that mbtc is a temporal measure and not future proof enough for the long term.

[jbreher]

Done deal.

Bitcoin-Qt > Preferences > Display > 'Unit to show amounts in:' [ BTC | mBTC | uBTC ]

[keithers]

That would need change in the bitcoin protocol, and all nodes would need to agree. Bitcoin network is something relatively big, so changing things is hard and always with risk of failure. Its almost the same as changing ipv4 to ipv6, something that needs to be done, but there is already a whole system working with the old standard, so its hard to do.


I can only see it happening together with many others major changes, or if BTC price reaches the six digits

I agree that once BTC hits much higher prices Bits will be a more viable solution.

[bg002h]

Coinbase and BitPay have started using the microbitcoin (uBTC), which they have both decided to call a BIT.

That makes it likely that bit will become widely used for the smaller denomination, and that millibitcoins (mBTC) will be skipped over for most purposes.

References:
http://blog.bitpay.com/2014/05/02/bitpay-bitcoin-and-where-to-put-that-decimal-point.html
http://www.coindesk.com/coinbase-announces-pricing-bits-bitcoin-buyback-option/

http://blog.coinbase.com/post/89405189782/its-bits

[PBmining]

I can tell you from a business perspective that people get easily confused with mBTC even right now with its attempted use.  Something like this needs to be 100% adopted, meaning that the use of the BTC would be thrown out completely in favor of mBTC.  Without full adoption, the conversion will always be a hassle unless you're already very familiar with it (or mathematically inclined).    
    

[littlewizard]

For real world application, BTC value is still not high enough to make people accept mBTC.
If BTC value continue to increase to say, 10k USD, I think a movement would happen.

[InwardContour]

I can tell you from a business perspective that people get easily confused with mBTC even right now with its attempted use.  Something like this needs to be 100% adopted, meaning that the use of the BTC would be thrown out completely in favor of mBTC.  Without full adoption, the conversion will always be a hassle unless you're already very familiar with it (or mathematically inclined).    

I agree, all the different ways to measure bitcoin (mBTC, and uBTC) make it very difficult to figure out exactly how much the price that a specific good/service actually costs. 

[elrapido]

Done deal.

Bitcoin-Qt > Preferences > Display > 'Unit to show amounts in:' [ BTC | mBTC | uBTC ]

Cheers!

[Habeler876]

I hope never, since it's confusing as fuck for me and converting it back into BTC is wasted effort. I will always choose BTC over mBTC.

Same here. Maybe it's because we're still early adopters -- seems to be the argument, anyway. I think a lack of consensus means people are gonna be sending payments to the wrong order of magnitude.

[BitProdigy]

I hope never, since it's confusing as fuck for me and converting it back into BTC is wasted effort. I will always choose BTC over mBTC.

When 1 BTC equals $50,000 then it will no longer make sense to use BTC. Your day to day purchases will be ridiculously tiny fractions of BTC while mBTC or uBTC will seem natural like the dollar and cent do for us now.

[Habeler876]

I hope never, since it's confusing as fuck for me and converting it back into BTC is wasted effort. I will always choose BTC over mBTC.

When 1 BTC equals $50,000 then it will no longer make sense to use BTC. Your day to day purchases will be ridiculously tiny fractions of BTC while mBTC or uBTC will seem natural like the dollar and cent do for us now.

When BTC is $50,000, you're going to be using it for day-to-day purchases? You're going to be buying cups of coffee with it? I think you and I have different visions for how this will go down.

[FlowerMatt]

But still: 1 BTC = 8 bits = 365.242 ingots = 5,280 cowries = 186,282.4 tokens.

That seems like the reasonable thing to do.

[BitProdigy]

Wont happen. bitcoin burns in hell

This, of course, assumes that hell exists. 

When BTC is $50,000, you're going to be using it for day-to-day purchases? You're going to be buying cups of coffee with it? I think you and I have different visions for how this will go down.

uh… yes… of course. When the dollar becomes virtually worthless, I will be using bitcoin for day-to-day purchases… such as coffee.

Why would BTC being worth $50,000 prohibit me from wanting to use it to buy coffee? If a cup of coffee costs $5 in the future, and 1 BTC is equal to $50,000, then I could buy a cup of coffee for .0001 BTC… And I definitely would.

What is your vision for how this will go down? Having tons of buying power will cause people to not want to buy anything? That's like saying rich people won't spend money. But perhaps I've misinterpreted the jist of your comment.

[Habeler876]

When BTC is $50,000, you're going to be using it for day-to-day purchases? You're going to be buying cups of coffee with it? I think you and I have different visions for how this will go down.

uh… yes… of course. When the dollar becomes virtually worthless, I will be using bitcoin for day-to-day purchases… such as coffee.

Why would BTC being worth $50,000 prohibit me from wanting to use it to buy coffee? If a cup of coffee costs $5 in the future, and 1 BTC is equal to $50,000, then I could buy a cup of coffee for .0001 BTC… And I definitely would.

What is your vision for how this will go down? Having tons of buying power will cause people to not want to buy anything? That's like saying rich people won't spend money. But perhaps I've misinterpreted the jist of your comment.

Fair enough. But just because bitcoin is easily transferable doesn't mean I would actually use it to constantly make purchases. We are agreed that bitcoin is sound money -- in my eyes, it's my store of value. My nest egg.

[Mitchell]

When 1 BTC equals $50,000 then it will no longer make sense to use BTC. Your day to day purchases will be ridiculously tiny fractions of BTC while mBTC or uBTC will seem natural like the dollar and cent do for us now.

If that happens I will reconsider my position, but for now it's not required.