Midnight thoughts: Bitcoin units/denominations

[mjglqw]

Couldn't sleep right now and this crossed my mind. Hopefully I can achieve sleep after this post.

Wouldn't it be better if bitcoin's default unit/denomination would be the same or close to the value of USD?

Bitcoin = 1
mBTC = 0.001
uBTC = 0.000001
Satoshi = 0.00000001

If ever(hopefully) we achieve global adoption, wouldn't it be better if we could price cheaper stuff using bitcoin instead of millibitcoin?
e.g. 1 burger = 2 bitcoins (not 2 millibitcoins or 0.002 bitcoins). it would just sound better verbally.

So I personally(currently) think that it is better if our units/denominations are:

MBTC(megabitcoin LOL) = 1
Bitcoin = 0.001
uBTC = 0.000001
Satoshi = 0.00000001


Not suring if I'm making sense, or if I just need sleep. or both. im out.

[Rmcdermott927]

Couldn't sleep right now and this crossed my mind. Hopefully I can achieve sleep after this post.

Wouldn't it be better if bitcoin's default unit/denomination would be the same or close to the value of USD?

Bitcoin = 1
mBTC = 0.001
uBTC = 0.000001
Satoshi = 0.00000001

If ever(hopefully) we achieve global adoption, wouldn't it be better if we could price cheaper stuff using bitcoin instead of millibitcoin?
e.g. 1 burger = 2 bitcoins (not 2 millibitcoins or 0.002 bitcoins). it would just sound better verbally.

So I personally(currently) think that it is better if our units/denominations are:

MBTC(megabitcoin LOL) = 1
Bitcoin = 0.001
uBTC = 0.000001
Satoshi = 0.00000001


Not suring if I'm making sense, or if I just need sleep. or both. im out.

I don't think the way it is now is a problem as when I tell people 1bitcoin=$2600+, they just go "whoah" and ask more questions.

The only complaint i have is the extra few lines of code I have to add in to handle all those decimals in php using GMP.

[GreyWyvern]

I think a BTC will always be a BTC, but the idea of putting them in terms of mBTC and uBTC to make them more palatable to investors has been discussed on Bitcoin.com before: https://news.bitcoin.com/case-using-mbtc-denominations/

I agree with the article in that the better way to go is just to make up friendlier names for the lower denominations, but don't change the definition of "one Bitcoin." The article mentions using the term "bit" for a micro-BTC, or one millionth of a BTC.

Right now, a "bit" is worth about 1/4 of one cent in USD. Once (if? lol) BTC reaches $10,000 USD per BTC, one "bit" will be one penny. At that point it should be much easier. You could buy a burger for a few hundred bits.

[mjglqw]

Couldn't sleep right now and this crossed my mind. Hopefully I can achieve sleep after this post.

Wouldn't it be better if bitcoin's default unit/denomination would be the same or close to the value of USD?

Bitcoin = 1
mBTC = 0.001
uBTC = 0.000001
Satoshi = 0.00000001

If ever(hopefully) we achieve global adoption, wouldn't it be better if we could price cheaper stuff using bitcoin instead of millibitcoin?
e.g. 1 burger = 2 bitcoins (not 2 millibitcoins or 0.002 bitcoins). it would just sound better verbally.

So I personally(currently) think that it is better if our units/denominations are:

MBTC(megabitcoin LOL) = 1
Bitcoin = 0.001
uBTC = 0.000001
Satoshi = 0.00000001


Not suring if I'm making sense, or if I just need sleep. or both. im out.

I don't think the way it is now is a problem as when I tell people 1bitcoin=$2600+, they just go "whoah" and ask more questions.

The only complaint i have is the extra few lines of code I have to add in to handle all those decimals in php using GMP.

indeed the current value of 1 bitcoin definitely is good for publicity since people will get wow-ed by it.

But I was thinking if ever we reach mass adoption; and buying stuff using bitcoin personally like in groceries, fastfood chains and stuff.

I think a BTC will always be a BTC, but the idea of putting them in terms of mBTC and uBTC to make them more palatable to investors has been discussed on Bitcoin.com before: https://news.bitcoin.com/case-using-mbtc-denominations/

I agree with the article in that the better way to go is just to make up friendlier names for the lower denominations, but don't change the definition of "one Bitcoin." The article mentions using the term "bit" for a micro-BTC, or one millionth of a BTC.

Right now, a "bit" is worth about 1/4 of one cent in USD. Once (if? lol) BTC reaches $10,000 USD per BTC, one "bit" will be one penny. At that point it should be much easier. You could buy a burger for a few hundred bits.

nice point. I forget to take into account what the bitcoin price might be after a few years. and yea, a "bit" definitely sounds better and easier to say in real life than saying "millibitcoin".

[grabberfish]

I think a BTC will always be a BTC, but the idea of putting them in terms of mBTC and uBTC to make them more palatable to investors has been discussed on Bitcoin.com before: https://news.bitcoin.com/case-using-mbtc-denominations/

I agree with the article in that the better way to go is just to make up friendlier names for the lower denominations, but don't change the definition of "one Bitcoin." The article mentions using the term "bit" for a micro-BTC, or one millionth of a BTC.

Right now, a "bit" is worth about 1/4 of one cent in USD. Once (if? lol) BTC reaches $10,000 USD per BTC, one "bit" will be one penny. At that point it should be much easier. You could buy a burger for a few hundred bits.

This answer is spot-on. I have been using the "bits" unit for a few years now. It is a forward-looking choice and one which is familiar to the public with decimal format currencies.