When would it be the "right time" to shift our common frame of reference from BTC to some smaller unit?
In other words, using today's price level, when would it be appropriate to stop thinking in terms of "a Bitcoin costs $5700" and start thinking in terms of "A Millibit (or Bit or Microbit or whatever) costs $5.70 (or $57.00 or however you want to chop it). Would it be a price level? An adoption level? Introduction of a new feature? What would that look like and how would it be implemented? Could it be lead unilaterally (i.e. Coinbase wakes up one day and does it and everyone else follows over time) or would it have to be a concerted effort across the community? Is it even a good idea? What would the effects be, and what are the pros and cons of those effects?
Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
Bitcoins are valued at what market price people are willing to pay for them. Here are a couple useful sites 1 and 2 that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)". You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Some recommendations include: US & Europe
Always do your own personal due diligence on the validity of an exchange and check the URL prior to sending them money or entering login credentials. Phishing sites are not uncommon. Use this checklist if you aren't sure which exchange to choose.
Where can I spend Bitcoins?
A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins at wheretospendbitcoins.co.uk. There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross and the RNLI. You can find a longer list here.
If you operate a business and want to accept bitcoin as a payment method, there are several options available:
Mining bitcoins can be a fun hobby but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The friendly folks at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network, you can run a full node by hosting the blockchain and propagating transactions. Here is a handy setup guide
Securing your bitcoins
With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings. If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, Android and iOS where you alone hold your private keys. Electrum, Mycelium and Breadwallet are popular, but there are many options. Find a wallet that works best for you For increased security use Two Factor Authentication (2FA) everywhere it is offered, including email! (2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access). Google Authenticator and Authy are two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage. Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.
Just like any other form of money, you can earn bitcoins by working for them. Here are a few resources for bitcoin jobs.
Use ChangeTip.com (/changetip) for tipping people on Reddit, Twitter, YouTube, Tumblr, GitHub and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor).
You can read more about ChangeTip at their reddit wiki.
Go to /FreeBits to get a few microbits to practice with and then tip them forward. Go to /BitTippers to play games and solve riddles to earn your bits. Don't forget your flair!
Note: This is a brief overview to the most commonly used Bitcoin units. For full information check out the Bitcoin Units wiki (work in progress). One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common ones are listed below:
1,000 per bitcoin
SI unit for milli i.e. millilitre (ml) or millimeter (mm)
1,000,000 per bitcoin
SI unit for micro i.e microlitre (μl) or micrometre (μm)
100,000,000 per bitcoin
Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
20,000 μBTC (colloquially referred to as bits)
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending mod approval. The original sticky can still be found here. Welcome to the Bitcoin community and the new decentralized economy!
Seeing a $4150 price for bitcoin seems insane I agree, but let's be honest: if you put maybe 500 bucks into bitcoin today, in a few years it's very likely that it would be worth 5 grand. This would leave you never having had anything like a whole bitcoin but it would have been great nonetheless! There was a small amount of pressure in the community to start using microbits back when we first hit 1k in winter 2013. I don't personally like this either, but it is better.
Suggestion for useful subunit in today's 10K+ world
Hello Bitcoiners, (This is focused on the US dollar) - For those of us who believe in Bitcoin as a currency, as an exchange convenience, we have used subunits ever since a single bitcoin reached certain heights. As the price approached $1,000, the millibitcoin (0.001 BTC) became the closest to a US dollar and thus the most reasonable way to talk about everyday prices in BTC. For example, when I went to my favorite diner back in the day, a typical meal was 60 or so millibits. Those days are long gone. But as of writing, a single millibit is just under $19. The next unit down I've seen in all Bitcoin articles is the microbit - currently worth just under 2 pennies. Handy for talking about buying lollipops but not really for things like a tank of gas. A now-obsolete French double prefix was the decimilli-, 10-4, shortened to "dimi-". A "dimibitcoin" is today worth about $1.90. So I suggest the use of the dimibit as a subunit of a bitcoin. Thoughts?
[uncensored-r/Bitcoin] The cynical path to reaching a million dollar bitcoin
The following post by Grotein is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7nwm0p The original post's content was as follows:
Skip millibit price listings and go straight to microbits
We periodically see posts suggesting that "1 Bitcoin" at $1000, $2000, $3000, $4000 sounds too expensive, and results in an off-putting pack of zeros after the decimal point when purchasing your kombucha. Folks then plead for the community to finally switch to millibits or to microbits but call them "bits" for short. Arguments tediously play out again about what the best unit is, and what the best thing to call it, or whether we should switch to the tonal number system, or whether people should just get over themselves stop being irrationally uncomfortable with paying .000222 bitcoin for a cup of coffee. After that, everyone goes back to measuring everything in 100,000,000 satoshi units. Here is a post from 4 years ago called It's bits which was submitted about 4 years ago. And all of that ignores the fact that tomorrow the cup of coffee is likely to have a different price, measured in bitcoin. Which is a problem! Critics have rightly observed that no one would dare take out a large loan in a deflating currency, and it would be psychologically difficult to rejoice over your annual pay cut in quite the same way you enjoy getting a raise. People think of the "unit of account" function as being central to the definition of currency, but Satoshi didn't choose that as a design goal. Instead, he gave us this fixed issuance curve and let the price chips fall where they may. It's part of what makes bitcoin more like a "base metal as scarce as gold", that is to say more like a commodity and less like a currency. Sure, volatility has gone down in the last 8 years, but what you really want from a unit of account is no volatility at all. We would have some measurement of value that is stable over time -- let's call it the Jolly for making the point. A meal at a fast food place should probably cost 10 to 100 Jollies. A meal at a nice restaurant might be 10 to 1000 Jollies. Something like that. That's a range of quantity of value that people seem to find convenient to work with and think about, if you look around at a lot of national currencies. We don't have the Jolly right now, and getting global consensus on a definition of one would be tough. Maybe some day. In the mean time, what makes sense to use as a unit of account is your local good-enough fiat currency unit. Mind you, we are not going to use the filthy government money itself, just borrow the unit as a measurement of value. The unit has merit, is free to use, and has no downsides that I can see. (If your local currency is unstable, you could just use the Dollar, Euro, Yen, Yuan, Pound or whatever relatively stable currency is most popular where you are.) It doesn't make sense to use Bitcoin as a unit of account, and nobody really does it because the people who have tried have been burned. So when you think of "1 Bitcoin" think of it more like you are saying "1 Kilogram of the commodity called bitcoin." Buy your coffee with bitcoin, measured in dollars. Take out your loan in euros, payable with Bitcoin. But here's the thing, wallets need to support this way of thinking. They need to measure bitcoin balances and amount you are sending or requesting in regional units that the user chooses. To support that, they are going to need to know the exchange rate. Exchanges, Winkelvii and others could offer web service calls or RSS feeds of whatever, and users could choose the sources they prefer. Wallets could sanity check the sources and provide alarms when sources are too far apart, or change a lot in a short period of time. They should also print the exchange rate prominently so that the user can also check it for sanity. TLDR: Wallets should allow the user to select a regional currency, and their balances and transactions should display measurements in that unit of account.
If we change to microbits/bits the price will shoot up
I'm guessing if there is an industry shift to microbit/bits/whatever you want to call them, the price will shoot up. They will seem a lot cheaper even to old hands and new people will suddenly think Bitcoin is affordable as well. Edit: And I'm curious when using microbits and satoshis will be too cumbersome and we will start having to include some more decimal places. I quite like eight decimal places myself.
Why not BitCoin, ByteCoin, KiloBTC, MegaBTC, GigaBTC, TerraBTC, PetaBTC?
EDIT 2: I guess with 8 negative downvotes this community just isn't catching what I'm throwing and just wants to see themselves get rich. Satoshi would have, because I understand him, the same way. He created something I thought of when I first learned about the corruption of fractional reserve banking and c++ at the same time. Just glad he actually coded it. It only seems natural that we would use these terms. Why did we make it so convoluted and complicated in the first place? It seems like we like the same way of using the metric system. I don't see why unless Bitcoin really was created for drug transactions, then I guess it makes sense to get a microbit for a microgram of LSD... But this currency is based on technology, not on drugs. Why not kill two birds with one stone and start teaching the system of measurement we use in DATA alongside what we use in the metric system/drug trade? The second benefit of this is... 1 PetaBit? (I like that) could possibly be worth the TOP denomination that may ever happen. Perhaps that means you bought in at an equivalent of 1,000 Bitcoin in the beginning once deflation rates and everything stabilize and now it's worth 1,000,000,000 bitcoin. In other words, the people that have made all this money have PetaBits of coin. NOT a SINGLE ONE. I feel we went backwards by going to a SMALLER unit, we needed to change the exchange rate in the OTHER direction to make the purchasing of A BITCOIN actually the same as it was. We're all lying saying we "split the stock" or whatever in all honesty, we're lying trying to bring people in to make ourselves richer. If we would have changed the term Bitcoin to GigaBTC, then that means anybody who got in early just got a HUGE dividend. This allows people to actually buy in for the same amount we did in the beginning. They aren't stupid. The media is still talking about how we hit GOLD parity for a single bitcoin. People aren't going to forget that and think "oh, I can buy 100 mBTC now for the same price THEY bought a Bitcoin, YAY!" I'm not sure who we're kidding telling ourselves measuring Bitcoin smaller every time it goes up is a good idea. It's just the people already holding should get a new classification and let the people still buying in, get a hell of a good deal on the original unit of measure. Psychology thing, I guess. Feel free to comment and vote to let me know what your opinion is on my way of seeing things. I'm here to learn just as much as the next person! :) As a side note, it also EVENTUALLY forces the smallest amount to be the BITcoin... just like the smallest measure of data. What a wonderful coincidence and easy concept to grasp if you are already IT savvy in the least. :) EDIT: We'd have to go to ExaBTC because of the 8 digit system we've built. (0.00000001 is a Satoshi currently)
My name is Joe Average. I am the 80% of people who found out about bitcoin. I found out last week that an ATM for a new type of special currency is being released in my hometown, Vancouver BC Canada. Like many others, I'm still clueless about bitcoin, despite spending my halloween weekend researching it, trying to find out whether it's a trick or a treat (sorry I had to). In this post, I'll list what I know about it, then list the thoughts, problems, and barriers that I, and probably 80% of the population, feel about bitcoin. These things are probably most relevant to those of you bitcoin enthusiast that have a vested interest in the success of the currency/commodity, because the general public represents a population that will influence the capacity that bitcoin can have in society. Bitcoin has many advantages. Here are the advantages that I came across in forums and news articles: -free from government influence -zero bank fees -limited resource, naturally appreciating value -relatively anonymous -intangible, convenient to carry -irreversible transactions And here are some problems, starting from the most relevant one which probably everyone thinks of right off the bat: 1-Bitcoin or cash? Why should I bother using bitcoin? Dozens of local merchants in my area are accepting bitcoin. Wow that's great! Now I can spend 2 hours acquiring bitcoin from a private, ungoverned, unregulated exchange (more on that later) and buy a medium belgium hot chocolate from waves (great drink by the way). Paying with card or cash? No ma'am, I'm paying with BITCOIN big teethy smile, eyebrows up and down several times Ok, bust out the ipad or whatever, spend 15 minutes waiting for the cashier to grab her ipad, unlock the screen, get a network connection at coffee shop network speeds, tap the bitpay app or w/e, load the app, scan my qr code, wait for the transaction to verify, blah blah blah, meanwhile, big ass line up forms behind me and I'm the big asshole who decided to pay with bitcoin instead of cash. Okay, in all fairness, I'm probably being ignorant to some bitcoin app out there that cuts this whole process down from 15 minutes to just 5 minutes, the time it takes to verify transactions. But if I have to use an app, that probably costs money. So now my $4.50 dark belgium hot chocolate now costs $4.65 + 5 minutes of my life. Hmm maybe I'll just 1) whip out some cash 2) whip out my visa card and pay it off right away so I don't incur interest fees 3) pay for it with debit, my bank doesn't charge me debit fees for using my card 2-Sending bitcoin So let's say what appeals to me is that bitcoin replaces Western Union, bank transfers, etcetc. I want to send $4,000 to Alice and Bob of ABC Co., payment for their work as hypothetical people in every accounting example I've ever read. For that amount, I'd have to pay >$100 in service fees from a money company. Or I could save myself >$100 by using bitcoin instead. Okay great! Where do I start? Download a wallet. Done, nice. Next step, synchonize 208 weeks of ledger. Great.. oh, hang on. It's been 4 hours and I've downloaded 3 weeks. What the fuck?! How long does this take.. it doesn't even tell me how long it will take or how big the file is! computer left running overnight Awesome, just 2 more nights to go then I'll be fully syncrhonized. 2 days later hard-drive is maxed out? I needed a new one anyways. 4 days and a 500GB SSD later Now I have my wallet ready to use. Time to purchase some bitcoin! So I purchase bitcoin, send it to Bob and Alice, and since they own ABC Co., a massive enterprise, they employ an IT guy, and he is the only guy in the company who will ever understand how to securely use bitcoin. He's behind 2 juniper firewalls (for redundancy), we VPN tunnel'd the payment code over with the pass, that way I know it went to him and nothing's been compromised. Because once the funds are sent out, it's gone, there is no insurance. Which brings me to my next point: Bottom line: requires a lot of time to SAFELY and SECURELY send bitcoin, FEE-FREE. But that's okay because I have nothing better to do. If I had kids, errands, work, non-IT hobbies to do, $40-$100 might be worth the time it takes me to research the process of sending bitcoin out properly. 3-Bitcoin wallet services There's a whole list of companies emerging to take podium position in the race of the bitcoin wallet services world. Besides setting up a bitcoin exchange (which anyone can do in their basement), bitcoin wallets are the next biggest thing in bitcoin. In the digital world, about 3 companies take podium position in a certain thing. Like Android/Apple/Blackberry for cell phones, Windows/Apple/Linux, Chrome/Firefox/IE, etc etc. Right now, for digital bitcoin wallets, everyone's competing to be one of those 3 major companies that everyone will use. Companies like coinbase. These companies cost money. Coinbase has a pretty impressive talent pool. Let me introduce them to you: Barry Kwok- Holy shit, this guy has a Masters in Engineering?! No seriously, this guy is a master of engineering. He built teams of 5 to 50 people at Google (fucking google man!). This guy is the first guy on the list, how much does he make? I'd have to guess $120k Craig Hammell- This guy built OK Cupid. I know a guy who uses that shit to get laid, it really works, so OK cupid is probably a well-established company. Because of Craig's success with OK cupid, and the fact he looks that young, I'd say he probably doesn't make that much, just a modest $90k Olaf Carlson-Wee- Olaf does rock-climbing, enough said. $95k Fred Erhsam- Traded at Goldman Sachs. $150k Charlie Lee- Invented Litecoin, worked on google chrome, google play, and youtube. $120k Brian Armstrong- This guy has experience with Fraud Prevention. Don't know why they hired him, because as everyone's been saying, you can't fraud bitcoin. Since they don't need him, he's probably an intern. Let's run some quick numbers: Total cost of salaries: $575,000/year Other expenses including dividends to investors: $3m/year So this company has $3.6m a year to allocate to their consumer base of 329k of wallets, and 12k merchants. That is roughly $10.56/year per wallet or merchant. (realistically, the portion of cost between wallets and merchants would be not be split equally, and of course all these figures are pulled straight from thin air, however, this is reddit, not forbes). That is a very low amount compared to using VISA which costs merchants $0.25/transaction+monthly service fee. As we can see, bitcoin is a great! Save some money. But here's the problem: people fraud banks all the time. That costs money. Somebody puts $10k in their digital wallet, loses it, they're going to be pissed off. They'll start demanding it back from coinbase. The day coinbase pays 1 guy $10k compensation, the day they'll have to pay everyone that loses money like that, and that $3-mil figure I gave above will be much higher, and the fees everyone has to pay will go up. If coinbase doesn't compensate, then people will be reluctant to use bitcoin for anything other than small transactions. This means bitcoin will not have the capacity to be adopted by regular people, like me. Either I lose big chunks of money at a time, when my digital wallet gets hacked, goes missing, frauded, etc, or I lose it in smaller chunks and frequency which is similar to a bank. So digital wallet services are just like banks. Wait, I thought the bitcoin guys were saying banks were a bad thing? 4-Inflation vs Deflation I see a lot of bitcoin enthusiasts talking economics, which really angers me. You should read some of the things they say "inflation is bad, bitcoin actually deflates, so its good" "the government can't fuck with bitcoin, so its good" "bitcoin good, so it's good". If you're a bitcoin enthusiast and discussed bitcoin economics, you probably need to trade your internet credit for some college credits. Because seriously, that is some retarded shit. For example: Inflation is bad, bitcoin deflates = good / The gov't can't fuck with bitcoin so it's good No. Inflation is good, yes I said it and you can quote me on that. Inflation allows job creation through lowering interest rates which encourages people and businesses to buy things. When stuff is bought, things happen. And jobs are required to make things happen. So when the government sees that "hey, our economy ain't doin too well, how bout we print some of ye ol' fashioned paper dolla bills" that's a strategic move to lower the unemployment rate and increase GDP. The US is in shambles right now for reasons beyond inflation. The #1 reason why is labour costs too much in the US. Shaquila and Billy Bob don't want to work in a factory for $12/hr, they're too in love with hollywood and liberty, thinking they're entitled to a high paying comfortable job. Half of America thinks like that. But guess what, the Chinese don't, they're happy to pick up where Shaquila and Billy Bob left off. And because of the economies of scale thanks to their large population, that ignited over night, and now the US is left with a population that doesn't want to work. There's also a bunch of other reasons like going to war, etc, but that's debatable because there's a cost/benefit of going to war (own all the oil rigs out east to pay for things because you lazy fucks can't be bothered to make money with elbow grease). The point is, mind fuck #1, inflation is a solution to a problem that's not related to money. On the other side of the coin, deflation IS a bad thing. Deflation, which bitcoin is designed to do, means that there will be fewer amounts of money to spend over time. That increases the price of things. That's good for people who are holding on to bitcoin. This encourages people to spend with bitcoin less, and save more. Mind fuck #2, saving money is bad, because it reduces GDP. It reduces the need for companies like coinbase to develop and create a product for spending bitcoin in the first place. So the more bitcoin deflates, the more its value goes up, the less people spend bitcoin on shit, the less merchants see a point in accepting bitcoin, the less merchants use bitcoin, the less people buy bitcoin, then bitcoins value goes down. 5-Limited supply of bitcoins This title should read Diminishing supply of bitcoins, but it would then be misinterpreted without an explanation. Bitcoins don't diminish, they are simply unaccounted for. Meaning, if you have bitcoins, and forget the password, it is gone forever. And in case you didn't know, people are human, making them prone to mistakes. Forgetting, etc. So, over time, enough people will lose bits and pieces of bitcoin here and there. That's going to add up over the long run. Units of measure will start going to miliBits, Microbits, ultra micro bits, ultra ultra micro bits. etc. Kind of like fiat currency, it can inflate to be infinitely large, and with bitcoin, infinitely smaller. 6-Exchanges and trading When Silk Road went down, bitcoin went up. First, naturally and by way of economics, fewer bitcoin = increased value. The Silk Road guy had $26-million USD worth of bitcoin, more than enough bitcoin to raise the market price. Followed by that, we have news, and hype, which drove higher. Then the fact prices are going up, makes a nice news article, which drives it up even more. When prices went up because of the news, incentive went up. Now the prices are so high, some people have made fortunes off of it. And that makes the news too, which drives it up again even higher. That's a great incentive if you're a bitcoin investor. Hey, the winklevoss twins have 1% of bitcoin, all you miners go use your mining pools to break into the winklevoss account and delete the fuck out of their bitcoin wallets and backup, so you can raise the market value. Just kidding. That's a lot of work. You know what's easier? This: 1) Start your own bitcoin exchange, no fees 100% free. 2) People will start trading on it. 3) ???? 4) Profit! Actually step 3 isn't a mystery, you set the fucking price level to whatever you want it to be. And because it's 100% unregulated, unsanctioned, not tied to any commodities, no authority, no referee, no consortium, you can do whatever the fuck you want on it. Without authority, believing that the prices on the bitcoin exchange is set naturally by way of price and demand is like believing in religion. You just have to believe. Of course with public exchanges, there is some level of corruption involved, but that's why people get arrested and shit. Using bitcoin exchanges doesn't have that level of protection, and it never will. You think the governments own law enforcement is going to go after guys corrupting a private stock exchange, which trades a currency that negatively impacts their own fiat currency? Unless the government is somehow benefiting from bitcoin, which it won't by design, the police will simply have a good laugh at that. In conclusion, there's so many flaws that I can see with bitcoin. But bitcoin enthusiasts will say otherwise. If I jumped on the bitcoin train 3 years ago, I'd probably do the same thing as you: make up some backwards economic reasoning it'll succeed, some backward political reason, etc. So Dear Bitcoin, you just don't make enough sense to us, the general population, for us to adopt you. A great substitute for currency in the underground world, but you just don't fit with us here on the mainstream. And if you did fit, you'll end up being regulated just like currency, so what's the point? You're the same shit as my cash or cards. Fuck off. -Joe Average
I was just working with a removable drive and saw the capacity and thought about the days when 1.03GB was a lot of storage. And how that storage could be expressed in Bytes. I think this is a great way to explain Bitcoin pricing and it's breakdown to people who cant grasp how the small prefixes for amounts of btc can exist in the same space as large prefixes for amounts of btc. Its almost like an inverted comparison, as BTC's grow we'll work away from BTC and toward Sotoshi, as storage size has grown, we've moved from bytes, to megabites MB, to gigabites GB, etc. As BTC supply becomes limited they'll sell at smaller and smaller sizes, microbit, millibits, etc. we'll be working away from a number indicating a large number and toward a number indicating a small number. Basically, BTC's can be broken down into small units the same way bytes can be built up to make a GB. As I explained this to someone unfamiliar with BTC they understood right away that BTC are made up of smaller "bytes"
A case for the microbitcoin (uBTC) satobitcoin (sBTC).
Everyday, there are dozens of post being made about how we need to stop referring to whole Bitcoins and begin using the millibitcoin (mBTC) or microbitcoin (uBTC) as the new standard denomination. Within all of these discussions, you generally have a handful of people advising that we skip past all of them and go straight into using the Satoshi as the new standard unit. Right now, we are on the verge of the millibitcoin reaching parity with the US Dollar. While this will be unquestionably convenient for BTC accepting merchants, the fact remains that at this point, barely any of these merchants are pegging their prices to the Bitcoin, but are instead using USD, EUR, etc and letting the payment processor do the conversion based on the current exchange rate. Therefore, by this logic, it makes little difference what the merchants decide, since they are most likely using Bitcoin has a cheap form of payment processing. The question we should all be asking ourselves is how high do we expect the Bitcoin market cap to climb, before we reach a point of stability, and how long do we anticipate it will take for us to get there. The honest truth is, that none of us can definitively answer this. However, let's assume that Bitcoin has enough growing room to achieve a $100B market cap by sometime in the year 2015. At this point, one Bitcoin will be valued at approximately $6,666.67 USD, which would mean that the millibitcoin will have reached $6.67, whereas the microbit will have yet to reach parity with the US cent. Now, if you are looking at this from an American mindset, you are probably thinking, "Gee! mBTC's are awesome! The market will have to increase another ten fold before we will even need to start considering using anything else." The honest truth is that you are probably right. However, we Americans usually have a hard time accounting the fact that we only make up about 5% of the World's population. Let's see how the uBTC stacks up to a few currencies that are within markets that have potential to deliver serious growth to the Bitcoin economy. At a $100B USD Marketcap (current exchange rates) 1 uBTC would be the equivalent to .09 Mexican Pesos .02 Brazilian Reals .42 Indian Rupees .02 Israeli New Shequel .58 Kenyan Shillings As you can see, compared to other global currencies, the uBTC does not seem nearly as small as it does for us in the US. Now, let's take this to an extreme hypothetical. Let's assume that one day Bitcoin reaches a total market cap of $1 Trillion USD. At this point, the uBTC will be knocking on nearly a .07 USD valuation, and will have surpassed parity of some of the currencies listed above. So what is the right answer? Truth is, there isn't one. The preferred choice of BTC denominations should be a regional decision, and not a global one. I do know that while a $1 Trillion market cap is within the realm of possibility, I do not see it happening by 2015, then again, I could be incredibly wrong. What does need to happen I believe is that developers need to design their products and services, such as wallets and exchanges to be as modular as possible for each individual user, and possibly set the defaults based on wherever the service or application is being used. Furthermore, you'll notice that I referred to the Satoshi as a satobitcoin (sBTC). Why? Well, let's be real. Does anyone honestly think that a "satoshi" is going to be widely accepted around the globe if Bitcoin grows to the level that we are all hoping that it does. My money is on no. It's a nice gesture, but I just cannot see it being widely adopted in the long run. Nanobitcoins have a nice ring to them, but that would require Bitcoins to be broken down to the ninth decimal place, rather than the eighth that Satoshi originally intended. I personally think that the "satobit" has a much better sounding ring to it, is much less jarring and still pays tribute to Bitcoin's originator. Bitcoin, centibitcoin, millibitcoin, microbitcoin, satobitcoin
I think Bitcoin should be denominated in its smallest unit, the satoshi. Here's why: *1. Many people think they are too late to the party and Bitcoin is too expensive. Using satoshi, people can buy 1,000,000 for less than 10 bucks. Millionaires! For less than 10 bucks! I think this will be more appealing to people just getting started but can't afford a whole Bitcoin. It allows the price of BTC to reach the stratosphere without intimidating newcomers who just want to buy and use the currency. *2. Prices are prettier. People don't mind high numbers in currency (look at Yen, Yuan, or Pesos) but nobody wants to look at a decimal place with a bunch of zeros after it. It is not something we can easily get used to IMO. Which looks better?: .00002341 BTC, or BTC-S (new symbol?) 2,341 or 2,341 satoshi *3. The deflationary nature of Bitcoin becomes more evident if prices are displayed in satoshi. Last week my coffee cost 350,000 satoshi...this week it's only 100,000! Bitcoin is making everything cheaper by the day...therefore I feel I have more money. (or the inverse, of course, but we won't discuss that :P) *4. Millibits, Microbits, etc. aren't attractive names. Satoshi is beautiful to my ears! edit:formatting
Micro Bitcoin (MBC) aims to encourage micro-payments for Bitcoin holders by providing a secure and sustainable open source community and ecosystem of users, developers, and miners by means of a hardfork of the Bitcoin blockchain. MicroBitcoin price today is $0.00001867 with a 24-hour trading volume of $496.43. MBC price is down -12.2% in the last 24 hours. It has a circulating supply of 0 coins and a max supply of 210 Billion coins. STEX is the current most active market trading it. Need some help? Check out the topics listed below to find the help you are looking for. Remember that we have an Official Discord Channel where our community can provide more assistance on our opensource project. MicroBitcoin price today is $0.000016 USD with a 24-hour trading volume of $21.40 USD. MicroBitcoin is down 1.03% in the last 24 hours. The current CoinMarketCap ranking is #886, with a market cap of $3,088,264 USD. It has a circulating supply of 188,777,000,000 MBC coins and a max. supply of 210,000,000,000 MBC coins. You can find the top exchanges to trade MicroBitcoin listed on our The last known price of MicroBitcoin is 0.00001907 USD and is up 0.74 over the last 24 hours. It is currently trading on 1 active market(s) with $21.88 traded over the last 24 hours. More information can be found at https://microbitcoin.org. Preço de MicroBitcoin. Preço de MicroBitcoin: $0.000019 USD: ROI de MicroBitcoin-97.02% : Ranking no mercado #820: Cap. de Mercado: $3,599,915 USD ...
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