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Topic: Should we start talking in millies/bitmills/btm by default? (Read 978 times)

slothbag (OP)

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Should we start talking in millies/bitmills/btm by default?

January 31, 2013, 03:55:44 AM

Given we are about to crack the $20/usd mark, do you think it would make sense to start talking in millies by default?

While its great for those with many bitcoins to hear the exchange rate going up and up, it must be turning off newbies when they can barely afford a single unit (Bitcoin).

Currently something expensive like a $1k laptop is selling for like 50-70btc.. its easy to under-estimate just how much your paying or how much each bitcoin is actually worth.

If everyone starts talking in millies, current exchange rate being $0.02usd per millie.. newbies can feel like they are accumulating something of volume. And holders of Bitcoin feel like they are holding a substantial sum hopefully valuing them more highly.

Media might have a hard time understanding why the displayed exchange rate went from $20 to $0.02 though..

DeathAndTaxes

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Gerald Davis

Re: Should we start talking in millies/bitmills/btm by default?

January 31, 2013, 04:05:16 AM

Bitcoin is decentralized. You will never get 100% of the community to agree on just about anything.

If you want to start using mBTC then us mBTC. Personally I think it is a little early for that. A $1300 ASIC miner would for example be 65,000 mBTC which is a little excessive IMHO but the reference client already supports multiple unit types.

Probably the best thing to do is to start lobbying your favorite webservices (blockchain.info, MtGox, bitmit, etc) to support an option to switch to mBTC. I think common usage will happen organically once if/when Bitcoin trades above a couple hundred dollars. Sorry I mean 1 mBTC = > $0.20 USD or so.

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