Coinbase: Switching to mBTC Bitcoin Units Not Planned For the Near Future
On Monday evening, popular bitcoin monitoring website Bitcoinity made what could potentially be considered the huge move of switching the default bitcoin unit from BTC to mBTC. That is, essentially moving the decimal place three times to the left in order to make the per-unit price less intimidating and within reach for newcomers looking to acquire the digital currency (as opposed to referring to a whole bitcoin as a four-digit number). Many in the bitcoin circle are avid supporters of the move, and some even suggest other services, such as bitcoin buy/sell outlet Coinbase should do the....
Related News
One issue this change could resolve is how most people assume they need to own a full bitcoin to become part of the ecosystem. A lot of things are changing in the world of bitcoin exchanges right now. Bobby Lee, CEO of BTCC, is contemplating a switch in trading units. To be more precise, he is asking the public’s opinion on trading in mBTC units moving forward. A rather strange idea, although his reasoning for this idea is quite solid. In his opinion, smaller bitcoin units should aid with the public perception of cryptocurrency. The latest idea by Bobby Lee is one that just might work. The....
Popular bitcoin charting and monitoring service Bitcoinity has switched the default bitcoin unit to mBTC today. A rather large banner with the text "Don't panic" greets users noting of the switch, along with the simple legend: 1,000 mBTC = 1 BTC and 1 mBTC = 0.001 BTC. The move comes as the price per whole bitcoin has reached four digits, which many argue has scared away newcomers to the virtual currency with the mindset they could only buy bitcoins as whole units and not in partial. The theory is that using mBTC will make the price of bitcoin a bit more manageable and easier to swallow,....
As bitcoin’s price has gained quite a bit of value over the past few months, many bitcoin proponents have been asking the community to start thinking about using mBTC denominations rather than using decimal points. People proposing this idea believe it’s the right time to start referring to bitcoin percentages below one bitcoin in this fashion, to make....
Any form of money needs to be easily broken down into sub-units to allow an equal exchange for goods or services. And bitcoin is wonderfully divisible, with its smallest unit being the tiny 0.00000001 of a bitcoin - a unit known as a 'satoshi'. However, such divisibility does come with one disadvantage. The Bitcoin Wiki, a source of BTC-related knowledge, has a lengthy chart spelling out the large number of different bitcoin sub-units: including mBTC, μBTC and cBTC, and many more. But do you know what they stand for? Thankfully, there may be a better solution. Down to bits. A proposal....
Buying and selling using whole bitcoins as the preferred unit of currency might have made sense back when a single bitcoin was valued at just $10 to $20 USD. These days, though, when bitcoins trade for well over $100 apiece, a smaller unit could prove more user-friendly for commerce, many Bitcoiners say. While we're probably not yet ready for the satoshi -- 1/100,000,000th of a bitcoin -- conducting transactions in mBTC, or 1/1,000th of a bitcoin, seems easier somehow. For example, how would you rather see a cup of coffee priced at the "Bitcoin Cafe" ... as 0.01 BTC, or as 10 mBTC? For....