Bitcoinity Switches Default Bitcoin Unit to mBTC
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,....
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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....
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....
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....
The news that all major Chinese exchanges are planning to adopt a new primary unit for trading purposes has caused a commotion that may hinder the idea from taking off. The differences which center on the choice of Bitcoin unit that would be best suited for trading purposes may suffocate the suggestion being promoted by BTCC CEO Bobby Lee, who seems bent on pushing the idea further despite his being reminded that he had made a similar suggestion at a post-conference dinner in Berlin in 2014 but it didn’t get off the ground. In his reply, Lee states: According to Lee, who has started an....
The Bitcoin price has crossed the $1000 mark on several exchanges including Bitfinex, Poloniex and Bitstamp on Jan. 1, 2017. According to CoinMarketCap, the digital currency’s market cap has also crossed $16 bln as at the time of this publication. That is: Bitcoin’s market cap grew by more than $5 bln between the months of November and December 2016, a feat it was only able to achieve in the first five years of its existence. With each passing year indicating that more people are getting aware of Bitcoin and what its benefits are and how to use it, the currency seems to be performing....