The Case for Using mBTC Over BTC Denominations
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....
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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....
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,....
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....
Renowned online casino platform FortuneJack today launched a giveaway promo game that distributes up to 30,000 mBTC per month. LuckyJack, as the new bitcoin giveaway promo game is titled, enables players to automatically enroll themselves in a luck-based round after their game reset. This round has 10 winning spots each day which distributes a maximum of 1000 mBTC per day. What’s interesting is that that the players are not meant to bet any money to play LuckyJack; therefore, the risk is zero. However, they must deposit a total of 10 mBTC into their accounts to benefit from the....