Skip Millibitcoin and Go Straight to Micro

There is a conversation going on now encouraging bitcoin users to switch from talking about BTC to milli bitcoin, or thousands of a bitcoin (mBTC), as the default unit for every day life.

This emphasizes the fact that bitcoin are massively divisible (up to a hundred million times), which many people unfamiliar with bitcoin are unaware of. And it might encourage more fiat buyers to buy small amounts of bitcoin, making it seem cheaper even if only psychologically.

I think these are good reasons.

But why not skip millibitcoin and go straight to micro (millionths)?

A microbitcoin (uBTC) is 2 hundredths of a US penny. That’s a unit of value that has meaning in the macroscopic domain of everyday life. 0.02c USD is about 3.6 seconds of retail electric power, at 20 cents an hour. It’s 20 megabytes of monthly amazon ec2 storage.

5000 micro bits are a dollar. 10,000 is a slice of pizza.

A uBTC is a small amount of value, but it’s not a ridiculously small amount.

By going micro, one could also emphasize the fact that bitcoin can be utilized for metered micro transactions at the very small scale, like the examples I mentioned, or pay for the wifi by the packet, or tiny gambling transactions.

https://en.bitcoin.it/wiki/Contracts#Example_7:_Rapidly-adjusted_.28micro.29payments_to_a_pre-determined_party

Best of all, it spares us another lengthy conversation about switching default units yet again, when the bitcoin price melts up again and reaches 10,000 USD.

Mostly kidding, folks ;)

Aw, heck.

To the moon!

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About thomashartman1

I am a crypto currency enthusiast, trader, and software developer. Contact: thomas AT standardcrypto DOT com.
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3 Responses to Skip Millibitcoin and Go Straight to Micro

  1. cleverson says:

    From a reddit post:
    Japanese naming system for bitcoin values…its pretty cool
    Hoshi (star) = 1,000,000 bitcoins
    Bara (rose) = 1,000 bitcoins
    Genshi´╗┐ (atom) = 1 bitcoin
    Ringo (apple) = 0.001 bitcoins
    Tora (tiger) = 0.000001 bitcoins
    Satoshi (originator) = 0.00000001 bitcoins

  2. bitsoldini says:

    Its a great system. Beautiful names, great imagery. Inspired, I did these images of the japanese system. There’s Satoshi, Tora and Ringo

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