Author: Tamas Blummer 2014-03-14 14:57:37
Published on: 2014-03-14T14:57:37+00:00
In an email exchange on March 14, 2014, Andreas Schildbach and Tamas Blummer discussed the perception of Bitcoin prices in different currencies. While Schildbach argued that no one is confused by the use of mBTC as a unit of measurement, Blummer claimed that Bitcoin would be more widely accepted if it had prices and fractions like other currencies. He suggested that a number with more than two decimals is not perceived as a price but rather as something geeky that should be converted to local currency. Blummer stated that “3.558 mBTC or 0.003578 BTC will never be as accepted as 3558 bits would be.” Schildbach countered that the amount in local currency matters more to users than the Bitcoin price. On March 13, 2014, Schildbach mentioned that none of his Bitcoin Wallet's users complained about confusion because of the switch to mBTC. Meanwhile, MultiBit HD offered a configuration panel with various options for units of measurement, including μBTC and mBTC. Jeff Garzik expressed disappointment that Bitcoin Wallet moved to mBTC instead of uBTC, which he believed would be a more user-friendly option. Wendell at GrabHive agreed with Garzik and said that uBTC was preferable. Ultimately, the standard became mBTC, but the conversation highlights the ongoing debate around the best way to present Bitcoin prices to users.
Updated on: 2023-06-07T20:27:07.655940+00:00