Author: Andreas Schildbach 2014-03-14 15:30:00
Published on: 2014-03-14T15:30:00+00:00
In an email thread between Tamas Blummer and Andreas Schildbach on the Bitcoin-development mailing list, Tamas argues that Bitcoin would have a better chance of being perceived as a currency if it had prices and fractions like currencies do, suggesting the use of bits instead of mBTC or µBTC. Andreas responds by stating that none of Bitcoin Wallet's users complained about confusion because of the mBTC switch and that users mostly care about the amount in their local currency. Tamas also suggests that the vast majority of population and financial software in existence does not have a notion of prices with more than two decimals, making Bitcoin's notation confusing. However, Andreas argues that mBTC is close to what people would expect for real-world prices like EUR 1.63 / USD 2.26, making it more familiar than µBTC. While there are exceptions like Japan where µBTC may be better served as default, Japanese userbase is tiny compared to the US.
Updated on: 2023-06-07T20:38:45.936900+00:00