Author: Mike Hearn 2014-03-14 15:32:55
Published on: 2014-03-14T15:32:55+00:00
The issue with Bitcoin pricing is that most people are producing prices in BTC by just multiplying through the spot rate with full precision. This results in numbers after the decimal point, which can be confusing for users. The solution is to round the mBTC price to look more natural. For instance, Apple likes to charge 99 cents per iTunes song in the USA, and 99 pennies per song in the UK, despite the fact that the British pound is worth a lot more than the dollar. It should be more like 60 pence. The problem is that nothing stops BitPay from rounding the mBTC price to look more natural, but right now it's not common practice. Tamas Blummer, CEO of Bits of Proof, suggests that Bitcoin would have a better chance to be perceived as a currency of its own if it had prices and fractions like other currencies do. However, Andreas Schildbach, developer of Bitcoin Wallet, argues that nobody looks at the Bitcoin price. It's the amount in local currency that matters to the users. Meanwhile, the debate on whether to use mBTC or uBTC rages on. Bitcoin Wallet moved to mBTC several weeks ago, which was disappointing since it sounded like the consensus was uBTC, and moving to uBTC later may result in additional user confusion, thanks to yet another decimal place transition. MultiBit HD offers a simple configuration panel giving pretty much every possible combination: icon, m+icon, μ+icon, BTC, mBTC, μBTC, XBT, mXBT, μXBT, sat along with settings for leading/trailing symbol, commas, spaces, and points.
Updated on: 2023-06-07T20:19:54.190375+00:00