Author: Andreas Schildbach 2014-03-14 15:56:23
Published on: 2014-03-14T15:56:23+00:00
The issue with Bitcoin Wallet is that most people are producing prices in BTC by multiplying through the spot rate with full precision. However, this practice often annoys people because they feel like they get short-changed. The most notorious example is Apple which likes to charge 99 cents per iTunes song in the USA and 99 pennies per song in the UK despite the British pound being worth a lot more than the dollar. This issue has led to discussions regarding rounding and decimal points when it comes to pricing in Bitcoin. One suggestion was to use mBTC instead of µBTC while another suggested rounding all amounts except if you type amounts with a higher precision. Bitcoin Wallet rounds all amounts except those typed with a higher precision. Some people have argued for using fractions like currencies do as they believe it would increase the chance of people perceiving Bitcoin as a currency of its own. Despite these discussions, nobody looks at the Bitcoin price, it's the amount in local currency that matters to users. Bitcoin Wallet's users haven't complained about confusion because of the mBTC switch, but many emails and questions are received if exchange rates happen to differ by over 10%.
Updated on: 2023-06-07T20:29:24.401384+00:00