Author: Natanael 2014-03-14 20:13:18
Published on: 2014-03-14T20:13:18+00:00
The discussion revolves around defining a currency symbol for microbitcoins in the ISO standards. XBT is already being used as an equivalent to 1 Bitcoin in numerous places, and XBC and BT* are taken by Bhutan. Therefore, the suggestion is to define something like XUB as microbitcoins so that it does not require changing any existing systems and can be standardized globally. Users who prefer accounting software that deals with two decimals maximum without losing precision can use this while following well-defined standards. Those who do not like large numbers can still choose to show mBTC.Another contributor suggests that a good standard should be built on standards (e.g., SI) and best practices. The user should be empowered to use all available decimal places, and there should be a set of official test cases for wallet software and the desired behavior. For now, a good standard is simply bitcoin as BTC with eight decimal places or uBTC as an SI prefix, probably using XBT as a symbol for compatibility with other software, or satoshis (w. SI prefixes if numbers are too big) for regions where decimal places in prices are uncommon. The discussion also includes considerations such as avoiding changes without user permission, taking care of users at fault when entering incorrect values, and not forcing the user to take an option they cannot change. The contributors suggest making the choice transparent to users and setting a standard that empowers the user to use all available decimal places.
Updated on: 2023-06-07T20:40:40.811532+00:00