Author: Melvin Carvalho 2014-05-02 14:29:35
Published on: 2014-05-02T14:29:35+00:00
On November 14, 2013, Melvin Carvalho raised a concern that the high value of Bitcoin was putting off normal buyers who felt it was too expensive to buy a whole coin or multiples of one. This observation was backed by anecdotal evidence that people only regained interest in buying fractional amounts after being informed about it. Six months prior, a straw poll was conducted on the topic with roughly two-thirds of respondents favoring switching to mBTC as the default display unit. Another 20% suggested making the switch after Bitcoin hit $1,000. Satoshi's comments were also brought up, stating that there could eventually be 21 million coins for 6.8 billion people, but there are 6 decimal places not shown, allowing for a total of 8 decimal places internally. If necessary, more decimal places could be displayed, and the display could show a different convention for where commas and decimals go. Gavin's recent interview revealed that the block reward is 25,000 millibits.
Updated on: 2023-06-07T20:33:57.135813+00:00