Author: Matias Alejo Garcia 2014-05-03 02:10:26
Published on: 2014-05-03T02:10:26+00:00
In Argentina, 1BTC is equivalent to half of a monthly average salary (net), making it inconvenient for everyday transactions and an entry barrier for new adopters. Changing to 1e-6 "bits" could solve both problems. However, changing to 1e-6 "microbitcoins" would also only solve the first problem. Alan Reiner, the founder of Armory, has supported this change and plans to make "bits" the default unit in the Armory interface when the time is right. Ben Davenport supports this change but suggests that BitPay, Coinbase, Blockchain, and Bitstamp need to agree on the unit to use and conduct a joint customer education campaign. Jeff Garzik, a Bitcoin core developer and open-source evangelist, provides a related link to BitPay's blog post on where to put the decimal point in Bitcoin. The discussion also includes a debate over whether to attach SI prefixes to the currency unit or use one base unit, which should be 100 satoshi. MatÃas Alejo Garcia initiated the conversation and notes that these arguments apply to many countries worldwide.
Updated on: 2023-06-07T20:32:16.238245+00:00