Author: Alan Reiner 2013-11-14 20:01:49
Published on: 2013-11-14T20:01:49+00:00
The rise in value of Bitcoin is causing concern among new users who may be intimidated by the high price of one bitcoin. A straw poll on this issue, conducted six months ago, showed that 2/3 of respondents favored switching to a system that allows for fractional amounts of Bitcoin to be purchased. Additionally, Satoshi has commented that while there are only 21 million coins available, there are six decimal places that aren't shown, allowing for a total of eight decimal places internally. If there's massive deflation in the future, more decimal places could be shown. As a solution, it is suggested that the default display in the software be changed to allow for fractional amounts. This could initially be done as a dropdown display option, with mBTC eventually becoming the default. To make this change user-friendly, it is recommended that the software show verification in all units. For example, there should be separate input fields for BTC, mBTC, and uBTC, and as the user enters a value in one field, the other fields would automatically update with the converted value. This would eliminate confusion and make it easier for users to check conversion between units. While changing the base unit in an established system is not easy, it is possible if done in an idiot-proof way and rolled out in the least inconvenient manner.
Updated on: 2023-06-07T20:17:32.281849+00:00