Author: Alan Reiner 2013-11-14 22:00:29
Published on: 2013-11-14T22:00:29+00:00
The Bitcoin community was discussing the possibility of changing the standard unit of measurement from BTC to uBTC. The main argument for this change was that 54.3 uBTC is currently the smallest unit that can be easily transferred, and the standard fees are 500 uBTC, which could be perceived as too high by some users. Additionally, uBTC would work perfectly with Satoshi's decimal units, making it more intuitive for users. However, there were concerns about confusion and potential mistakes resulting in lost coins, as well as psychological factors related to the perception of value. Mark Friedenbach suggested skipping mBTC and moving straight to uBTC, as having eight or even five decimal places may not be intuitive for the average user. Two decimal places are becoming standard for new national currencies, and 25.00uBTC was deemed equivalent to $0.01 at the time of the discussion. Finally, Alan Reiner expressed his opinion that changing the base unit in an established system would be difficult and cause more heartache than it's worth.
Updated on: 2023-06-07T20:42:32.716605+00:00