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Bitcoin vs Satoshi: A different way to think
submitted by pjman7 to Bitcoin [link] [comments]
have a theory.. I am curious to get others opinions of it.
I was having a debate with a fellow crypto enthusiast like myself we did not see eye to eye.
I feel like the general public is having a hard time accepting the value of a bitcoin due to the fact of its unobtainability for most. People don't want to give up 100s to 1000s of one thing to get a fraction of another like bitcoin. They have grown up thinking a fraction of something is very little and not valueable but for Bitcoin it is not the case.
We all know that a Bitcoin can be broken down into something as small as a Satoshi.
Why not use this as the base measure instead of a Bitcoin which is the largest?
I feel people would be a lot more willing to accept using a currency when your talking about it in a whole value like Satoshi and not a fractional value like a Bitcoin. I think this is possibly why mass adoption really hasn't occurred. Why not buy/sell/exchange in Satoshi. Or even possibly come up with a name for something in between a Bitcoin and a satoshi
I believe a lot more people would be amenable spending $1 for 18000 satoshi (18ksat) or 18uBTC than for 0.00018 BTC
The link below you can play around with converting https://www.finder.com/satoshi-to-bitcoin-conversion-calculator
I believe it will be much more important to think like this when Bitcoin becomes $100,000 and more a coin. We need a more mass population acceptable unit of measure for bitcoin for an easier mass adoption
or maybe something like this could work
1 Satoshi = 1sat
10 Satoshi = 10sat
100 Satoshi = 100sat 1,000 Satoshi = 1ksat
10,000 Satoshi = 10ksat
100,000 Satoshi = 100ksat
1,000,000 Satoshi = 1Msat
10,000,000 Satoshi = 10Msat
100,000,000 Satoshi = 1BTC
or we could take out the fractions out of Bitcoin by doing it a similar way 0.00000001 bitcoin = 10 nBTC
0.00000010 bitcoin = 100 nBTC
0.00000100 bitcoin = 1 uBTC
0.00001000 bitcoin = 10 uBTC
0.00010000 bitcoin = 100 uBTC
0.00100000 bitcoin = 1 mBTC
0.01000000 bitcoin = 1 cBTC
0.10000000 bitcoin = 1 dBTC
1.00000000 bitcoin = 1 BTC
Long story short is we need a way to measure a unit of Bitcoin not as a fraction but as a whole number which the general public could much more easily accept.
Agree or disagree or how would be a good way to implement something ?
What are your thoughts, ideas or comments on this topic?
Edit 1BTC = # of Satoshi
uBTC is better than mBTC, and here's why.
submitted by sgtspike to Bitcoin [link] [comments]
We should switch to uBTC and be done with it (forever). Switch our clients, our exchanges, our store plugins, etc, to use uBTC by default.
- It would give Bitcoin two remaining decimal places, which is what people are already familiar with, and would be much more compatible with existing financial software.
- One uBTC is worth enough that it wouldn't be too cumbersome at this point to use. Buying something for $25 would be sending 31,255 uBTC.
- The conversion is easy too - just remember 1 million. You multiply or divide by one million to convert between current BTC and uBTC.
- We would only have to switch main denominations once, whereas a change to mBTC only helps us with the current price. If the value of BTC continues to go up, we'll find ourselves in the same situation of having a main denomination that is too valuable.
- Finally, it would give enough room for BTC to grow however large and valuable it could possibly grow. Even if everyone in the world used bitcoin, uBTC + 2 decimal places would be enough to provide all the precision we would need.
If the value of Bitcoin is increasing over time, how should products be priced?
submitted by iaan to Bitcoin [link] [comments]
How to get free BCH, BTG, BTX, CLAM, SBTC, BCD, BTP and BTN and cash them out
submitted by crytposhadow to BitcoinAirdrops [link] [comments]
*EDIT: a new version of this guide, multilingual and featuring a wallet checker (input your IP, see what you can fork and how much it is worth) is available at https://cryptodom.org *
Dear you all! I have been following closely the airdrops and especially the forks of the last month or so, and I am proud to announce I have just successfully claimed (&cashed) my BTF and my BTW. After claiming (&cashing), in order, BCH, BTG, BTX, CLAM, SBTC, BCD. Like most of you, if you are reading this, I am still looking for a solution for B2X, and I have also claimed but have so far been unable to cash out BTP and BTN.
*EDIT: Now created, transferred and cashed B2X, BTP and BTN - See EDIT at the end of the post
While doing all this, I did notice a couple of things: 1- It is extremely hard to find proper information about the forks (here’s a good starting point though: https://btcdiv.com/
) 2- There are significant security risks involved with these procedures
I will try my best to try and explain you what I did, while also offering a service to do it for you for a fair fee if you still can’t do it/don’t feel safe doing it.
Here we go:
INTRO Before you start this, ask yourself a very important question: do I understand what I am doing? If the answer is YES, then you should have your private keys and you are good to skip the intro. Let me try to make this short and easy: you have some bitcoins, somewhere. In some cases you have direct access to the keys (LEDGER*, blockchain…), in other instances you don’t (crypto held on exchanges). If you DO have access to those keys, you need to do two extremely important things:
1- Write it down 2- Move your whole balance to another wallet/address
Please note that if you fail to implement number 2, any hacker claiming to “do this for you” will steal your bitcoins. As simple as that. No matter what you are claiming, taking the risk won’t be worth it, so MOVE YOUR BITCOINS from the address you stored the private keys of.
PART 1/a - CLAIMING - COINOMI (BCH, BTG, BTX, CLAM)
Please note: how much you can claim depends on how much was on the wallet you will be sweeping from at the time of the fork. Considering that the blockchain is free for everyone to explore, you can figure this out easily. In most cases, a blockchain explorer could help you know how much your keys are worth before you sweep them. Be aware that the maths are MORE OR LESS these: are you holding 5+ BTC since 2017 (the further the better)? Congrats, you are in for some real money. Conversely, if you have been holding <1 bitcoin you are probably just losing your time as whatever you’ll get won’t meet the thresholds for minimum transfers anyway (unless we are talking BTG and BCH, good luck with that).
Download COINOMI on your android (https://play.google.com/store/apps/details?id=com.coinomi.wallet
) Open coinomi and set it up (create a wallet and write down details, thank yourself later) Now add BCH, BTG, BTX, CLAM as coins to your wallet and then claim them one by one in the same order To claim, go inside the coin’s screen and click the three dots on the top right of the page —> Sweep wallet (repeat for all coins)
PART 1/b - CLAIMING - BITHER (SBTC, BCD, BTF, BTW, BTP, BTN)
Download these two apps on your android: BITHER, BITPIE (https://play.google.com/store/apps/details?id=net.bither
) Open and setup both apps (create a wallet and write down details, thank yourself later) Now open BITHER and click the settings icon (top right), then ADVANCED OPTIONS —> IMPORT PRIVATE KEY —> FROM PRIVATE KEY TEXT (Important; use the "FROM PRIVATE KEY TEXT" option, NOT the one with the BITHER key!) to claim, go ADVANCED OPTIONS —> GET FORK COINS and take it from there (your private keys should have been imported and should show you how much they have on them (SBTC, BCD, BTF, BTW, BTP, BTN) At this point, all you need to do is to tell BITHER to transfer the free coins to a corresponding BITPIE address
PART 1/c - CLAIMING - DIG WALLETING SERVICES (UNTESTED) (BCH,BTG,SBTC,BCD,BTF,UBTC,B2X,BCX) Today I also chanced upon a site ( https://bitcoinforks.io/
) , which gives a nice picture of the forks. Apparently, they also have an automatic “digger” that charges 10% to transfer the forked coins to a (fork) wallet of your choice. I have tried to test with UTBC but it told me I had no coins, which might actually be true. Some users on bitcointalk report success, so feel free to try with small amounts and see if it works for you. Please note they take a commission on the CLAIMING part, while, at least to my understanding, COINOMI and BITHER do not (even though BITHER forces you to transfer to a BITPIE address).
PART 2 - CASHING OUT
If you got this far and you now have a balance in any of the coins above, you should immediately transfer the “real” coins (BCH/BTG) out to a reputable exchange/wallet (not that I do not trust Coinomi but you never know), and try to convert the rest to a proper coin before moving it in bulk to an address of your choice. Apart from Coinomi, this is where it gets tricky. A lot of those coins are only listed on some obscure Chinese exchanges and it’s hard to even understand what the value of the coin is since it varies widely from one to the other. Some of those coins MIGHT one day make it to a major exchange, granted, but personally I couldn’t wait to dump all of them (I regret doing so with BTX though). So I went through the whole verification/blind trust process required by the shady sites and… I got my free coins converted into actual BTC/LTC. On that note, it must be noted that not content with applying daylight robbery fees the exchanges also require a minimum amount for you to be able to withdraw (and a verification with ID in some cases). Here is what I did and how it went: I got accounts on GATE.IO - BIT-Z.COM - BTCTRADE.IM* and somewhat made my money get out of there and safely into my ledger. Would I recommend those exchanges? Well… Personally I have nothing but praise for GATE.IO and BIT-Z.COM - They accepted my transfers speedily and I could trade and withdraw easily - no verification needed. As for BTCTRADE.IM, it did require verification and is by far the slowest of them all, but since I got money out (in the end) I can’t complain for the time being.
Note: problems getting verified with btctrade.com? Read this : https://www.reddit.com/BitcoinAirdrops/comments/7qqxv4/guide_claiming_and_dumping_bitcoin_faith_btf_fo
PART 3 - DO YOU NEED HELP? Some of you will laugh at my deal, since they are smart, tech savvy and are running several nodes of all the existing forked chains from a computer in their basement, interacting with the exchanges via API only. However, I expect the vast majority of you to be able to arrive to part 2 but then get stuck at moving the money to the Chinese exchanges. Let me reiterate that they worked for me, so I’d generally recommend them. In case you do NOT want to try and get through that yourself, I would like to help! Here is how:
PM to get in touch Transfer the forked coins to my bitpie/btctrade/gate.io/coinex addresses Wait for me to receive, transfer to the exchange, change it into LTC/BTC/BCH and send it back to you, minus a fee**
Please note that some transfers take time, and this is independent of me. I will, however, send you all the transaction details as I do the operations so that you can track it yourself.
*QUICK REMINDERS: BTCTRADE.IM withdrawal fee: btc: 0.001 BCH: 0.001
BITPIE EXCHANGE: BTF/BTW need 120 confirmations to transfer from bitpie to the exchange (my first BTF transfer took nearly 32 hours, BTW took 20)- you will be able to monitor that from your own bitpie wallet and you can ping me when it hits the magic number.
GATE.IO and BIT-Z.COM are faster (10+ confirmations I think) so I should use them if possible (depending on coin deposit availability).
**FEES You can check the value of the coins on the exchanges to get a rough idea of how much your coins are worth - I will send you all the transactions anyway but please do your research. Sometimes coins have high value on exchanges where deposits are not accepted, for instance, and tend to drop sharply in value as soon as the gates are opened. Depending on how much I will be moving for you, these are my fees: 5% (>2000 USD worth) 10% (between 500 and 1999 USD worth) 50 USD (<500 USD worth)
Oh and one last thing… Why would you trust me? If nothing, for the simple reason that I honestly told you exactly HOW to get the forked money and through which exchanges I cashed it out. I simply wrote the post that I wish I had found when I started doing this, and I hope that some of you will be lazy enough to use me for the most complicated part of the deal, giving me something in the process. If I get nothing out of it, I will be fine and happy to have spread some knowledge anyway!
EDIT 1 - 12:48 GMT 25-01-2018
I have tried DIG WALLETING (affiliate link: https://dig.walleting.services/#/aff/o5YP75ALDORdaAbmrJJx
NON affiliate link: https://dig.walleting.services/#
) and they did a great job. The hard part, as usual, was to have a proper address to transfer them to. Anyway... Now claimed and cashed UBTC as well as B2X (btctrade.im & exrates.me respectively - thanks #hniball)
Bither & Bitpie opened the exchange (on Bitpie). The process is a bit convoluted and you need to transfer the money in and out of the "pie bank" in order to dump. Prices are tanking fast and it takes hours to even transfer the money. Astronomical fees, but it worked and I cashed out BTP and BTF in BCH. Fun fact: I thought I had 5k USD in BTP (according to the BITPIE wallet). They eventually turned out to be 0.05 BCH (Thanks, BITPIE exchange). Reality check...
Given what I know now, I'd advise to use DIG WALLETING to send the forkcoins directly to my BITPIE addresses if you want me to do it for you (or send me the seed once you have emptied the wallet, that would work too). But, as usual, you are more than welcome to do it on your own. IF I HELPED YOU, YOU CAN TIP ME HERE:
•BTC tip jar: 1BEAADXCk3ng2ZRsinHmwVyZQf1Vu9AcDj
•LTC tip jar: LYT1sbotLuUtU5v5r9uEu61xoGpJ1s4aau
EDIT 2 - 01:21 GMT 5-03-2018
Here is more explanations about the forks: A cryptoforker's guide to free money
mBTC is better than uBTC, and here's why.
submitted by Mangizz to Bitcoin [link] [comments]
So much upvote on a this new thread called "uBTC is better than mBTC, and here's why." http://www.reddit.com/Bitcoin/comments/1rfg6u/ubtc_is_better_than_mbtc_and_heres_why/
mBTC = 0,001 BTC uBTC = 0,000001 BTC
For now and probably for the rest of the time it's will be a terrible mistake to switch to uBTC subvalues and here is why.
- People don't care about the 2 decimal remaining from uBTC, for the simple reason there is nothing you can buy with, at least for a very long time in the most optimistic scenario.
- The conversion is not easy at all, i mean the change is way to radical. We are talking about move 6 decimal point, which is way more than 3 for mBTC.
- With mBTC we can provide to BTC a long term "parity" with main currency of the world (EURO, USD, RMB) ... between 800$ to 10 000$ and even more there is not a psychological problem about "bitcoin is so expensive, it's maybe too late to invest in".
- To stay on the psychological aspect, uBTC will make look like Bitcoin such as a monkey money, is not a good sign of vitality when you have an currency you buy some thousand for few dollars... Bitcoin is VALUABLE.
There is i think more argument in favor of mBTC but i just don't understand why we are talking about uBTC right now ? Did mtgox reach high time all to 1,000,000$ / BTC and i'm finally rich or what ? yaaaaay..
mBTC is fine, it's just will be perfect at 1000$ with dollars parity, and will be still fine at 10,000$ and more.
We need to have something comparable to other currency in the world, for many obv reasons... mBTC we need it so bad.
Learned a valuable lesson about buying Bitcoins...
A few days ago I got pretty excited about Bitcoins and decided to buy some online. Following the Bitcoin wiki, I decided to use my debit card and use BTC-Dealer, which is powered by LiqPay. It was pretty simple: specified my wallet ID, the amount that I wanted to buy, and then got directed to LiqPay. I got confused by the form at first, made a minor mistake, but got it figured it out in the end. I immediately received $10 in BTC, and I was happy. So I decided to try again and get some more. submitted by Jesse_V to Bitcoin [link] [comments]
This time for $30. I should have done my research. My transaction went well, but it got stuck in a 3-day security hold. So I waited three days, only to check again to see "payment failed", funds withdrawn from my account, but no Bitcoins. Contacted SimpleVoucher, and they got back to me right away, told me that they did not get funds, and told me to contact LiqPay to get a refund. This I did. Chat support seemed unable to speak understandable English, unwilling to help me, and trigger-happy on the "resolved" button. After trying for about 8 times at this and wasting several hours waiting for them to continue the conversation, I gave up and called my bank.
Luckily I got transaction refunded via the bank, and they canceled several more small transactions that I had pending with them, so I didn't lose anything except my time. I'm done with LiqPay. I later did my research and realized that they were a fairly scammy site. Learned my lesson, and I'll enjoy the uBTCs that I currently have. I would advise anyone interested in purchasing to avoid that service. Bitcoins are tricky things. Scams teach one to be more careful, which I certainly am now! :)
A case for the microbitcoin (uBTC) satobitcoin (sBTC).
Everyday, there are dozens of post being made about how we need to stop referring to whole Bitcoins and begin using the millibitcoin (mBTC) or microbitcoin (uBTC) as the new standard denomination. Within all of these discussions, you generally have a handful of people advising that we skip past all of them and go straight into using the Satoshi as the new standard unit. submitted by brcreeker to Bitcoin [link] [comments]
Right now, we are on the verge of the millibitcoin reaching parity with the US Dollar. While this will be unquestionably convenient for BTC accepting merchants, the fact remains that at this point, barely any of these merchants are pegging their prices to the Bitcoin, but are instead using USD, EUR, etc and letting the payment processor do the conversion based on the current exchange rate. Therefore, by this logic, it makes little difference what the merchants decide, since they are most likely using Bitcoin has a cheap form of payment processing.
The question we should all be asking ourselves is how high do we expect the Bitcoin market cap to climb, before we reach a point of stability, and how long do we anticipate it will take for us to get there. The honest truth is, that none of us can definitively answer this. However, let's assume that Bitcoin has enough growing room to achieve a $100B market cap by sometime in the year 2015. At this point, one Bitcoin will be valued at approximately $6,666.67 USD, which would mean that the millibitcoin will have reached $6.67, whereas the microbit will have yet to reach parity with the US cent. Now, if you are looking at this from an American mindset, you are probably thinking, "Gee! mBTC's are awesome! The market will have to increase another ten fold before we will even need to start considering using anything else." The honest truth is that you are probably right. However, we Americans usually have a hard time accounting the fact that we only make up about 5% of the World's population. Let's see how the uBTC stacks up to a few currencies that are within markets that have potential to deliver serious growth to the Bitcoin economy.
At a $100B USD Marketcap (current exchange rates) 1 uBTC would be the equivalent to
.09 Mexican Pesos
.02 Brazilian Reals
.42 Indian Rupees
.02 Israeli New Shequel
.58 Kenyan Shillings
As you can see, compared to other global currencies, the uBTC does not seem nearly as small as it does for us in the US. Now, let's take this to an extreme hypothetical. Let's assume that one day Bitcoin reaches a total market cap of $1 Trillion USD. At this point, the uBTC will be knocking on nearly a .07 USD valuation, and will have surpassed parity of some of the currencies listed above.
So what is the right answer? Truth is, there isn't one. The preferred choice of BTC denominations should be a regional decision, and not a global one. I do know that while a $1 Trillion market cap is within the realm of possibility, I do not see it happening by 2015, then again, I could be incredibly wrong. What does need to happen I believe is that developers need to design their products and services, such as wallets and exchanges to be as modular as possible for each individual user, and possibly set the defaults based on wherever the service or application is being used.
Furthermore, you'll notice that I referred to the Satoshi as a satobitcoin (sBTC). Why? Well, let's be real. Does anyone honestly think that a "satoshi" is going to be widely accepted around the globe if Bitcoin grows to the level that we are all hoping that it does. My money is on no. It's a nice gesture, but I just cannot see it being widely adopted in the long run. Nanobitcoins have a nice ring to them, but that would require Bitcoins to be broken down to the ninth decimal place, rather than the eighth that Satoshi originally intended. I personally think that the "satobit" has a much better sounding ring to it, is much less jarring and still pays tribute to Bitcoin's originator.
Bitcoin, centibitcoin, millibitcoin, microbitcoin, satobitcoin
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