Bitcoin could be worth 1000x today's value within two years, or it could be worth nothing given the community's trajectory lately. Here are my two millibits on our possible future(s).

It's not the community's fault, by the way.
Bitcoin is getting attacked in complex, sophisticated ways we will only understand fully much later. Glenn Greenwald's latest scoop, which went largely 'unnoticed' by the corporate media, was that GCHQ/NSA use trolls to harass, intimidate, derail online communities, and destroy the lives of 'hacktivists' (i.e. tech savvy activists) the surveillance agency dislikes.
Based on my preliminary research, the Bitcoin community is falling victim to nearly identical tactics.
There is no need for us to point fingers at each other or give in to paranoia - in fact, that's one of the intended outcomes of online provocateurs in the first place.
We are all aware, however, that some individuals have tried their best to make Bitcoin look very bad in the eyes of the public, and some members of the media have tried their damnedest to keep their viewers from ever wanting to explore the "seedy," "dangerous," "unregulated," world of the scary "bitcorn".
My background dictates that I look very closely not only at forensics, but at motives. I see tremendous motive from vested interests around the world - governments, banks, some payment processors, investing opportunists - to attack Bitcoin now, with everything they've got.
Again, no need to finger point, because Bitcoin is a battle you folks win.
In fact, you've already won, on paper at least. Bitcoin is a much better technology than the credit card in your wallet or your checking account. That is fact. Your credit card is basically a private key exposed, half-assed department store financial product designed 60 years ago (actually, that's exactly what a credit card is). And your Too Big To Fail checking account is a Mt. Gox account with a better PR department.
They can spread a lot of fear - and they are doing so - but a time will come when consumers take a sober look at cryptocurrency face to face with its "competition". And the choice is clear. This is a Pepsi Challenge you all win any day of the week, without fail.
Crypto is better, the only way it can be destroyed is to prevent it from gaining critical mass.
You have to understand - that's the motive here.
How do you beat a technology that's clearly better, faster, cheaper than yours, in every single way? You destroy its reputation. You peddle fear. You make something that was initially tempting scary and unwelcome.
If Bitcoin loses in the court of public opinion, which it is rapidly doing, Bitcoin loses. Forever.
You can be the best accountant in the world. If your neighbors spread the rumor that you might be killing kittens in your backyard, no one will want to hire you. A reputational loss, therefore, CAN destroy an otherwise superior product or service.
Cryptocurrency can survive another Mark Karpeles, or ten more if need be, but it can't survive a public that no longer has any use for it.
The solution is first of all, to be more savvy as a community. Don't upvote every blogger's traffic hungry bullshit. Don't peddle unfounded fear yourself. Verify your information. Don't use exchange services with no track record, when there are now services operating with a decent track record, full compliance, and credible financial backers.
And second of all, the solution is to use Bitcoin constantly.
That's how you will see a 100x or 1000x gain over time, if making money is your thing.
As transaction volume scales, demand must in turn scale. And the various scarcity elements of Bitcoin will kick into overdrive once this becomes a household means of paying friends, buying products online, tipping musicians you like on Soundcloud, etc.
Some finance and lawyer types have snuck into the Bitcoin world, and they sound like they are completely full of shit. They don't "get" Bitcoin or the tremendous changes that decentralized personal finance will bring. They just see Bitcoin as a new ETF type thing for them to make a quick 30% from and maybe some fat consulting fees or book deal. Nothing too wrong with that, I guess, but certainly not who you want to prop up as spokespeople for the community. They want to talk regulation all day and beg for establishment adoption. That's, again, how you get a 30% gain. Not how you get a 1,000% or 10,000% gain.
The only spokesperson type I trust here is Andreas Antonopoulos, everything he says is pretty much a more intelligent version of what I would want to say in a similar situation. And I think even Andreas would agree the instant he starts talking shit or harming Bitcoin, you should abandon him, or anyone else who becomes a liability to the community's long-term aims.
Huge gains will only come from true widespread adoption, not from convincing a bunch of thoroughly boring assholes to dip their hedge fund toes into the crypto pond.
The Bitcoin community is accused of "fanaticism" by the mainstream press from time to time.
If your product is better, if your worldview is more sane and more efficient for all stakeholders, it's OK to be fanatical.
In fact, you'd better be, or those with an inferior product and superior marketing muscle will talk you right out of business.
That's exactly what is happening now, with all the bullshit people in this subreddit who don't own any coin, but constantly complain, constantly accuse the rest of us of "circle jerking".
Some of these people are idiots. Some of them are angry they missed the boat on Bitcoin's first couple big jumps. And I believe some of them are more coordinated, professional forms of manipulation. In the case of the professional manipulation, the aim isn't to troll you or me. It's to create a "negative image" around the community itself - that we're complainers, not a fun place to browse, not a fun product to use. Check their comment histories: either brand new accounts, or accounts that exclusively spread anti-Bitcoin content. You have to ask yourself what's going on.
The solution here is probably to have more active mods. Don't be ashamed to delete and ban manipulators. Freedom of speech is sacrosanct, but it doesn't extend to a forum where users of a cryptocurrency are trying to help each other improve that currency and enhance its reach. Block them without regret - there's a difference between honest questioning or criticism of Bitcoin's "power structure" and overt, repeated manipulation.
Anyway, I have to leave it here as I am already late for work. Hope someone enjoyed reading this.
update In case it wasn't clear from the words I used, I am not suggesting that the government of the United States of America or the U.K. is sitting here on this subreddit, trying to take down Bitcoin. There are 193 countries on this green Earth, and quite a few of them are threatened by what crypto represents (think Russia, as merely one quick example - I don't think Russia's oligarchs are particularly opposed to crypto, but the government there is terrified of anything that could provoke a rush out of the ruble). There are also more than a few powerful money wiring services and multinational banks who feel Bitcoin is not in their interests. It takes only one of these constituent members to hire a private intel firm to completely derail most online Bitcoin discussion. Based on the latest Greenwald reporting, if the GCHQ (supposedly the best run, most professional, etc etc surveillance agency) is with certainty engaged in advanced online social engineering, it is very likely that similar services can be bought from contractors who have less scruples and less regulatory oversight than NSA and GCHQ operators. But these aren't theories coming from out of nowhere. Check out negative comments posted here, follow the comment histories, this stuff simply does not add up. It's not organic communication or discontent, it's orchestrated. Same with some of the Facebook accounts you see commenting right away on Bitcoin news stories, recycling the same arguments against Bitcoin word for word.
submitted by CryptoDonDraper to Bitcoin [link] [comments]

Estimating the value of 1 Millibit if Bitcoin had the same market cap as Gold, USD, and the global money supply

Estimating the value of 1 Millibit if Bitcoin had the same market cap as Gold, USD, and the global money supply submitted by Chl0r0PHIL to Bitcoin [link] [comments]

Estimating the value of 1 Millibit if Bitcoin had the same market cap as Gold, USD, and the global money supply

Estimating the value of 1 Millibit if Bitcoin had the same market cap as Gold, USD, and the global money supply submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Naming contest for BCH small units

Ok, so we've had this issue for a while, even before BCH existed.
As Bitcoin grows in value, a "whole Bitcoin" becomes a large amount of money, and so everyday purchases become increasingly small. It is unwieldy for someone to say: "That will be 0.000472 BCH please."
We need a new unit measurement that can be widely used and accepted.
I'm not sure whether that is millibits, microbits, or somewhere in between.
"Bits" has been proposed as a short name for microbitcoins, but apparently this also is slang for "dick" (penis) in French, and so isn't ideal for that reason.
Other suggestions have been "CASH" (that'd be 1000 CASH please)...Also, "blessings" has been suggested to mean 10,000 satoshis.
But not sure those are the best names either.
Deciding on a name is a matter of social consensus, as there is no one in charge of Bitcoin Cash.
Still, I think I'd try to make some progress with this post.
And I'm willing to pay 0.1 BCH for a name suggestion that takes off.
Please suggest a name, the rationale, and the unit it represents.
EDIT: For those who suggested simply using sats, that seems to be too small. 100,000 Sats for my coffee is too big a number.
submitted by jonald_fyookball to btc [link] [comments]

Microbitcoin or Bits is an objectively superior unit. 1 bit = 0.33 cents

I know this has been discussed to death several years ago, but we're going to have to deal with this at some point.
Microbitcoins or bits is a much better unit of account than bitcoin. For those who haven't seen it before, here's the rationale:
1) How many times have you heard "Bitcoin is too expensive" from people who assume they can't buy a fraction? Yes, I know that people who say this are ignorant. But the fact remains that because the bitcoin unit is too large, there's a significant amount of money sitting on the sidelines for no good reason.
2) The way we write numbers is biased toward smaller units. We do not put thousands separators after the decimal, but we do put them before. Let's try discerning the cost of small vs tiny items, and large vs huge items, in both bitcoin and bits:
Note that everything is pretty easy to distinguish except the price of 1mb mobile data vs access to a news article, in bitcoin. It's too hard to notice the difference between four and five leading zeros. This will cause many users to accidentally send or accept payments that are off by a factor of ten. This is a poor user experience. Admit it, you've already screwed this up with mining fees.
3) mBTC or millibits is not good enough. There's still too many digits after the decimal, and this will only get worse as bitcoin appreciates in value, resulting in the need for yet another migration of units in the future. Bits is as future-proof as we can get.
What can we do about it?
submitted by jmw74 to Bitcoin [link] [comments]

Bitcoin vs. Bits: Bitcoin Foundation Financial Standards Working Group detailed plans - please discuss

This is from the Financial Standard's Working Group:
Draft Plan 'A' - "bits"
This is one of three draft plans for the recommendations of the Financial Standards Working Group of the Bitcoin Foundation.The five principal standardization tasks are
As these plans are for interchange of data between systems and people, it says nothing about display options for wallets, websites, etc, where a person is communicating with themself. Therefore the distinct aspects of the proposal are for the same unit.
The Bitcoin Foundation shall fund a design bounty for a community competition to design a glyph for the unit. The Bitcoin Foundation shall fund two professionals: one to prepare and advocate for a proposal for an ISO 4217 code, and one to prepare and advocate a proposal for a Unicode codepoint for the winning glyph.
Examples: A pack of gum (around USD 1.00): XBI 2,860 Lunch in Tokyo (around USD 10.00): XBI 28,570 A feature phone (around USD 100.00): XBI 285,710 A decent laptop (around USD 1,000): XBI 2,857,100 A decent used car (around USD 10,000): XBI 28,571,000
This proposal represents a unit that is fairly new to the ecosystem, but which has increasing adoption among users to the extent that the majority of users self-report preferring it to option A.
Advantages: Existing usage and increasing adoption. Small-valued units make the currency seem more accessible to new users.
Disadvantages: Such a small-valued unit may cause Bitcoin to be perceived as a joke currency. The principal unit is too small to be accepted by the network; values below 54.30 millis are considered "dust".
Draft Plan 'B' - "bitcoins"
This is one of three draft plans for the recommendations of the Financial Standards Working Group of the Bitcoin Foundation. The five principal standardization tasks are
As these plans are for interchange of data between systems and people, it says nothing about display options for wallets, websites, etc, where a person is communicating with themself. Therefore the distinct aspects of the proposal are for the same unit.
The Bitcoin Foundation shall fund two professionals: one to prepare and advocate for a proposal for an ISO 4217 code, and one to prepare and advocate a proposal for a Unicode codepoint.
This proposal suggests a unit that has the most history in the ecosystem of the alternatives, but that has fallen out of favor for the majority of participants because the value is inconvenient for most everyday uses. Examples: A pack of gum (around USD 1.00): XBT 0.00286 Lunch in Tokyo (around USD 10.00): XBT 0.02857 A feature phone (around USD 100.00): XBT 0.28571 A decent laptop (around USD 1,000): XBT 2.8571 A decent used car (around USD 10,000): XBT 28.571
Advantages: This unit has the most "history" in the ecosystem. The ISO 4217 code has started to get some use (though less than BTC and not for interchange as an ISO code). This existing use may make the difference between success and failure in acceptance of an ISO 4217 application for a currency code.
Disadvantages: This is an inconvenient unit for day-to-day transactions If users attempt to select a more convenient unit for their wallet application, they will have to convert when they receive an invoice, check, etc. There is an increasing movement in the ecosystem away from this unit, to the extent that most users self-report that they prefer a different unit. Most accounting software is not prepared to handle 8 digits after the decimal.
Draft Plan 'C2'
This is an alternative form for one of three draft plans for the recommendations of the Financial Standards Working Group of the Bitcoin Foundation.
The five principal standardization tasks are
As these plans are for interchange of data between systems and people, it says nothing about display options for wallets, websites, etc, where a person is communicating with themself. Therefore the distinct aspects of the proposal are for the same unit.
The Bitcoin Foundation shall fund a design bounty for a community competition to design a glyph for the unit.
The Bitcoin Foundation shall fund two professionals: one to prepare and advocate for a proposal for an ISO 4217 code, and one to prepare and advocate a proposal for a Unicode codepoint for the winning glyph.
A pack of gum (around USD 1.00): XMB 2.86 Lunch in Tokyo (around USD 10.00): XMB 28.57 A feature phone (around USD 100.00): XMB 285.71 A decent laptop (around USD 1,000): XMB 2857.10 A decent used car (around USD 10,000): XMB 28571
This proposal deserves a bit of an explanation. The other two proposals have disadvantages in that they go too far in one direction (too large valued units, necessitating small decimals that are hard to read) or the other direction (too small valued units, necessitating large integer number of units for moderate-sized purchases). This proposal attempts to strike a balance, noting that many bitcoin websites and tools offer this transaction unit (and unit name) as an option that is already widely used.
A variation on this theme would use the existing Unicode codepoint U+20A5 ₥, MILL SIGN, which appears in the currency block. In that case we would call the unit "mill".
Advantages: This unit is already widely used in the ecosystem. This is a convenient unit for a wide range of transaction values. This choice of unit and name leave room for expansion in both directions.
Disadvantages: We do not yet have a design for the required glyph. Most accounting software is not prepared to handle 5 digits after the decimal. On the other hand only two are significant for accounting purposes.
submitted by BitsofBitcoins to Bitcoin [link] [comments]

How a shower thought made me discover why Monero is called Monero

Taking a shower, thinking of crypto. And so I was thinking hmm, what smaller fraction of Bitcoin should we use next, as the value is going up a lot. Bits, millibits?. And I think to myself, no it needs to be a new word and something that is easily said and remembered all around the world. And it shouldnt be another word connected to bits or bytes, cuz half the tech world is using these already.
So I figure hey I remember this Esperanto language, supposedly made to be spoken by the whole world. I lookup the Esperanto for currency, and there we go :)
It may sound unimportant, but using Esperanto is smart. When non-techies talk about cryptos they usually mention bitcoin, ethereum and monero in one breath. I think this is in part because monero rolls so smooth of the tongue ;-)
submitted by Zyntra to Monero [link] [comments]

Shower thought: how declining volatility is playing out

We are seeing declining volatility play out in front of our eyes.
Going from a market cap of $1 million to $10 million took only a week and alot less money than going from $10 billion to $100 billion which has taken almost 1 year.
In the same respect falling from $10 million to $1 million takes less time and alot less money than falling from $100 billion to $10 billion.
This brings increasing stability with it.
It is obvious to me that we will one day be looking at a bitcoin that moves less (percentage wise) than some big name fiat currencies.
Taking inflation into account, one day we will start seeing bitcoin simply level out and rise by 2% year on year, year after year, due to the dollar declining by 2% year on year (aka 2% inflation target). This means the price of bitcoin rises in-line with the cost of goods and services.
This is how that phenomenon will appear:
2020: one weeks groceries = 5 millibits or $500
2025: one weeks groceries = 5 millibits or $575
(Note: exactly the same groceries, same milk, same bread etc.)
This is when people and businesses will say, "you know what bitcoin is a better way to save my money"
This is the "superior store of value paradigm shift".
In the meantime bitcoin will be first and formost a future technology investment followed by programmable money to be used by software and machines (IOT / AI). Then eventually becoming the monetary fabric of our global society.
This takes time but will happen IMO.
submitted by slvbtc to Bitcoin [link] [comments]

Changetip now supports Bitcoin-denominated custom tip amounts (monikers). Have some credits on me!

Naming the 100-satoshi denomination (0.000001 BTC) is a great idea because that amount should fit the value of most tips - for a while at least. This can go a long way to eliminating unit bias among beginners as well. Denominating transactions this way also makes it possible to adapt existing finance software, which sometimes only recognizes two decimal places.
However, I'm not a fan of the name "bit", which has been proposed. The main reason is that "millibit" is already in use. That value is 1,000 bits, not 1/1,000 bits as would be expected. This will confuse new users. Attracting them is part of the reason for tipping in the first place.
There are a lot of proposals for what to call the 100-satoshi denomination. My favorite is "credit", which has been a unit of currency in sci-fi:
Using Bitcoin feels like living in the future, so I've decided to call 100 satoshis a "credit".
Changetip allows you to choose a custom "moniker" for tip amounts, but so far these could only be denominated in USD. Recently, an update made it possible to denominate monikers in BTC as well.
To celebrate, I'm offering between 1 and 1,337 credits to every user posting a main-thread reply containing the the phrase "hit me".
edit: grammar
edit: to be clear, "credit" is a custom moniker I added myself, so you won't be able to tip in credits (or your favorite unit) until you set up your own moniker. Here's how:
submitted by BobAlison to Bitcoin [link] [comments]

Bitcoin notation: Do you personally prefer BTC or MBTC?

A web app I'm developing frequently displays bitcoin-denominated amounts and accepts the same as input from the user. Although internally my code, database, etc. deal with everything in Satoshi-terms, I'm trying to reach some conclusions regarding the denomination users prefer when reading and entering Bitcoin amounts.
My research turned up this article:
...which indicates that the most popular denominations are Bitcoin (1 BTC) and Bit (uBTC 0.000001 BTC).
I, on the other hand, was originally leaning toward Millibit (mBTC, .001 BTC). At the time I began working on the app, the BTC/USD rate was around $1,000 so I figured 1 mBTC, worth about $1 at that time, might be the easiest denomination for a new user to mentally grasp. But now I'm starting to have my doubts.
My options are:
(1) Just give the user the ability to choose his preferred denomination. The programming wouldn't be too difficult. My only concern here is that the app entails two parties agreeing on a price, perhaps in an embedded chat room, perhaps offline, and I feel like having multiple quoting conventions could be asking for trouble.
(2) Use BTC: I really like this idea because it's the quoting convention I use for all of my internal business. But for whatever reason, it appears users aren't fond of typing and reading small decimalized values (1.23456789 BTC). This is an objection that kind of caught me off guard. (Many of my users will be new to Bitcoin.)
(3) Use mBTC: This was my original plan. Articles like the one above seem to indicate people prefer uBTC, although to be honest, I had never heard of that denomination until reading the article nor have I seen it used anywhere.
What's your personal preference? When you see a site quoting values in Bitcoin, do you mentally convert it to mBTC or uBTC in your head because that's your preferred common denominator? Or are you more comfortable seeing everything in BTC and just learn to live with the long-form decimalization? Would you, as a user, be irritated if a site expressed everything in BTC, but only displayed values to five significant digits (no precision would be lost in the code/database. It would purely be a display convention) ?
submitted by festus_wingbam to Bitcoin [link] [comments]

Working on my first bitcoin business: Show and tell and request for feedback!

Hey All,
For the past few months I've been building a web service that automates the process of margin lending on Poloniex. I started out using Mikadily’s open source lending bot, but decided to build because I thought there might be demand from less technical users for a web-based solution. I also wanted to prototype building a bitcoin-based business, and this seemed like an appropriate scope.
After about one month, the lending bot has generated over 80 000 loans on Poloniex (most of them very, very small) and is still going strong.
The service is engineered to be usable with ‘trading’ and ‘withdrawal’ API access disabled on Poloniex (it can’t withdraw your funds or use your account to pump an altcoin), and any fees for using the service are remitted to a secondary account balance (insert some millibits to activate your bot). I’m really excited by the idea of building financial services via API - services that have the minimum required access for the job they’re performing.
I’d appreciate if you took a few seconds or minutes to check out the service, and value any feedback on the work so far. It’s very much a work in progress, and I’m open to suggestions from users and the community as a whole.
You can visit the homepage, watch the getting started tutorial, or AMA below.
All the best!
submitted by imaginative_investor to btc [link] [comments]

Why wallets should have built in price conversion

We periodically see posts suggesting that "1 Bitcoin" at $1000, $2000, $3000, $4000 sounds too expensive, and results in an off-putting pack of zeros after the decimal point when purchasing your kombucha.
Folks then plead for the community to finally switch to millibits or to microbits but call them "bits" for short. Arguments tediously play out again about what the best unit is, and what the best thing to call it, or whether we should switch to the tonal number system, or whether people should just get over themselves stop being irrationally uncomfortable with paying .000222 bitcoin for a cup of coffee.
After that, everyone goes back to measuring everything in 100,000,000 satoshi units. Here is a post from 4 years ago called It's bits which was submitted about 4 years ago.
And all of that ignores the fact that tomorrow the cup of coffee is likely to have a different price, measured in bitcoin. Which is a problem! Critics have rightly observed that no one would dare take out a large loan in a deflating currency, and it would be psychologically difficult to rejoice over your annual pay cut in quite the same way you enjoy getting a raise.
People think of the "unit of account" function as being central to the definition of currency, but Satoshi didn't choose that as a design goal. Instead, he gave us this fixed issuance curve and let the price chips fall where they may. It's part of what makes bitcoin more like a "base metal as scarce as gold", that is to say more like a commodity and less like a currency.
Sure, volatility has gone down in the last 8 years, but what you really want from a unit of account is no volatility at all. We would have some measurement of value that is stable over time -- let's call it the Jolly for making the point. A meal at a fast food place should probably cost 10 to 100 Jollies. A meal at a nice restaurant might be 10 to 1000 Jollies. Something like that. That's a range of quantity of value that people seem to find convenient to work with and think about, if you look around at a lot of national currencies.
We don't have the Jolly right now, and getting global consensus on a definition of one would be tough. Maybe some day.
In the mean time, what makes sense to use as a unit of account is your local good-enough fiat currency unit. Mind you, we are not going to use the filthy government money itself, just borrow the unit as a measurement of value. The unit has merit, is free to use, and has no downsides that I can see. (If your local currency is unstable, you could just use the Dollar, Euro, Yen, Yuan, Pound or whatever relatively stable currency is most popular where you are.)
It doesn't make sense to use Bitcoin as a unit of account, and nobody really does it because the people who have tried have been burned. So when you think of "1 Bitcoin" think of it more like you are saying "1 Kilogram of the commodity called bitcoin." Buy your coffee with bitcoin, measured in dollars. Take out your loan in euros, payable with Bitcoin.
But here's the thing, wallets need to support this way of thinking. They need to measure bitcoin balances and amount you are sending or requesting in regional units that the user chooses. To support that, they are going to need to know the exchange rate. Exchanges, Winkelvii and others could offer web service calls or RSS feeds of whatever, and users could choose the sources they prefer. Wallets could sanity check the sources and provide alarms when sources are too far apart, or change a lot in a short period of time. They should also print the exchange rate prominently so that the user can also check it for sanity.
TLDR: Wallets should allow the user to select a regional currency, and their balances and transactions should display measurements in that unit of account.
submitted by moral_agent to Bitcoin [link] [comments]

06-07 18:21 - 'Hello World, This is bitcoins future. Hodl' (self.Bitcoin) by /u/BlazeWhale removed from /r/Bitcoin within 55-65min

Hello World! This is my message for you from the future. I hope this survives the time transfer and lands in the correct timeline. Just a few checkpoints to make sure this message arrived to the correct timeline.
  1. Chinese invented the compass 9th-11th century.
  2. German Johannes Gutenberg invented the printing press.
  3. Alexander Graham Bell was the first to be awarded a patent for the electric telephone in 1876
  4. First world war 28 July 1914 to 11 November 1918
  5. Second world war 1939 to 1945
  6. Us 35th president John F. Kennedy was in November 1963
  7. May 22 Bitcoin Pizza Day
  8. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
  9. 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
It is the year 2035. First question what I would have wanted ask in 2017, if I ever got the opportunity to communicate into the future would be: what is the price of bitcoin? Well I would of course want to know the price measured in US dollars or Euros or some other fiat currency. What if I told you the fiat currency value hasn’t been relevant for the last 10 years. A draft beer costs about 2.0-2.5 satoshis (we call them stoshis), A meal in a restaurant around 6-8 stoshis, A good quality Pizza 5 stoshis. Cadrone transport 0.01 - 0.05 stoshi / km. I hope this helps you get the idea of the purchasing power we are talking about. I can briefly tell you about how the massive increase of bitcoins purchasing power rose so fast even the most optimistic bitcoin believers were surprised. There are many factors and events that all had an effect on the rising demand for bitcoins. 2016 after the most tech savvy liberal minded people had bought into bitcoin things started to happen. 2017 was the year when earlies (early adopters) started investing into bitcoin. (I know it’s funny we all thought in 2016-2017 that early adopters had been ones having bitcoin in the first 5 years after it was created). sidenote: Companies who have started working with bitcoin will see their stock value rise which will push more and more businesses to adopt bitcoin. The demand was huge in Japan, but no one really knew the real reason for Japan recognizing bitcoin as a legal method of payment (so absurd, bitcoin doesn’t a permission). I remember people speculating it was because Japan’s economy was terrible and the % of old population wasn’t decreasing. And yes people speculated correctly. After the famous, Tokyo based, bitcoin exchange called Mt.Gox collapsed in 2014 Japanese authorities had to look into what bitcoin was. It took sometime and eventually someone with enough political influence realized the potential. Japan had to play this whole thing smart, if they started buying bitcoin publicly the global FOMO (fear of missing out) would push the price quickly out of their reach and their Japanese Yen would turn into goat shit. So instead they started out by doing small things like legitimizing bitcoin as a payment method, Government services started accepting bitcoin, small amounts of taxes payable with bitcoins and all at the same time trying to buy as much bitcoins as possible without moving the price too much. Of course everyone knows secrets always spill out, especially government secrets. Soon South Korea was “legitimizing bitcoin” and it didn’t stop there. It started to spread. Some governments tried to stop it (Usa, Russia, Some European countries, India) but banning and/or over regulating it turned out to be useless. So what does a desperate government and banking system do when they have the ability to print unlimited amounts of fiat currencies and are losing their power to people. They print money and try to buy all the bitcoins up. Well I can tell you it didn’t work or well it worked in a nice way which made the unfair system of fiat currencies irrelevant. Some countries figured the potential of bitcoin at the same time as Japan and started doing exactly the same as Japan. Making their citizens aware of bitcoin and buying up bitcoin without signaling a panic buy for the others. Switzerland for example started selling bitcoins to their citizens by Swiss Federal Railways ticket machines. How smart is that? China on the other hand banned and unbanned bitcoin a lot in 2014-2015 timeframe. Then the PBOC “cracked” down on the Chinese exchanges, this was all because china wanted to make bitcoin look more attractive for the investors. China had already been buying bitcoins from 2014, small amounts without raising the price too much. This was a long term investment for china which paid off during the collapse of the US dollar and yuan. The second question that probably would interest me in the past (one of the reasons I postponed investing into bitcoin until the beginning of the year 2018) would be the “The Big Scaling Debate” which really looked at the time as fierce debating but it was really just a power struggle to control bitcoin. Segregated Witness was activated and looking from where I am currently standing it was the best technical solution which everyone actually agreed on but some people where blocking it by making up nonsense and stalling the progress. Funny thing is that once actually big chip manufacturers got interested in ASIC manufacturing and bitcoin mining lots of the bad acting bitcoin mining hardware companies found themselves out of business. We all know who we are talking about. For the technically literate I can’t offer much information from the present because it has gone over my understanding. Everything is connected to the bitcoin blockchain. Protocol upgrades made it possible to build layers on top of layers all secured by the hashing power of the bitcoin blockchain. My car’s private key is stored on a layer of the blockchain, my voting password is also there, I have a private key for my identity and the private keys for my kids identities as well as their medical record private keys. How has the planet changed? We finally reached a stage a few years ago where we got the future of planet earth on a level where it will be sustainable to live in as long as the sun doesn’t burn us down. Bitcoin played a big part in this. Deflationary currency has strange effects, nobody on earth produces crap anymore, meaning no cheap electronics that last only a few years, no plastic bags in stores, no cheap clothes that will last only a few times in a washing machine. Everything and I mean it when I say everything is made with high quality materials and products are made to last long. The demand for high quality long lasting items came from the people. Why would you use a few millibits which grew in purchase power every year to buy some crappy headphones that would last 1 year if you were lucky. If they were going to use their precious millibits they wanted something high quality which would last. Also 95% of the worlds energy is from renewable energy sources, when big bitcoin mining operations started struggling with their profit margins they looked at small bitcoin mining operations who had minimized the cost of electricity by using solar panels and hydropower. Funny how bitcoin mining operations trying to be more profitable boosted the use of renewable energy sources, ok I must add that the death of the petrodollar helped also. Electricity isn’t produced anymore for the need of humans it is produced to power the bitcoin mining facilities and we just use the leftover energy which is more than enough. You are currently in the phase of one of the first altcoin bubbles. These bubbles are part of the bitcoin learning curve for people. People tend to forget what bitcoin is about and then seek high % profits from altcoins. This will happen a few times more in history and most of the altcoins will slowly die away and be replaced by new “innovative” ideas. In the upcoming years the value that poured into altcoins will move into bitcoin. Some of the most biggest alts with minor use cases will survive for longer but their ideas will be built and secured properly on different layers of the bitcoin protocol. What do I regret the most? My biggest regret was not buying bitcoins when I first heard of them, also I regret buying a sailboat with 50% of my small bitcoin stash in 2019. Also I regret not getting into mining when it was still profitable for an average person in 2019. But I am happy I hodled the rest. (yes the hodl meme has survived all these years)
One cool thing we discovered besides sending information “back in time” is sending payments to the future. I will be generating the private key for the following bitcoin address on November 20th 2035. I will also login to reddit with the account Blazewhale to celebrate with those of you who are still here. Happy Hodling, price discovery is a bitch.
-BlazeWhale 1CXfRfJhMyr41z3LDiV6USuskUZxCBa1We
Hello World, This is bitcoins future. Hodl
Go1dfish undelete link
unreddit undelete link
Author: BlazeWhale
submitted by removalbot to removalbot [link] [comments]

ELI20: What would it take to change the "standard" denomination to mBits?

I know this topic has been beaten to death a bit, so sorry about that. But, like many others, changing most public displays of bitcoin value to millibits is an idea that makes a ton of sense to me, if only from the psychological angle. There are simply too many people who still believe that bitcoin is "too expensive" for them right now.
So my question is, what needs to actually happen for this to become a reality? Would it come in the form of a suggestion by the foundation? Or would one of the popular exchanges start doing it and initiate a trickle-down effect? Or something else entirely?
Suffice it to say, in my opinion a $.39 millibit just has a better public face than the $390 bitcoin.
submitted by darphdigger to Bitcoin [link] [comments]

What annoys me about BitCoin

What annoys me most is that they choose to set the max at 21 million bitcoins. It's already getting impractical now, because you have to start counting in amounts like 0.001 Bitcoins if you want to use it for everyday purchases. And this is only the beginning. As the value of bitcoins rises, it will get even worse. I hope they will soon find a catchy name for 0.001 or 0.0001 bitcoin and use that as a standard way of measuring your wealth, so that a soda will cost 3 millibits (or whatever you call it), instead of 0.003 bitcoin. Why did they choose 21 million? seems impractical for a world with 6 billion people...
submitted by STTrife to Bitcoin [link] [comments]

Bitcoin Adaption, A First Big Step To Bitcoin Adoption. Lets see pricing in BTC before USD

Promoting BTC as a currency is important.
The Bitcoin Foundation promotes memberships in USD, not in BTC. If there was one organization that should be leading by example, it is the Bitcoin Foundation. Starting the "Adaption" process, getting consumers accustom to seeing Bitcoin as a currency, bits, millibits etc., is important and lends credibility to Bitcoin as a method of payment. For the Bitcoin Foundation to publish membership pricing in US Dollars - $100.00 / $250.00 Personal, $1,000.00 Silver, $25,000.00 Gold and $100,000.00 Platinum is wrong and demonstrates a lack of confidence. Sure they accept Bitcoin. Given their sole purpose is Bitcoin, they should post membership dues in BTC with a realtime converter showing USD subliminally positioned. It would be nice to see that the Platinum membership is 273.8 BTC (today).
CoinDesk is running an ad from DigitalX promoting "Enroll Now Receive $10.00 in Bitcoin". Why cant DigitalX promote "Enroll Now Receive 0.0273 BTC?"
The MIT Project says $100.00 in Bitcoin for every student, why cant MIT say "All Students get 0.273 BTC ($10.00USD at time of print) upon enrollment with a proviso that the BTC amount will be adjusted.
If these example organizations, the Bitcoin Foundation, DigitalX and MIT, there are more, are worried their viewership would not understand the value in USD, we have a BIG problem because their viewership knows and understands Bitcoin and should be accustom to seeing values stated in BTC.
If we want Adoption, we need to focus on the Adaption process.
The public need to start seeing the primary pricing in BTC with the corresponding value in USD, CAD, YUAN, PESO, etc.
There are ways to deal with Forex volatility.
BTC on Main Street, thats the goal.
submitted by BIGbtc_Integration to Bitcoin [link] [comments]

Bitcoin nomenclature in everyday language.

I'd like to know how people are using Bitcoin nomenclature in their regions. The way I see it the value of BC will keep on rising over the next several decades and as such fractional amounts will be more common for simple transactions. For example while trying to explain BC to my coworker I showed her how she could set up her wallet and earn by watching videos. It gave her 40uBC which I called a "microbit". I explained how much it was worth which she smirked. I explained future value and how this could be worth a whole lot more in the future. yadda yadda yadda...
The point of this post is to ask how we are going to refer to this form of money in everyday speak?
Bitcoin MilliBit MicroBit NanoBit PicoBit FemtoBit
It really doesn't seem so far fetched to me that we may some day be using these prefixes in 50 years.
submitted by BitBrewer to Bitcoin [link] [comments]

The case for switching to centibits.

It will make everyone happier to see a higher number, especially around Christmas time and with the unimportant crash that just happened.
It might cause a buying streak as people think it went up 5x in value overnight, making us all rich again.
The chinese will probably have an easier time pronouncing centi instead of milli, causing their adoption to pick up to record levels again. Some translations of official government documents mentioned that this, and only this, was their problem with bitcoin.
55 US cents per base unit is for peasant money used in flyover countries. It made sense to use millibit when the price per unit put us with the likes of the GBP and the EURO. Now it puts us with the kind of money you bring in a brown paper bag to tip your donkey show performer with.
submitted by brezzz to Bitcoincirclejerk [link] [comments]

Simple idea to use bitcoin to improve the world, execution specifics tough to figure out with existing infrastructure.

Basically it's the "Scott's Tots" episode from The Office.
For those unfamiliar, you find a class or school of third graders or similar youthful students in a district with a low HS graduation rate and offer to endow a college scholarship for those who graduate and attend college.
The bitcoin aspect would be promising 100 millibits or something nominal to all children in a certain school. Maybe even create a pool of bitcoins that will be split evenly between all those who graduate. If this is worth more than a college education by the time they graduate in a decade then the cash value maxes out at congr tuition costs.
Tough to administer with existing infrastructure but still something that would be worth trying. Expose a typically non-investor class to the upside of bitcoin, broaden the base of political support for bitcoin, help disadvantaged children.
I would happily sponsor 10 children for .1 bitcoin each if I knew the funds would only be used for education. Would anyone else?
submitted by itsjoeco to Bitcoin [link] [comments]

Even if bitcoin was a ponzi scheme, with malicious intent.........

I just want to point out that even if bitcoin was a ponzi scheme (a reality that only comes true if the price tanks, until it rises again due to demand), any user can hedge their position all the way down to fractions of a millibit by selling futures, or options when they become available.
The result is that the value of their bitcoin holdings will remain the same, their purchasing power remains the same, and they will still be able to transact and buy things with bitcoin. Given the same demand the exchange rate of bitcoin will correct itself, but of course, anyone actually hedging with futures isn't speculating on the exchange rate and is exempt from it.
So if bitcoin was a ponzi scheme, or any other combination of adjectives, the utility of bitcoin is not actually diminished, so the argument is moot.
submitted by cqm to Bitcoin [link] [comments]

Bitcoin Cash, Bitcoin 2000 and Bitcoin NHF Bitcoin Bitches - A Bit of Truth Crypto World Evolution/CWE - Basic Overview / Trade ... aantonop - YouTube Bitcoin for beginners, real case study

This Free Bitcoin units calculator helps you convert any amount from one unit to another. Conversion between BTC, Bits, mBTC, Satoshis and US dollars. Bitcoin units include BTC, mBTC, bits, and Satoshis. Fiat currencies include USD (US Dollars), CAD (Canadian Dollars), EUR (Euro), GBP (Great Britain Pounds), and AUD (Australian Dollars). Available altcoins are BCH (Bitcoin Cash), LTC (Litecoin), and ETH (Ethereum). Convert from . Convert to . Convert! Show Altcoins & More Currencies Please let me know if you want me to add a feature or if ... Decimal metric units. The BTC unit was chosen to represent a value of 10 8 so as to give sub-unit precision rather than large whole numbers. Mirroring the standard Le Système International d'Unités, this allows for divisions of 1/10th (deci-bitcoins, dBTC), 1/100th (centi-bitcoins, cBTC), 1/1 000th (milli-bitcoins, mBTC), and 1/1 000 000 (micro-bitcoins, μBTC). Bitcoin value was $11,308.21. Max. BTC price was $11,372.29. BTC price increased by 0.56% between min. and max. value. If you own the currency, you are certainly happy. The Bitcoin dropped by 2.46% on Friday 16th of October 2020. Let's take a look at interesting data from yesterday. Max. BTC price was $11,531.92. Min. Bitcoin value was $11,255.02. The average value Bitcoin price for convert ... The smallest value supported by the Bitcoin network is the Satoshi, named after Satoshi Nakamoto, the Bitcoin creator. Each bitcoin can be broken down into one-hundred-million (100,000,000) satoshis. In the future, if required, the divisibility of bitcoin can be increased to 100 billion smaller parts or even more, as the Bitcoin protocol and its related software can be modified to handle even ...

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Bitcoin Cash, Bitcoin 2000 and Bitcoin NHF

Music and Video Royal Academy of Art students Alice Fialová, (Czech Republic) and Lisa van den Heuvel (The Netherlands) are The Bitcoin Bitches performing their hit single, “A Bit of Truth ... Part One, approx 15 minute session, designed to prepare you to study for and take the Certified Bitcoin Professional Exam (CBP), Andreas teaches the basic concepts of Bitcoin and open blockchain ... COMING SOON! Email Chad: craigs1669 @ gmail dot com / +1 773- 829 -0737 It is important to understand that in an affiliate plan that offers a crypto trading ... - Bitcoin Basics, including addresses and keys, transactions, the blockchain, bitcoin as a unit (e.g. millibit, satoshi), ways to earn, buy, sell, and store bitcoin, blockchain explorers and ... * 4 Days past the hard fork. 3 months to segwit2x (Bitcoin 2000) * Bitcoin Cash vs. Bitcoin 2000 vs. Bitcoin NHF * Vote in my poll - which one will be the lo...