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Living On Bitcoin For A Week

forbes.com

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Re: Living On Bitcoin For A Week

#3

Post by sp332 »

sukuriant wrote: post #2

Given the price of BTC, can we start talking about bitcoins in a more readable unit? Like... an iPhone costs 300cBTC? centibitcoins? or 30dBTC 30 decibitcoins?

How is 300 cBTC more readable than 3 BTC?

Edit: anyway, more common units are mBTC for 1/1000, uBTC for 1/1,000,000 and "satoshi" which is the smallest division the protocol currently supports, 1/100,000,000. (Satoshi Nakamoto is the pseudonym used by the creator of bitcoin.)

Re: Living On Bitcoin For A Week

#4

Post by obviouslygreen »

sp332 wrote: post #3
sukuriant wrote: post #2

Given the price of BTC, can we start talking about bitcoins in a more readable unit? Like... an iPhone costs 300cBTC? centibitcoins? or 30dBTC 30 decibitcoins?

How is 300 cBTC more readable than 3 BTC? Edit: anyway, more common units are mBTC for 1/1000, uBTC for 1/1,000,000 and "satoshi" which is the smallest division the protocol currently supports, 1/100,000,000. (Satoshi Nakamoto is the pseudonym used by the creator of bitcoin.)

The point may have been that if BTC is the only unit, then most every-day things will cost something like .05 BTC, which doesn't seem all that intuitive (at least coming from a USD area).

Re: Living On Bitcoin For A Week

#5

Post by rheide »

This is stupid and it proves nothing. It's the equivalent of living on Rupees for a week. Sure, you might find some Indian people who will take your money, but nobody's trying to replace the USD with either the Rupee or the Bitcoin. Pure sitespam, this.

Re: Living On Bitcoin For A Week

#6

Post by nick2021 »

obviouslygreen wrote: post #4
sp332 wrote: post #3

Earlier quoted context omitted.

How is 300 cBTC more readable than 3 BTC? Edit: anyway, more common units are mBTC for 1/1000, uBTC for 1/1,000,000 and "satoshi" which is the smallest division the protocol currently supports, 1/100,000,000. (Satoshi Nakamoto is the pseudonym used by the creator of bitcoin.)

The point may have been that if BTC is the only unit, then most every-day things will cost something like .05 BTC, which doesn't seem all that intuitive (at least coming from a USD area).

Also remember that things started costing 5 cents until inflation ran those same items up to dollars.

Re: Living On Bitcoin For A Week

#7

Post by sp332 »

nick2021 wrote: post #6
obviouslygreen wrote: post #4

Earlier quoted context omitted.

The point may have been that if BTC is the only unit, then most every-day things will cost something like .05 BTC, which doesn't seem all that intuitive (at least coming from a USD area).

Also remember that things started costing 5 cents until inflation ran those same items up to dollars.

If bitcoin ever takes off, its built-in deflation will run the problem in the other direction (making it even worse than it is now).

Re: Living On Bitcoin For A Week

#8

Post by lucb1e »

This is like trying the first Android beta there ever was and then saying that there aren't a lot of apps for it yet.

Nearly all current users could have told him that living on Bitcoin for a week is hard to do right now because there is simply no support. This is why we are early adopters, we use something before it's mainstream. You can't actually walk up to anyone and expect to be able to pay them in any currency you can think of.

Re: Living On Bitcoin For A Week

#9

Post by leishulang »

nick2021 wrote: post #6
obviouslygreen wrote: post #4

Earlier quoted context omitted.

The point may have been that if BTC is the only unit, then most every-day things will cost something like .05 BTC, which doesn't seem all that intuitive (at least coming from a USD area).

Also remember that things started costing 5 cents until inflation ran those same items up to dollars.

by just saying the word "bitcoins" here, I know this post will worth a million dollar somewhere in the future.

Re: Living On Bitcoin For A Week

#10

Post by bdr »

lucb1e wrote: post #8

This is like trying the first Android beta there ever was and then saying that there aren't a lot of apps for it yet. Nearly all current users could have told him that living on Bitcoin for a week is hard to do right now because there is simply no support. This is why we are early adopters , we use something before it's mainstream. You can't actually walk up to anyone and expect to be able to pay them in any currency…

*her
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