would it make sense to come up with a better denomination system? atm. i think the 8 decimal places feels awkward.
i was wondering if the system could handle denominations that go by the hundreds, just like normal currency does. 100 cents to a dollar, 100 pennies to a pound etc.
i wanted to imitate the kilobyte, megabyte system, because well its computerish, as is bitcoin. problem is this system builds on denominations by the thousands. ~1000 bytes is a kilobyte, ~1000 kilobyte is a megabyte. but the names are good because people already know them and can relate to them easily.
so use the same names, but have them go by the 100's instead of 1000's because its more in line with a currency.
i made a spreadsheet where i put my current balance at the top, and then the spreadsheet worked out how many Kilobitcoin i had, how many Megabitcoin and so on. And i was pleased with the result. It turns out 1 BTC is exactly 1 Terabitcoin. Well the result was at least more pleasing than having 1,12345678 BTC in balance. Its probably too late to rework the currency...... but i dont think thats neccesary. With a little logic the backend could still work in the old way. Or have the raw balance. But up front it would be displayed in either kilobitcoin, megabitcoin or whatever depending on how many bitcoin you actually have. i think its a better system because its future proofed. i mean, we willl know today what the denominations will be down the line as the currency deflates. it will also be easier to price this way. instead of having prices of 0.000003 etc. you could just have 3 Kilobitcoin. I mean for short it could just be Kbc, or Kbc or whatever...
Even mining would feel more lucrative or what have you if the mining wallets etc. was displayed in another denomination than 0,000334
because it doesent feel rewarding to mine 0,00434. If however the denomination was changed, you might still only be mining 0,003434 but it would display 3434 Kbc instead which just changes the whole game imo. The currency itself would be more lovable, if you can say that about a currency...... the 0,0003434 denominations makes it look like a freak child. Even the proposed uBTC and mBTC dont feel right as they dont abide by any rule set really, and the amount of decimal places they represent will be harder to memorize/remember. With the Kilobitcoin/Megabitcoin denomination set you only have to remember they work the same way as with file sizes, but they increase by the 100's not the 1000's. you would always know that 1 Kilobitcoin is 100 bitcoin(which is currently called satoshis) and 1 Megabitcoin is 100 kilobitcoin. You could have various exhanges spring up. Ones that specialised in kilobitcoins, ones that specialised in Terabitcoins and so on. Not everyone can afford to trade a whole BTC so even today this system could make sense. There is alot more to it, to get it working in practice, but what do you think about the inital idea?
i was wondering if the system could handle denominations that go by the hundreds, just like normal currency does. 100 cents to a dollar, 100 pennies to a pound etc.
i wanted to imitate the kilobyte, megabyte system, because well its computerish, as is bitcoin. problem is this system builds on denominations by the thousands. ~1000 bytes is a kilobyte, ~1000 kilobyte is a megabyte. but the names are good because people already know them and can relate to them easily.
so use the same names, but have them go by the 100's instead of 1000's because its more in line with a currency.
i made a spreadsheet where i put my current balance at the top, and then the spreadsheet worked out how many Kilobitcoin i had, how many Megabitcoin and so on. And i was pleased with the result. It turns out 1 BTC is exactly 1 Terabitcoin. Well the result was at least more pleasing than having 1,12345678 BTC in balance. Its probably too late to rework the currency...... but i dont think thats neccesary. With a little logic the backend could still work in the old way. Or have the raw balance. But up front it would be displayed in either kilobitcoin, megabitcoin or whatever depending on how many bitcoin you actually have. i think its a better system because its future proofed. i mean, we willl know today what the denominations will be down the line as the currency deflates. it will also be easier to price this way. instead of having prices of 0.000003 etc. you could just have 3 Kilobitcoin. I mean for short it could just be Kbc, or Kbc or whatever...
Even mining would feel more lucrative or what have you if the mining wallets etc. was displayed in another denomination than 0,000334
because it doesent feel rewarding to mine 0,00434. If however the denomination was changed, you might still only be mining 0,003434 but it would display 3434 Kbc instead which just changes the whole game imo. The currency itself would be more lovable, if you can say that about a currency...... the 0,0003434 denominations makes it look like a freak child. Even the proposed uBTC and mBTC dont feel right as they dont abide by any rule set really, and the amount of decimal places they represent will be harder to memorize/remember. With the Kilobitcoin/Megabitcoin denomination set you only have to remember they work the same way as with file sizes, but they increase by the 100's not the 1000's. you would always know that 1 Kilobitcoin is 100 bitcoin(which is currently called satoshis) and 1 Megabitcoin is 100 kilobitcoin. You could have various exhanges spring up. Ones that specialised in kilobitcoins, ones that specialised in Terabitcoins and so on. Not everyone can afford to trade a whole BTC so even today this system could make sense. There is alot more to it, to get it working in practice, but what do you think about the inital idea?