As I said in another thread, the word "coin" here is the problem. People see coins as small, semi-worthless denominations of a larger unit, and they also see them as somewhat non-divisible, at least not by a significant amount. It's not really in anybody's reality that you can divide a coin up to eight decimal places, so by having individual coins worth $130+, a psychological barrier is thrown up which creates resistance to adoption.
I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
I propose that we retarget the word "Bitcoin" at smaller denominations, and perhaps start assigning (colloquially at least) the word BitDollar, or something else, to the denomination currently used by Bitcoin. By doing this, people will feel like what they are exchanging their fiat currency for has more actual value. I feel this is a better solution than simply defaulting to "mBTC", as mBTC is (a) a mouthful and (b) still appears to be a tiny subdivision of a greater whole, which doesn't address the psychological barrier issue.
I see your point, but I think that would be pretty controversial. mBTC is a mouthful, but if we could come up with an alternative term for it (similar to how 1000th of $1 is a mill), it wouldn't be a problem. I think mBTC is simple enough, after all, even in the US people are taught decimal based measurements in school so just about everyone understands them.
We just have to make sure we don't end up saying "10 mee" like how the British use "10 pee."
