Post
Topic
Board Economics
Re: When to "move the decimal points" ?
by
Xav
on 29/01/2014, 20:13:51 UTC
Change the decimal now or it's dead. Wake up people !
How about we call one-millionth of a BTC (i.e. a micro-bitcoin) a Finney? One million Finneys equal a Bitcoin.
Conveniently, 100 Satoshis equal a Finney, so we can use a convenient two digits after the decimal point, just like dollars and cents. So 0.0015 BTC becomes 1500.00 Finneys.
Forex traders don't like more than two digits after the decimal, so this notation should suit them perfectly.
A Finney is currently worth around a tenth of a cent, so it will remain a useful unit as the price of a bitcoin rises.
The Finney is named in honor of Hal Finney, of course.

Why not Finney ? It sound absurd to rename it "Finney" but it is much better than Bitcoin. As you said, decimals make no sense for normal people.

For most people a "Finney" does not seem to refer to Bitcoin. A millibit sounds too cheap. So, let's introduce the "squareroot-Bitcoin" which is 10 000 Satoshi or 1/10 000th of 1 Bitcoin.

Notation:

1 USD = 12.5 rBTC