Now coming to the units, one Bitcoin is being subdivided in to 100 million Satoshis. There is nothing in between. mBTC is an informal unit, and it doesn't have a name of its own. A few names were suggested for mBTC, but there was no consensus. And we need smaller units badly now, as the exchange rates have surged past the $10,000 per coin level. Even mBTC may be too big for practical purposes now
Personally, I don't feel like we need these subunits as anything less than a few thousand satoshi (otherwise known as dust) is not collectible anyway
Well.. I was saying that we don't need finer subunits, but we need coarser ones. Right now the transaction fee is in the vicinity of
BTC0.0001, so I agree that amounts lower than that are not practical to collect. What I was saying was, suppose if we want to pay for coffee at Barista, then the bill may come to
BTC0.0005 or something like that. It is not very convenient to use so many decimal places. If we use mBTC instead of BTC, then it will come to 0.5 mBTC, which is more easier to calculate.
But as I pointed out, mBTC is not a formal sub-unit for Bitcoin and it doesn't have an official name. And suggestions such as mBits and Bitfraction doesn't sound good. We need some unique name for mBTC. Since Satoshi is already taken, I would suggest "Theymos".
1 Bitcoin = 1,000 Theymos = 100,000,000 Satoshi