you should also know that mbtc has no value and they want something that they could hold unto.
This is a wrong idea Aanuoluwatofunmi who said mBTC has no value? In the contest Op hosted, he was actually offering 1mbtc as the first price for the contest of which as of the time I am writing this is equivalent to $70.
No matter how small or large any amount of Bitcoin is, it can still be expressed in mBTC. The only significance is that it is more efficient in smaller units of Bitcoin. mBTC simply means a Bitcoin into a thousand units . So instead of using decimals to express 0.0008 Bitcoins which can be messy sometimes, you can simply say 0.8mBTC.