Hey - I know everyone here is smart enough to convert between bitcoins, satoshis, microbits, mBTC, uBTC in their heads without even needing a scientific calculator, however - for Joe Public to adopt this it's gonna have to feel "easier" and more like "real money"... it's more of a psychological and marketing question than anything to do with what is technically the "correct answer" according to us forum folk and bitcoin developers...
Assuming bitcoin does reach mainstream adoption, then common usage will win the day.
I think it will depend somewhat on where/how bitcoin ends up being used. If it is indeed used for small-value transactions like buying coffee, sandwiches and gas in future, then there will be a unit of measure which is somewhat equivalent to a "dollar" and probably another that is somewhat equivalent to "cents". This is just how the average person on the street is used to dealing with money - and I expect people will continue to want to denominate their purchases in this way.
Which of the following seems more likely for your Grandmother to say:
"I just bought a sandwich for zero point zero, zero, zero, zero, one, two, five bitcoin", OR
"I just bought a sandwich for 125 satoshis", OR
"I just bought a sandwich for a bit and a quarter"?
Having "bits" as the common unit, leaves a convenient two decimal places for the "satoshis" or "microbits" - so a relatively easy change to existing accounting, cash registers and POS systems to switch to a new currency without having to suddenly cope with 8 decimal places.
And much as we early adopters, white paper readers and forum lurkers may revere the name of Satoshi, I suspect "satoshi" will end up being replaced by "microbits" as the smallest unit of currency.
Again - not saying any of this is "right" - it's just how I foresee it evolving...
My 2 satoshis worth!
Posted from Bitcointa.lk - #X5e7oCGnyRK8anmo
Assuming bitcoin does reach mainstream adoption, then common usage will win the day.
I think it will depend somewhat on where/how bitcoin ends up being used. If it is indeed used for small-value transactions like buying coffee, sandwiches and gas in future, then there will be a unit of measure which is somewhat equivalent to a "dollar" and probably another that is somewhat equivalent to "cents". This is just how the average person on the street is used to dealing with money - and I expect people will continue to want to denominate their purchases in this way.
Which of the following seems more likely for your Grandmother to say:
"I just bought a sandwich for zero point zero, zero, zero, zero, one, two, five bitcoin", OR
"I just bought a sandwich for 125 satoshis", OR
"I just bought a sandwich for a bit and a quarter"?
Having "bits" as the common unit, leaves a convenient two decimal places for the "satoshis" or "microbits" - so a relatively easy change to existing accounting, cash registers and POS systems to switch to a new currency without having to suddenly cope with 8 decimal places.
And much as we early adopters, white paper readers and forum lurkers may revere the name of Satoshi, I suspect "satoshi" will end up being replaced by "microbits" as the smallest unit of currency.
Again - not saying any of this is "right" - it's just how I foresee it evolving...
My 2 satoshis worth!
Posted from Bitcointa.lk - #X5e7oCGnyRK8anmo