Bitcoin is about to undergo a 1:1000000 "stock" split.
essentially, they want a base unit and a second unit being 1:100 of the first.
https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/
We already have two units: bitcoin and satoshi
Therefore, the only way to make this possible would be to recalculate bitcoin as 100 satoshi (deep inside everything is measured in satoshis anyway).
So, everyone with a current BTC will suddenly discover that he or she will have 1000000 bitcoins (officially called XBT from then on).
I think that this will put new bitcoin/XBT on a path that will eventually lead to XBT=~$1 with each satoshi=~1c.
How long it might take-maybe 20 years. If this happens, current BTC would equal $1,000,000
essentially, they want a base unit and a second unit being 1:100 of the first.
https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/
We already have two units: bitcoin and satoshi
Therefore, the only way to make this possible would be to recalculate bitcoin as 100 satoshi (deep inside everything is measured in satoshis anyway).
So, everyone with a current BTC will suddenly discover that he or she will have 1000000 bitcoins (officially called XBT from then on).
I think that this will put new bitcoin/XBT on a path that will eventually lead to XBT=~$1 with each satoshi=~1c.
How long it might take-maybe 20 years. If this happens, current BTC would equal $1,000,000
This is a very reasonable proposal, and will definitely increase adoption since
Support +1.
Agreed.
Average Joe, one year from now: "I heard they redid this bitcoin thing so now one bitcoin only costs one penny and regular folk like me can afford it. But it's supposed to go to one dollar, like, real fast. I'm gonna get me some today!"
Buy a million XBT today for only $350!
Same can be said for Ripple and other alt cryptos, but generally (except for pump and dump periods) you don't see people knocking down doors to buy ripple or other alts.
EDIT: don't get me wrong. Overall, I believe it would be a good idea to convert to the smaller unit - mostly because BTC's value has increased so exponentially over the past few years, and likely such conversion will make further exponential growth to be easier for the conceptions of the masses to buy in smaller quantities. For example, in my own case, my initial intuition about BTC did NOT absorb the divisibility aspect, so I did get confused by whether BTC would be practical when valued in the 100s of dollars territory.