Hello /Bitcoin! I am very new to the concept of bitcoins and general cryptocurrency. I recently unboxed a valuable item in a game which I plan to sell, most likely for bitcoins. Is that a good investment. Is the value of BTC likely to go up? Additionally, I have some mBTC on my phone as well. Will the value of these increase simultaneously to the value of normal BTC? Thanks in advance!
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Hello, I am new to bitcoin. Today I made my first Bitcoin ATM transaction/purchase using a BitAccess ATM. I deposited $60 cash and received 3.595 mBTC (~$46) into my Electrum wallet. The transaction fee was 0.189 mBTC and the transaction fee rate read 100. sat/byte. I anticipated the ATM transaction fee to be between 7-15%, however, this was more like 25%. This seems off. Is there something that I'm not taking into account. ~25% is bonkers.
Why use mBTC and uBTC? Let's just skip to using satoshis.
A satoshi is the smallest denomination of a bitcoin. mBTC and uBTC are confusing for most people. This is why I would prefer if people just skipped to using Satoshis. We'll have to eventually anyway. 1 BTC = 100 million satoshis. Or, 1 BTC = 100M satoshis. Similar to how 1 USD = 100 cents. (Maybe that's not a coincidence.) 0.01 bitcoins = 1 million satoshis (or 1M satoshis). 0.001 bitcoins = 100K satoshis. 0.0001 bitcoins = 10K satoshis. 0.00001 bitcoins = 1000 satoshis. (How many mBTC is this? How many uBTC is this?) Moving forward, it will be really easy to talk about giving satoshis to people, compared to switching from BTC to mBTC to uBTC... It's tough to price something at 0.000001 bitcoins, but it's easy when you write that price as 100 satoshis instead.
New bitcoin conviniance unit; Fiatbit (like, mbtc, bits, sats)
Fiatbit is convenient btc subunit, like mbtc, ubtc, or sats. It's either one 10th, or 100th, or 1000th, ... or 100,000,000th of BTC, what you can buy for within your fiat 0.1 - 1.0. In other words, you can always buy 1 - 10 fiatbits, for your 1 unit fiat. Not more, not less. Fiatbit isn't a fixed unit like mbtc, bits or satoshi. It changes with the fiat you use, and exchange rate in the fiat you use. Example, for USD, dolorbit stays always between $0.1 - $1.0. Now 1 BTC is $7200, so dolorbit is 0.0001 btc, or $0.72.. can be written as $₿4.72. (4 represents one ten-thousandth of BTC, and 0.72 represents 0.72 USD). Once price goes up $10k or more, your dolorbit becomes 0.00001 btc (say $12,345... $₿5.12345). When price goes below $1k, dolorbit becomes 0.001 btc (say $123... $₿3.123). Similarly, we can get other units €₿ (eurobit), £₿ (poundbit), ₹₿ (rupeebit), ¥₿ (yuanbit / yenbit) etc. Current fiatbit for, $ is 0.001 btc ($₿4.7200) ¥ (CNY) is 0.00001 btc (¥₿5.5xxx) £ is 0.0001 btc (£₿4.54xx) ₹ is 0.000001 btc (₹₿6.51xx) ¥ (JPY) is 0.000001 btc (¥₿6.79xx) Gold is 0.1 btc (XAU₿1.4925) Gold gm is 0.001 btc (gold gm ₿ 3.1528) Not a rocket science.. say in your country you can buy 1 btc for 12345678 bucks.. then your bucks-bit is 0.00000001 btc, with price 0.12345678 bucks.. can be written as Bucks₿ 8.12345678 8 represents 100,000,000th of BTC, and 0.12345678 represents the price of that unit (one hundred millionth of BTC). It has two advantages,
It closely follows various fiat currencies
It's a variable unit, so it simulates stocks split / merge for btc.. we get a decent sized trade unit, MoE / UoA. (Believe me, most people still don't know they can buy a fraction of BTC)
Let me know what you think. Thanks. Edit: formating, advantages
Isn't it about time we standardized mBTC as the official unit of Bitcoin?
It's been 1/2 year since 1 BTC has never gone below $1,000. As of this writing it is around $6,300. I think all Bitcoin holders want the prices to go up, and a massive hike would happen if mass adoption were to take place but I feel that the end result of this massive rally in the past year is not helping too many people to jump into the market. With the value of 1 BTC now hitting thousands of dollars, I think 1 BTC being $6,000 is a massive psychological barriers for ordinary people. Many people do not even know that 1 BTC can be in smaller units and they tell me that they don't have $6,000 to invest. By making mBTC the standard unit in exchanges, two things could happen.
If 1 BTC is at $6,000, 1 mBTC is $6. Psychological barriers will be significantly lower for cryptocurrency beginners to enter the market.
It also educates people that 1 BTC is not the smallest unit of Bitcoin.
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