Rivetting analysis. I know there was talk of denominating in millibits, to counter this perception issue. (who wants to spend $1000 on 0.2 of something?)
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Rivetting analysis. I know there was talk of denominating in millibits, to counter this perception issue. (who wants to spend $1000 on 0.2 of something?)
Indeed. It seems like you are getting ripped off or something when you pay too much for getting too little.
Millibits definitely make more sense as a denomination... Gold which is way less scarce than bitcoin (over 6 billion ounces compared to 16 million bitcoins), is typically priced in grams and ounces rather than kilograms or tons. Although depending the size of organizations involved, different weights are used. Central banks count their reserves in tons, gold depositories count in terms of 400-oz bars (12.5kg), small gold dealers give prices by the gram, etc.
A downside to not having a central, issuing authority, is that we need to wait for common usage to deliver up names for the different weights/sizes/denominations of fractions of coins, to fill the gap between 'bitcoins' and 'satoshis'
And on top of that, people are really bad at math and fractions, heh...