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>Bitcoins should lose 3 zeros, like many countries do to their currencies. I've never heard of that, although the opposite has been done plenty of times. But t
by svantana 13y ago
>Bitcoins should lose 3 zeros, like many countries do to their currencies.
I've never heard of that, although the opposite has been done plenty of times. But that's rarely a sign of a healthy economy, most of the time it's done out of desperation I would think.
- zorked 13y agoI live in a country that used to need that. The real reason for doing that is simply not having to write so many useless zeroes. The people who were calling for cutting zeroes were mostly banks having issues dealing with whatever hard-coded limit was on their systems. There was no expectation that cutting zeroes would actually improve anything at all. Though the situation was exactly the opposite of Bitcoin. Money was losing value so the numbers were getting too big. Bitcoin is becoming too valuable so the numbers are getting too small.
- Mchl 13y agoIt's becoming 'too valuable' in USD. There are other currencies, and the world does NOT in fact turn around US.
- tempestn 13y agoNo, it's becoming "too valuable" in terms of the goods a person would normally buy with it. It is more convenient to quote prices in whole number units than in tiny fractions of a unit. The USD is irrelevant here.
- Mchl 13y agoAt the beginnings of 20th century ~310USD (which coincedentally is 1BTC at today's - or this hour's - prices) would feed an average american family for a whole year. http://libraryguides.missouri.edu/content.php?pid=298741&sid=2450558 http://libraryguides.missouri.edu/content.php?pid=298741&sid... People used cents in day-to-day dealings and I doubt anyone found it inconvenient. Same stuff with BTC and satoshis. People will get used to that sooner than you'd think.
- tempestn 13y agoYa, I don't disagree. satoshies or mBTC or whatever. I'm just saying that the argument has to do with cost of goods in BTC, not anything related to USD.
- dagw 13y agoIt was very 'popular' in the 80's and 90's for countries coming out of high inflation. Off the top of my head, Brazil, Peru, Russia, Poland, Yugoslavia, Turkey and Bulgaria all cut three or 4 zeros from their currency to make the numbers easier to handle and to try to mark a psychological end to previous inflation. Zimbabwe did it about once every other year or so back in the mid 2000's.