Saturday 28 April 2018

Why Bitcoin should be priced in "Bits"


All forms of money need to be easily broken down into identical sub units.To the average person who stumbled across Bitcoin in 2017, the idea of a "Bitcoin" didn't make sense. How can I use a currency so expensive that I can't even own "one"? Why should I buy .01 of a $10,000 Bitcoin?Most of us understand that Bitcoin can actually be divided into 100,000,000 Satoshi's, making Bitcoin one of the most divisible currencies in the world, while retaining its perfect scarcity. However, most people are just now learning that YOU CAN BUY A FRACTION OF A BITCOIN.But even when they understand that, many people still perceive the price of a single "Bitcoin" to be super expensive, as if they missed their chance to buy Bitcoin on the "ground level".When the masses started coming during late 2017, the price of any coin under $1 exploded to the moon, all because people thought they missed out on Bitcoin and wanted the "next big thing" - expecting these coins to potentially reach $10,000 as well.Bitcoin -> BitsBreaking Bitcoin down into Bits is ultimately something we will need to do if we want the world to utilize Bitcoin as a usable (linguistically) currency. It makes more sense to buy a beer for 500 bits ($5), rather than .00005 Bitcoin.Similar to a stock split, this will give people the confidence to go buy 100 bits, and it will make them feel richer. Nobody likes to say, "I own a small fraction of a Bitcoin." They like to say I own 500 [insert coin here], or 100 Bits.A move from Bitcoin to Bits will spark another retail investor rally, and make Bitcoin a more "speakable" currency.My Plan to Break Bitcoin into "Bits"I run a web app: MoonRekt.com - a top 100 list/portfolio tracker. Now before you downvote me for shilling my own project (I'm just a college student contributing to the community), let me tell you it's 100% free, and I'm using it as a platform to spark the break Bitcoin into "Bits" movement. From now on, Moon Rekt will only quote Bitcoin in "Bits", and I encourage anyone running other Bitcoin apps/wallets/exchanges to do the same.Current Bitcoin Price: $0.0093 - slightly less than one cent.We should all start using Platforms that use Bits and also begin speaking in terms of "Bits". We need crypto Twitter to get in on this. We need other websites and apps to get on this. We need exchanges to get on this. And we need CNBC to get on this.The Bitcoin community is what controls Bitcoin, and if we all decide to start pricing Bitcoin in Bits, then the world will listen. Let's put an end to other worthless coins.Let's start a rally in Bitcoin that will change the way the world views money.Who's with me?Vires in Numeris -- "Strength in Numbers" via /r/Bitcoin http://bit.ly/2HXcmHf

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