Back to the list

Bitcoin now so huge that “Bits” are proposed to avoid strange prices

The price of Bitcoin has become so big that a KFC Bitcoin Bucket in $25 dollars cost 0.001885 bitcoins, which might seem confusing for many new players on the market. Seeing this, Jimmy Song, a developer, proposes to call one millionth of Bitcoin a “bit”. Prices in bits will look much more adequate than current prices in bitcoins, he tells. This means that the price for the Bitcoin Bucket would be 1885 bits instead of the aforementioned number.

The leader of ShapeShift supports this idea by telling that current Bitcoin prices are indeed looking strange, and this initiative will have made a better atmosphere around Bitcoin. However, there are still many companies which might not apply this new standard, and this, in turn, might add more confusion as a result.

Bitcoin actually has a lesser unit - satoshi (0.00000001 BTC), but this is just the smallest unit the blockchain of Bitcoin is able to record and it will not help to tidy up the look of prices.

Bitcoin is currently worth $12,533.90, which is not its finest price (last year it managed to achieve $20,000), but still, this is a big value which makes this cryptocurrency more like an asset class instead of a payment tool.

Back to the list