BTCC is contemplating on changing the Bitcoin unit on their website from BTC to mBTC. According to the Bobby Lee, CEO of BTCC, the smaller mBTC unit could change the way the general public sees Bitcoin.
The mBTC unit is 1/1000th of a Bitcoin unit. 1 BTC, for example, is equal to 1,000 mBTC and 0.43 BTC is 430 mBTC.
Public view on Bitcoin
There are still a lot of people who are not familiar with Bitcoin. One of the possible reasons for this is the public’s perception of its massive value. An average individual believes he needs to buy one Bitcoin unit in order to use the digital currency. When he sees the value of one BTC unit, he is likely to refuse to learn more about cryptocurrency.
One of the reasons some people turn away from Bitcoin is the perception of unaffordability. A lot of people could not comprehend how a single coin could cost so much. The currency with the highest value in the world is the Kuwaiti dinar which is more than $3.31. Buying into a currency that has a value of more than $800 for a single coin is intimidating to many people.
By changing the unit from BTC to mBTC, this can help to improve the image of Bitcoin to many ordinary individuals. In a recent Twitter poll post from Bobby Lee, there are a lot of people who are favoring the use of mBTC on BTCC.
The use of mBTC can benefit a lot of Bitcoin owners in the long run as adoption rate increases. This is due to the awareness of the ability to break down one Bitcoin into smaller units.
Switching from BTC to mBTC units is still on the drawing board. Lee is considering if the Bitcoin exchange should exchange the two units or make it optional for all BTCC users. The option of changing the units from BTC to mBTC is much more favorable for long time users of the exchange.
Other benefits of mBTC
Another reason for changing BTC to mBTC is to soften any trading panic that might happen in BTCC. This often occurs when there is a massive fluctuation in the Bitcoin value. Panic in the market is where traders might sell or buy his Bitcoin without a second, though. Panic trading usually occurs when a person thinks he will lose a lot of his money or Bitcoin.
Switching the unit of BTC to mBTC could help build the illusion of a resistance in a certain price point. The value of the price point will still be the same. By increasing the numbers on the price point by using mBTC instead of BTC, though, most traders might still feel a sense of security and less incline to buy or sell Bitcoin at a loss.