Bitcoin Institute

More divisibility required - move the decimal point

Figures: goblin
goblin February 10, 2011 13:27 UTC

Hi,

With the latest price jumps, one bitcent is now worth more than the american currency’s lowest divisible unit - cent. It’s also been the case for other currencies for a while already.

I believe this is the correct time to increase bitcoin’s divisibility - i.e. move the decimal point right by one, or something similar.

The transaction fee could also be decreased in the process - e.g. to 0.001 bitcoin for oversized transactions, but that’s maybe not a very good idea due to possible spam. Perhaps charge 0.001 for transactions less than 0.001, and charge around 0.005 for oversized transactions?

That should allow more possibilities for representation of real-world currencies.