Twitter Red @DrBitcoinMD believes that exchanges that provide French currency entry for Bitcoin and other cryptographic assets should attract more new buyers after replacing Bitcoin units with Satoshi.
“If the mainstream exchange or the French currency exchange converts bitcoin transactions from US dollars/₿ to US dollars/sats, people will not hesitate when considering buying bitcoin. The unit is very important, we all underestimate it. The impact on ordinary retail investors."
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As bitcoin prices continue to rise, 1 BTC has become an extraordinary unit that may scare new buyers. Conversely, using the smallest unit of Cong may let buyers know that they only need a few dollars to buy Bitcoin.
Cong, named after the creator of Bitcoin, Satoshi Nakamoto, is the smallest unit that may exist independently in this blockchain. Each BTC represents 100 million Cong, this unit is small, not even enough to pay a handling fee, 100,000 Cong is now worth about 80 cents.
This unit is widely used in faucet (to earn bitcoin by completing specific tasks) or robots. By watching advertisements, these robots can issue small amounts of BTC. But exchanges often have very high thresholds for buying and extracting bitcoins.
One problem with using Cong is that this unit is too small to make meaningful transactions. Another problem is that even cheap and intuitive competitors have failed to attract new buyers.
Some people think that the right time for bitcoin to change units has not yet arrived. The commenter suggested that when the price of Bitcoin exceeds $100,000, we may need to consider changing units. But so far, the price of bitcoin is still hovering around $8,000.
Buying a small amount of bitcoin is seen as a potential way to participate in the bitcoin economy in the future. The main goal of participating in it is to have a BTC and become a “wholecoiner”. Due to the limited supply of Bitcoin, it is scarce, so having a BTC has become a dream for many fans.
Regular savings plans offered by brokers such as Bitpanda allow people to increase their deposits on a Cong. But another problem is that even for relatively small transactions, bank fees are charged, and exchanges and brokers charge fees. Bitcoin micropayment is another application scenario of Satoshi. Satoshipay and other services can let you experience such an application.
Cong's practicality is part of the "hyperbitcoinization" theory, in which bitcoin replaces the future of all currencies. In this case, Cong will become a meaningful daily unit. But before that, most bitcoins were still held by thousands of whales.
Can Bitcoin exchange units really attract more people to buy? What do you think?