How do you "speak" the price of bitcoin for small transactions? Today, many such transactions are pegged to dollar values or some other less volatile currency but assuming that things continue to stabilize, and the use / exchange value of bitcoin continues to grow, how do we efficiently talk about prices?
Let's consider a practical example – dinner out for two at a pretty good restaurant with a few drinks. To keep the math simple, the total comes to $95, and you want to leave a 20% tip, meaning a tip of $19 and a total of $114.
Lets pin a BTC to $1200 for the moment and see how this would work. As BTC, the dinner cost 0.07917 (rounding up to avoid the repeating decimal), and the tip would come to 0.01583 (keeping precision consistent, but still rounding), totaling a nice round 0.095 BTC for dinner.
I don't know about you, but that's a lot of decimal places for a receipt in a restaurant. Let's try it with Satoshi – 7,917,000 Satoshi for dinner, and a 1,583,000 Satoshi tip, brings the total to… a nice 9,500,000 Satoshi total. Now I have too many commas!
Is it a convention to "speak" in millions of Satoshi? so, 7.917MM Satoshi for dinner, and a 1.583MM Satoshi tip, totaling 9.5MM Satoshi for the evening?