I know a lot of people have difficulty thinking about prices in Bitcoin, or Satoshis even. For one, it hasn’t stabilized yet, so that’s a main issue. As for changing currency, it’s no different than using a different currency in another country. You go to England, you use British Pounds. When I visited there I still thought of prices in euro. If I had stayed there, I would eventually shift my thinking into the local currency.
That’s relatively easy with a currency that is somewhat similar, with 2 decimal points etc.
The problem with bitcoin is all the decimals at the end.
One thing is to start thinking in Satoshis. So, 200000 sats is roughly 100 euro. I tend to use round 100 euro transactions to invest, test out things, so I’ve ended up using 200000 for pretty much everything. All cryptocurrency exchanges use BTC to show everything, I know for a fact Binance does, so that’s a good rule of thumb.
That’s about to change pretty soon as Bitcoin price surges again, but it’s a good starting point. Bitcoin at this moment has dropped so 200000 sats is roughly 90 euro, which makes my point moot. Still, it’s rather easy to anchor an exchange rate in your mind and just roll with it. Even the equivalency of 200000 sats to 90 euro is easy enough to do the math in your head.
I’ve also done another trick. I use Revolut, so I went in and bought 1 euro’s worth of bitcoin. You can see it in the screenshots above, it even fluctuates per second, so that’s hilarious. This helps me anchor my brain into a specific price. I bought at 1 euro minus fees, it went up to like 1.10 euro, then it dropped down to ~0.91 euro.
This is much easier to calculate in my mind than doing the exchange rate and going back. It’s a drop of 10%, so my 200000 sats which were equal to 100 euro are now worth 90 euro, so whatever.
The idea is to anchor to something round and just roll with it.
I don’t know if it helps at all, but these little lifehacks are how my mind works and I thought that someone might find this helpful. If you have other tricks to help bitcoiners come to terms with value and exchange rates, feel free to tell me in the comments.
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