Hey, a little late, but Woolong’s conversion rate is as follows:
Michael Surbrook estimates that one Woolong is approximately worth one real Japanese yen:
A note on money. The default currency in Cowboy Bebop is woolong. Yours is approximately equal to one current Japanese yen. A sample prize: Bounty Appledelphis (false) — 50,000,000 (i.e. 50) wool; 1 watermelon – 1000 wool; send a parcel from the starport of Venus to the desert – 5,000 wool; COD on a parcel shipment – 6,300 woolongs; toll to pass the gate – about 7,000 woolongs; Whitney’s bounty – 19,800 wool; fine/reward for garbage — 20,000 woolens; COD for betadeck and tape – 31,500 woolongs, typical reward – 1 million woolongs, Asimov Solensan reward – 2.5 million woolongs; Faye’s bounty – 6 million wool; reward for the return of Ein, the stolen data dog – 8 million woolongs; Chess Master Hex bounty – 12 million woolongs; Faye’s debt – 300,028,000 wool.
This makes a woolong equivalent to just over 1¢ USD. One bitcoin, as of January 25, 2013, was worth $17.52, so given that one woolong is worth 1-2 cents, one woolong is worth around 0.001 – 0.0005 bitcoins.
Therefore, a woolong is a good approximation of 1 millibitcoin (0.001 bitcoin) and can be used interchangeably with the term, as a unit of bitcoin.