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Final week, long-time Bitcoiner John Carvalho launched a brand new Bitcoin Enchancment Proposal (BIP) geared toward addressing the unit bias subject many individuals face when first discovering bitcoin.
“This BIP proposes redefining the generally acknowledged “bitcoin” unit in order that what was beforehand often called the smallest indivisible unit turns into the first reference unit,” Carvalho explains. “Beneath this proposal, one bitcoin is outlined as that smallest unit, eliminating the necessity for decimal locations. By making the integral unit the usual measure, this BIP goals to simplify person comprehension, cut back confusion, and align on-chain values straight with their displayed illustration.”
The show of how items of bitcoin are displayed would shift from its present state to this:
Present: 1.00000000 BTC → New: 100000000 BTC
Present: 0.00500000 BTC → New: 500000 BTC
Present: 0.00010000 BTC → New: 10000 BTC
“Traditionally, 1 BTC = 100,000,000 base items. Beneath this proposal, “1 bitcoin” equals that smallest unit,” the proposal additional defined.
I perceive the place Carvalho is coming from on this and I can visualize situations the place some folks could discover this simpler, however I feel the pondering right here is probably going brief sighted and doesn’t work within the grand scheme of issues.
Over time I’ve additionally heard of different Bitcoiners discussing methods to fight the unit bias of Bitcoin. It appears most Bitcoiners are primarily involved with how new customers typically get instantly discouraged if they can not afford a complete bitcoin, and have a tendency to gravitate in the direction of shopping for altcoins as an alternative the place they will purchase no less than 1 unit of that coin.
After acknowledging the problems he’s making an attempt to deal with with this, I personally don’t help this BIP. I feel it might add extra confusion quite than fixing it. I feel it’s finally a waste of time and power for Bitcoin builders to deal with this when there are lots of different issues they might be engaged on that may add precise worth to Bitcoin.
I feel Stehpan Livera has had a pair actually good takes on this, mentioning how foolish it might truly be in observe.
Hey I've obtained this nice concept! As an alternative of 1 pizza with 8 slices, let's simply name every slice a pizza! Simply be sure that while you go to order your pizza, you now order 8 pizzas as an alternative of 1. In any other case the employees will get confused. Simply my 2 pizzas.
— Stephan Livera (@stephanlivera) December 14, 2024
Everybody concerned in Bitcoin is already accustomed to the way it at the moment is specified, so this isn’t an actual drawback most individuals appear to care about. Carvalho has steered a function be applied the place wallets and such can toggle between the present and would-be new means of displaying the items of bitcoin, so there’s a transition interval the place customers can get used to his means of specifying items of bitcoin, however I simply don’t see why it might be value making this transition.
It will simply really feel like a burden on everybody to begin explaining this manner and doubtlessly sluggish adoption if something.
Good luck to the individuals who would quite clarify "there’ll by no means be greater than 2.1 quadrillion bitcoins" 😂
— Stephan Livera (@stephanlivera) December 14, 2024
This text is a Take. Opinions expressed are totally the creator’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
