Recent proposals to simplify Bitcoin as a tool for payment have been met with opposition. Critics say that Bitcoin’s unit of measure, the satoshis, is no more complicated than cents on the dollar.
Bitcoin developer John Carvalho presented Bitcoin Improvement Proposal 177 to the public on April 23, 2017. seeks To eliminate the concept satoshisThere are 100,000,000 Bitcoins in one Bitcoin.BTCSince Bitcoin has a fixed supply of 21 million units, this effectively divides the 21 quadrillion into 21 trillion units.
The year 2017 is now behind us proposal From Bitcoin developer Jimmy Song, create “bits,” The 1,000,000th Bitcoin. Carvalho stated that Song’s method would still require Bitcoiners to think in decimals. “shifts complexity rather than eliminating it.”
Block Inc.’s CEO Jack Dorsey has been among the people calling for a change. saying The satoshis (or sats) are too confusing for beginners, according to a X article published on 18 May.
“Bits of Bitcoin is better, and just Bitcoin is best,” Dorsey stated.
Dorsey mentioned a conversation that took place in December of 2024 where Stevie Lee (product lead at Bitcoin infrastructure firm Spiral) was the speaker. argued Not enough people are aware of or interested in satoshis.
“Everyone knows Bitcoin, no one knows sats, people just want to send and receive Bitcoin,” Lee recalls past conversations when people assumed that satoshis are a new coin, separate from Bitcoin.
Bitcoiners shouldn’t worry about this change because they understand the Bitcoin underlying. economics of Bitcoin Would remain in tact
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Swan Bitcoin CEO Cory Klippsten Michelle Weekley is the director of Byte Federal’s product. She was one of those opposed to this change.
“People understand cents in a dollar, they will understand sats in a Bitcoin,” Weekley said There are X.
Magdalena Gronowska claimed to be a Bitcoin expert. change Bitcoin’s sudden drop from around $100,000 to its current value of $10,000 could lead some to believe that Bitcoin has suddenly crashed. “supply has massively inflated.”
Bitcoin creator open to new idea
Robin Linus was the original creator of the Bitcoin Virtual Machine (BitVM), highlighted Satoshi Nakamoto, Bitcoin’s pseudonymous founder, has said that he is willing to change the way Bitcoin units are shown for their usability.
“If it gets tiresome working with small numbers, we could change where the display shows the decimal point,” Satoshi stated in an online post from February 2010. before vanishing The following year
“Same amount of money, just different convention,” Satoshi added.
Bitcoin’s network has not made any significant improvements in the last few years. Taproot upgrade In November 2021 the Bitcoin speed, privacy and efficiency will be improved.
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Source: cointelegraph.com
