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Final week, long-time Bitcoiner John Carvalho launched a brand new Bitcoin Enchancment Proposal (BIP) aimed toward addressing the unit bias situation many individuals face when first discovering bitcoin.
“This BIP proposes redefining the commonly recognized “bitcoin” unit so that what was previously known as the smallest indivisible unit becomes the primary reference unit,” Carvalho explains. “Under this proposal, one bitcoin is defined as that smallest unit, eliminating the need for decimal places. By making the integral unit the standard measure, this BIP aims to simplify user comprehension, reduce confusion, and align on-chain values directly with their displayed representation.”
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
“Historically, 1 BTC = 100,000,000 base units. Under 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 considering right here is probably going brief sighted and doesn’t work within the grand scheme of issues.
Through the years 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 usually get instantly discouraged if they can’t afford an entire bitcoin, and have a tendency to gravitate in the direction of shopping for altcoins as a substitute the place they will purchase at the very least 1 unit of that coin.
After acknowledging the problems he’s attempting to deal with with this, I personally don’t assist this BIP. I feel it could add extra confusion quite than fixing it. I feel it’s in the end a waste of time and vitality for Bitcoin builders to concentrate on this when there are lots of different issues they may very well be engaged on that will add precise worth to Bitcoin.
I feel Stehpan Livera has had a pair actually good takes on this, mentioning how foolish it could really be in apply.
Hey I've obtained this nice thought! As a substitute of 1 pizza with 8 slices, let's simply name every slice a pizza!
Simply be sure that whenever you go to order your pizza, you now order 8 pizzas as a substitute of 1. In any other case the workers 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 present is specified, so this isn’t an actual downside most individuals appear to care about. Carvalho has prompt a function be applied the place wallets and such can toggle between the present and would-be new manner of displaying the items of bitcoin, so there’s a transition interval the place customers can get used to his manner of specifying items of bitcoin, however I simply don’t see why it could be value making this transition.
It could simply really feel like a burden on everybody to begin explaining this fashion and doubtlessly sluggish adoption if something.
Good luck to the individuals who would quite clarify "there will never be more than 2.1 quadrillion bitcoins" 😂
— Stephan Livera (@stephanlivera) December 14, 2024
This text is a Take. Opinions expressed are fully the writer’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
