Final week, long-time Bitcoiner John Carvalho introduced a brand new Bitcoin Enchancment Proposal (BIP) aimed toward addressing the unit bias concern 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. “Underneath 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 consumer comprehension, scale back confusion, and align on-chain values straight with their displayed illustration.”
The show of how models 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 models. Underneath 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 eventualities the place some folks might 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.
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’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 not less than 1 unit of that coin.
After acknowledging the problems he’s attempting to handle with this, I personally don’t assist this BIP. I feel it might add extra confusion fairly than fixing it. I feel it’s finally a waste of time and vitality for Bitcoin builders to concentrate on this when there are a lot 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, declaring how foolish it might truly be in observe.
Hey I've bought this nice thought! As a substitute of 1 pizza with 8 slices, let's simply name every slice a pizza!
Simply be certain 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 presently is specified, so this isn’t an actual downside most individuals appear to care about. Carvalho has prompt a function be carried out the place wallets and such can toggle between the present and would-be new method of displaying the models of bitcoin, so there’s a transition interval the place customers can get used to his method of specifying models of bitcoin, however I simply don’t see why it might be value making this transition.
It could simply really feel like a burden on everybody to begin explaining this manner and probably gradual adoption if something.
Good luck to the individuals who would fairly 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 writer’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.