Final week, long-time Bitcoiner John Carvalho introduced a brand new Bitcoin Enchancment Proposal (BIP) geared toward addressing the unit bias problem 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 consumer comprehension, cut back confusion, and align on-chain values instantly 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. 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 eventualities the place some individuals might discover this simpler, however I believe the pondering 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 typically get instantly discouraged if they can’t afford a complete bitcoin, and have a tendency to gravitate in direction of shopping for altcoins as an alternative the place they’ll purchase not less than 1 unit of that coin.
After acknowledging the problems he’s making an attempt to handle with this, I personally don’t help this BIP. I believe it might add extra confusion fairly than fixing it. I believe it’s in the end a waste of time and vitality for Bitcoin builders to deal with this when there are numerous different issues they may very well be engaged on that may add precise worth to Bitcoin.
I believe 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 once you go to order your pizza, you now order 8 pizzas as an alternative 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 advised a characteristic be applied the place wallets and such can toggle between the present and would-be new manner of displaying the models of bitcoin, so there’s a transition interval the place customers can get used to his manner of specifying models 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 fashion and probably sluggish 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 fully the creator’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
