If You may not have understood the sentence above. Bitcoin source code.
Of course, I’m sure you’ve heard that there are 21 million bitcoin – and this is true, the Bitcoin protocol allows for only “21 million bitcoin” to be created, yet these larger denominations can be subdivided into 100 million sub-units each.
Call You can call them anything you like, but there is only 2.1 quadrillion money units in the protocol.
This dollars and cents differential has long been the subject of debate – in the time of Satoshi, Bitcoin’s creator, the dual conventions, Bitcoin It was of little concern to have both a larger unit and a denomination in bulk. There There were concerns about the functionality of the software, but bitcoins were worthless and selling in large quantities was the only logical option.
Rehashing This debate concerns BIP 21Q. Bitcoin Authors of Users John CarvalhoFounding father of SynonymCreator of the Pubky Social media platform and an experienced contributor with work dating back to influential Bitcoin-assets collective.
In short, the BIP proposes that network actors – the various wallets and exchanges – change how Bitcoin denominations are displayed, with the smallest unit of the protocol renamed “bitcoins,” as opposed to “satoshis,” as they have been commonly called.
Here The BIP is a specific program:
Redefinition You can also check out the Unit:
- InternallyThe smallest unit of measurement remains the same.
- Historically, 1 BTC = 100,000,000 base units. Under The following proposal was made. "1 bitcoin" This is the smallest equivalent unit.
- What It was previously known as "1 BTC" The new definition of 100 million Bitcoins now corresponds with this amount.
Terminology:
- The Informal Terms "satoshi" You can also find out more about "sat" are deprecated.
- All The base integer unit SHOULD be referred to as simply “” in all documentation, references and interfaces. "bitcoin."
Display The following are some examples of how to get started: Formatting:
- Applications Should present numbers as integers only.
- Example:
- Old Display: 0.00010000 BTC
- New display: 10000 BTC (or ₿10000)
UnsurprisinglyThe debate surrounding the BIP was hostile. For one, it’s not a technical BIP, though this is not a requirement of the BIP process. Suffice to say, it’s perhaps the most general BIP that has been proposed under the BIP process to date, as it mainly deals with market conventions and user onboarding logic, not any changes to the software rules.
HoweverI’m not sure what to make of the proposal, but I do find it compelling. Nik HoffmanWe are a team of professionals who can help you. News EditorDo not stick with the affirmative market.
YetThis proposal, in my opinion, raises important questions. Bitcoin How to calculate the balance using decimals only? Surely this has the adverse side effect of making commerce difficult – it’s simply antithetical to how people think and act today.
Also, in terms of savings, at an $100,000 BTC price, it isn’t exactly compelling to think you could be spending a whole year earning 1 BTC, though that may be.
Indeed, there have been various debates for all kinds of units – mBTC, uBTC – that play around with the dollars and cents convention, but Carvalho This is an example of skipping the last part and preferring to just rip off the bandage. According to his proposal, $1 could buy 1,000 Bitcoins.
What’s to like here, and I argued this during a Lugano In 2023 there will be a debate about whether it is better to have the BTC currency in its larger denomination as well as the bitcoin unit. They They both serve important functions, but they also have different purposes.
My The argument was then that having a higher denomination, like BTC (100.000.000 bitcoins), is important. If there was no “BTC unit,” the press and financial media would be faced to reckon that “1 bitcoin” is still worth less than 1 cent.
How Do we expect mainstream media coverage? I’d bet not very much.
In BIP 21Q is the perfect solution for those who want to have both.
The financial world, press, and media can continue championing the meteoric rise in value of “BTC,” while everyday users can get rid of decimals and complex calculations, trading the only real Bitcoin Unit guaranteed to exist forever
This The article is also known as Take. Opinions expressed are entirely the authYou can also find out more about's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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