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Opinion


THE UNIT DENOMINATION OF BITCOIN DOES NOT NEED TO CHANGE

A recent BIP has been proposed to change the way units of bitcoin are displayed,
but this proposal is not needed.
 * Author:
   Nikolaus Hoffman
 * Publish date:
   Dec 17, 2024



A recent BIP has been proposed to change the way units of bitcoin are displayed,
but this proposal is not needed.

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Last week, long-time Bitcoiner John Carvalho introduced a new Bitcoin
Improvement Proposal (BIP) aimed at addressing the unit bias issue many people
face when first finding 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 display of how units of bitcoin are displayed would shift from its current
state to this:

Current: 1.00000000 BTC → New: 100000000 BTC (or ₿100000000)





Current: 0.00500000 BTC → New: 500000 BTC (or ₿500000)

Current: 0.00010000 BTC → New: 10000 BTC (or ₿10000)

“Historically, 1 BTC = 100,000,000 base units. Under this proposal, "1 bitcoin"
equals that smallest unit,” the proposal further explained.

I understand where Carvalho is coming from on this and I can visualize scenarios
where some people may find this easier, but I think the thinking here is likely
short sighted and doesn’t work in the grand scheme of things.



Over the years I have also heard of other Bitcoiners discussing ways to combat
the unit bias of Bitcoin. It seems most Bitcoiners are primarily concerned with
how new users often get immediately discouraged if they cannot afford a whole
bitcoin, and tend to gravitate towards buying altcoins instead where they can
buy at least 1 unit of that coin.

After acknowledging the issues he’s trying to address with this, I personally do
not support this BIP. I think it would add more confusion rather than solving
it. I think it is ultimately a waste of time and energy for Bitcoin developers
to focus on this when there are many other things they could be working on that
would add actual value to Bitcoin.

I think Stephan Livera has had a couple really good takes on this, pointing out
how silly it would actually be in practice.






Everyone involved in Bitcoin is already accustomed to how it currently is
specified, so this is not a real problem most people seem to care about.
Carvalho has suggested a feature be implemented where wallets and such can
toggle between the current and would-be new way of displaying the units of
bitcoin, so there is a transition period where users can get used to his way of
specifying units of bitcoin, but I just don’t see why it would be worth making
this transition.



It would just feel like a burden on everyone to start explaining this way and
potentially slow adoption if anything.



This article is a Take. Opinions expressed are entirely the author's and do not
necessarily reflect those of BTC Inc or Bitcoin Magazine.


Tags
terms:
BipDevelopersBitcoin
By
Nikolaus Hoffman
Follow nikcantmine
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