Bitcoin improvement plan reignites debate over token denomination methods

CoinMarketCap12-14

John Carvalho, the CEO of Bitcoin tools developer Synonym, has proposed the redenomination of Bitcoin as the smallest unit of the digital currency. In the Bitcoin Improvement Proposal (BIP) published ...

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In the Bitcoin Improvement Proposal (BIP) published ...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/675da59f3bad86219a57cd6e/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4208","symbol_name":"复合型公用事业","start_time":0,"source_url":"https://coinmarketcap.com/community/articles/675da59f3bad86219a57cd6e/","article_id":"2491600215","we_media_id":null,"thumbnails":["https://academy-public.coinmarketcap.com/srd-optimized-uploads/5765d5eaa48c4ce59d90eb5d46919256.webp"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2491600215","pubTimestamp":1734190493,"columns":[],"sourceInfo":{"source_id":"coinmarketcap_highlight","name":"CoinMarketCap"},"weMediaInfo":null,"summary":"John Carvalho, the CEO of Bitcoin tools developer Synonym, has proposed the redenomination of Bitcoin as the smallest unit of the digital currency. In the Bitcoin Improvement Proposal  published on X, he seeks to define 1 Satoshi as 1 Bitcoin, eliminating the need for decimal points.According to Carvalho, the change will reflect the Bitcoin network’s true nature instead of users’ perception of one Bitcoin as one hundred million Satoshis . With the proposal, one Satoshi will now mean One Bitcoin. So, 1000 sats, currently displayed as 0.00001000 BTC, will now be displayed as 1000 bitcoins.He believes that removing decimals, a human-imposed abstraction, will improve the user experience for the Bitcoin network. It will reduce confusion and mental arithmetic error while ensuring a consistent standard for measuring Bitcoin as adoption grows and the value of the token increases. He said:. “This representation requires dealing with eight decimal places, which can be confusing and foster the mi","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4208":"复合型公用事业","BIP":"布鲁克菲尔德公共建设","BK4601":"加密货币现货ETF","BK4585":"ETF&股票定投概念","BK4550":"红杉资本持仓","BK4594":"比特币ETF概念","BK4588":"碎股"},"translate_title":"比特币改善计划重燃代币计价方式争论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BIP":1},"content_text":"John Carvalho, the CEO of Bitcoin tools developer Synonym, has proposed the redenomination of Bitcoin as the smallest unit of the digital currency. In the Bitcoin Improvement Proposal (BIP) published on X, he seeks to define 1 Satoshi as 1 Bitcoin, eliminating the need for decimal points.\nAccording to Carvalho, the change will reflect the Bitcoin network’s true nature instead of users’ perception of one Bitcoin as one hundred million Satoshis (sats). With the proposal, one Satoshi will now mean One Bitcoin. So, 1000 sats, currently displayed as 0.00001000 BTC, will now be displayed as 1000 bitcoins.\nHe believes that removing decimals, a human-imposed abstraction, will improve the user experience for the Bitcoin network. It will reduce confusion and mental arithmetic error while ensuring a consistent standard for measuring Bitcoin as adoption grows and the value of the token increases. He said:\n\n“This representation requires dealing with eight decimal places, which can be confusing and foster the misconception that Bitcoin is inherently decimal-based. In reality, Bitcoin’s ledger represents values as integers of the smallest unit, and the decimal point is merely a human-imposed abstraction.”\n\nIn his view, implementing this proposal would be easy as there is no need for any major technical upgrade for the network. All that would need to change is the display format, and developers can simply update user interfaces, APIs, and documentation to present Bitcoin values as integers.\nOn the user front, the value of their Bitcoin will not change, and they simply have to adjust to not using decimals, which might take some time. During the transitional period, when the risk of confusion is high, he recommended dual displays, tooltips, coordinated messaging, and educational materials to clarify any confusion.\nCarvalho added that implementing the changes can happen within a year over three phases and added that Synonym’s Bitcoin wallet, Bitkit, has already implemented the integer-only display. This proves that it is achievable.\nNew proposal restarts the conversation about Bitcoin denomination\nMeanwhile, the proposal has reignited an age-long debate over how to measure Bitcoin. In 2017, Bitcoin expert Jimmy Song proposed BIP 176, which sought to introduce “Bits” as the standard denomination for Bitcoin to simplify smaller transactions. The proposal sought to eliminate the need for decimal points by using “bits” to represent 100 satoshis, which is one millionth of a Bitcoin.\nHowever, Carvalho noted that the new proposal and BIP 176 are different because using “bits” will not fully address the decimal issue and only reduce the number of decimal places in some contexts. He added that implementing that proposal would only have created an inconsistent user experience and does not reflect the protocol’s true nature. He said:\n\n“In essence, while BIP 176 attempts to simplify small amount representations, it only replaces one decimal representation with another.”\n\nThus, he believes his own proposal will be more durable as it completely redefines Bitcoin and removes the need for decimal fractions to offer a clearer and more intuitive solution.\nThe community is divided on the proposal\nHowever, the proposal has attracted mixed reactions, with some accepting it and many criticizing it. Bitcoin advocate Psifour believes that it is harmful across numerical and linguist metrics, noting that Sats are already serving the same purpose without any complexity and this proposal has no value except to confuse users. He said:\n\n“Denominating bitcoin in sats accomplishes all of the existing upsides of this proposal that are not directly attempting to manipulate end users without any of the technical workload, social confusion, or redefinition of terms.”\n\nWhile not everyone vehemently opposed it, most believe that it is not necessary and could further complicate things for newbies who are just embracing Bitcoin. They noted the logistical challenges and high risk of confusion that could follow such changes.\nNevertheless, some believe it would be a good change and could even increase adoption as it would invariably mean Bitcoin at $100,000 is actually 100 million bitcoins and not just 1 BTC.\nA Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491600215"}