Subject: [bitcoindev] [BIP Proposal] Redefinition of the Bitcoin Unit to the Base Denomination

From: Bitcoin Error Log <[email-masked]>
Date: Thu, 12 Dec 2024 19:52:40 +0000

Dear Bitcoin Community,

I’d like to introduce a new BIP that aims to redefine the "bitcoin" unit to
match Bitcoin’s fundamental integer-based accounting. Under this proposal,
what has traditionally been called "1 BTC" (100,000,000 base units) would
instead be represented directly as 100 million bitcoins, while the smallest
indivisible unit becomes the unit of reference—simply "one bitcoin." This
change removes the complexity and confusion of representing values with
eight decimal places.

*Key points:*

   - Redefines the "bitcoin" to the smallest indivisible unit tracked by
   the protocol.
   - Eliminates the need for decimal points, aligning displayed values, and
   community understanding, with the integral nature of Bitcoin’s accounting.
   - Simplifies mental arithmetic and reduces user confusion associated
   with decimal-based representations.
   - Future-proofs the display format by preventing the need for new
   fractional denominations as Bitcoin adoption and valuation evolve.
   - Has other various perks like mitigating unit bias, preventing
   miseducation about Bitcoin's divisibility.

This proposal also addresses alternative suggestions such as BIP 176
("bits"), explaining why introducing another sub-unit still forces users to
think in decimals and multiple denominations. By adopting an integer-only
display, we can provide a clearer, more intuitive, and ultimately more
durable representation of Bitcoin’s value.

*Full draft BIP Text:*
https://github.com/BitcoinAndLightningLayerSpecs/balls/blob/main/BIP%2021Q.md

Please share your comments here on the mailing list. I look forward to
refining this proposal based on community input.

Thank you for your consideration,

John Carvalho
[email-masked]

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