From: George Burke <gb@geoburke•com>
To: Bitcoin Error Log <bitcoinerrorlog@gmail•com>
Cc: bitcoindev@googlegroups.com
Subject: Re: [bitcoindev] [BIP Proposal] Redefinition of the Bitcoin Unit to the Base Denomination
Date: Fri, 13 Dec 2024 11:09:16 -0400 [thread overview]
Message-ID: <CAHYx7BuHHgYwCx=56Nmw=2-95c32WDAf8GKc8auoAbqp8JS8fw@mail.gmail.com> (raw)
In-Reply-To: <CAE2fw6tjVQQT4mpvec2kQg45eLS7VemzQgUfW7Pghdk_Si3PpA@mail.gmail.com>
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Interesting proposal John. While I understand the normie adoption
psychology behind redenominating in inexpensive smaller units, what are the
global mindshare ramifications of REDEFINING 1 BTC? The concern is the
entire body of knowledge amassed through today (social posts, articles,
books, videos etc) with references to existing denominal units bifurcates.
--
*George Burke *
*Co-founder, Portal <https://portaldefi.com/> *
Silicon Valley Bitcoin <https://svbtc.org/>, Organizer
Co-founder, FounderPool <https://founderpool.co/>
San Juan, PR / San Francisco, CA
Keybase <https://keybase.io/geoburke> || OneName
<https://onename.com/geoburke>
*For security, encrypt with my PGP key <https://onename.com/geoburke>*
On Fri, Dec 13, 2024 at 10:50 AM Bitcoin Error Log <
bitcoinerrorlog@gmail•com> wrote:
> 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
> bitcoinerrorlog@gmail•com
>
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> <https://groups.google.com/d/msgid/bitcoindev/CAE2fw6tjVQQT4mpvec2kQg45eLS7VemzQgUfW7Pghdk_Si3PpA%40mail.gmail.com?utm_medium=email&utm_source=footer>
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>
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next prev parent reply other threads:[~2024-12-15 23:13 UTC|newest]
Thread overview: 3+ messages / expand[flat|nested] mbox.gz Atom feed top
2024-12-12 19:52 Bitcoin Error Log
2024-12-13 15:09 ` George Burke [this message]
2024-12-13 17:16 ` Michael Cassano
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