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

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Bitcoin Error Log

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Dec 13, 2024, 9:50:38 AM12/13/24
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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
bitcoin...@gmail.com

George Burke

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Dec 15, 2024, 6:13:30 PM12/15/24
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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. 

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George Burke 
Co-founder, Portal 
Silicon Valley Bitcoin, Organizer 
Co-founder, FounderPool 

San Juan, PR / San Francisco, CA 
Keybase || OneName 

For security, encrypt with my PGP key

 


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Michael Cassano

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Dec 15, 2024, 6:13:40 PM12/15/24
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Dear John,

Thank you for the write up.

To further explore this idea, did you consider the idea of dropping "bitcoin" and keeping "sats" as it is already?

Benefits:
1) We don't re-purpose the existing label of "bitcoin" to represent something else
2) "sats" is already well defined throughout the system, this minimizes changes
3) "bitcoin" can live on to represent the network "Bitcoin: a decentralized peer to peer network"
4) We preserve the honor to Satoshi Nakamoto, the prescient honored founder of Bitcoin
5) Easy to roll out, we just stop using "bitcoin" over time because we all agreed it represents an awkward decimalization.

Best regards,
Mike

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