In response to the recent BIP proposal to rename sats as Bitcoin.
This is supposed to address the unit bias issue, now that a single BTC is $100k.
This proposal will not work for many reasons, primarily as it breaks the narrative that there will never be more than 21 million Bitcoin. This will cause confusion, and give ammunition to those that are against bitcoin, who will say (incorrectly) that the supply has been inflated.
To address unit bias, we need to reduce the displayed cost of bitcoin to allow normal people to feel that it is affordable and within reach, whilst still keeping the only 21 million bitcoin supply factually true.
It would also be advantageous for people new to bitcoin to be comfortable with the way it is denominated. We need to move away from eight decimal places, and using the weird naming convention of thousands of Satoshis.
The simplest way to do this is to keep BTC and sats, but start representing Bitcoin in a decimalised format. The majority of the worlds population already use decimalised currency, for example:
United States: $1.00 is 100 cents
UK: Β£1.00 is 100 pence
Europe: β¬1.00 is 100 euro cents
For bitcoin, there already exists a unit called a 'bit'.
A bit is equal to 100 sats.
A bit of a bitcoin seems to be an ideal way to refer to a smaller amount of a bitcoin. We should also start using the βΏ symbol to represent bits.
So
Global Bitcoin: βΏ1.00 is 100 sats
1 whole bitcoin (BTC) is still 100,000,000 sats, but is also βΏ1,000,000 bits.
Exchanges could start using a USDBIT pair where at today's prices, USDBIT=$0.10
So you could go to an exchange and buy βΏ1000.00 bits for $100.11
No need to change the number of bitcoin, no need to rename sats, just move the decimal place and start using bits to denominate bitcoin.
I'm sure newbies would be more comfortable saying 1 bit 25 rather than 125 satoshis, in the same way they are used to saying 1 dollar 25 or 1 pound 25.
It would also make it so much simpler to explain.
1 whole bitcoin is $100,000 but you can bits of a bitcoin. You can buy βΏ1000 for just $100.
Simple.
Found this joke on Quora. Thought it was appropriate for Bitcoiners π
The world's richest man is dying. He's made peace with that. But what bothers him is no one in the afterlife will even know it.
Here he's a self-made man who created this huge fortune from scratch, but he can't take it with him. Not that he could spend it,of course, but just to SHOW everyone what a great success the poor boy had become.
He broods over this so that his guardian angel is worried. One night the angel flies to Heaven to consult Jesus. Jesus says βWell, you know earthly wealth has no place here"
The angel replies βI know Lord, but he's been such a good man. Did a lot for charity, ran his business honestly. He's only human. He can't help having this little quirk. Isn't there something we can do to ease his mind?
Jesus thinks a moment. ββAll right. Let's look him up in the Book of Life" The Book is like a film of this man's life and seeing his struggles, Jesus is moved.
He tells the guardian angel βWake him and tell him I will allow him to bring one suitcase-only one, mind you. And he can fill it with whatever wealth he chooses. At the moment he of his death it will be brought to heaven with him.β
The angel goes down and gives the message .The guy is happy but what should he bring? Our money would mean nothing to people from another time, jewels could be faked, stocks and bonds could not be traded so they'd be so much paper. Finally it dawn's on him.
Gold.
Gold has been valued throughout history.
He sends out for the biggest suitcase he can find, fills it with gold bars, and sets it beside his bed. Now he can die in peace, and he does.
True to the promise he arrives at the Pearly Gates, suitcase in hand.
St. Peter greets him warmly and says βAll right. Let's see what was so important to you that eternal life and bliss wasn't enough"
The man proudly opens the suitcase, stuffed with row after row of little gold bars.
St. Peter stares at it, puzzled, and says βYou brought pavement?β
