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

[BIP Proposal] Redefinition of the Bitcoin Unit to the Base Denomination
2024-12-13 15:09 ` George Burke
  2024-12-13 17:16 ` Michael Cassano
  
From: Bitcoin Error Log @ 2024-12-12 19:52 UTC (permalink / raw)
  To: bitcoindev

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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
bitcoinerrorlog@gmail•com

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 permalink raw reply	[|nested]
2024-12-12 19:52 [bitcoindev] [BIP Proposal] Redefinition of the Bitcoin Unit to the Base Denomination Bitcoin Error Log

  2024-12-13 17:16 ` Michael Cassano
  
From: George Burke @ 2024-12-13 15:09 UTC (permalink / raw)
  To: Bitcoin Error Log;  bitcoindev

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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
>
> --
> You received this message because you are subscribed to the Google Groups
> "Bitcoin Development Mailing List" group.
> To unsubscribe from this group and stop receiving emails from it, send an
> email to bitcoindev+unsubscribe@googlegroups•com.
> To view this discussion visit
> https://groups.google.com/d/msgid/bitcoindev/CAE2fw6tjVQQT4mpvec2kQg45eLS7VemzQgUfW7Pghdk_Si3PpA%40mail.gmail.com
> <https://groups.google.com/d/msgid/bitcoindev/CAE2fw6tjVQQT4mpvec2kQg45eLS7VemzQgUfW7Pghdk_Si3PpA%40mail.gmail.com?utm_medium=email&utm_source=footer>
> .
>

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 permalink raw reply	[|nested]
2024-12-12 19:52 [bitcoindev] [BIP Proposal] Redefinition of the Bitcoin Unit to the Base Denomination Bitcoin Error Log
  2024-12-13 15:09 ` George Burke

  
From: Michael Cassano @ 2024-12-13 17:16 UTC ( / )
  To: Bitcoin Error Log;  bitcoindev



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

On Fri, Dec 13, 2024 at 7:50 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
>
> --
> You received this message because you are subscribed to the Google Groups
> "Bitcoin Development Mailing List" group.
> To unsubscribe from this group and stop receiving emails from it, send an
> email to bitcoindev+unsubscribe@googlegroups•com.
> To view this discussion visit
> https://groups.google.com/d/msgid/bitcoindev/CAE2fw6tjVQQT4mpvec2kQg45eLS7VemzQgUfW7Pghdk_Si3PpA%40mail.gmail.com
> <https://groups.google.com/d/msgid/bitcoindev/CAE2fw6tjVQQT4mpvec2kQg45eLS7VemzQgUfW7Pghdk_Si3PpA%40mail.gmail.com?utm_medium=email&utm_source=footer>
> .
>

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