Goodbye Satoshi? Why Jack Dorsey wants a Bitcoin brand

The divisive proposal to rebrand Bitcoin’s base unit has gained momentum on social media after the founder of Twitter (now X) and years of Bitcoin Bull Jack Dorsey shared support on Sundaycollectively earns over 1 million views with posts that promote BIP 177.

The Bitcoin improvement proposal, written by software developer John Carvalho, entitled “Bitcoin’s Base Unit Redefine,” aims to shift the way coins are displayed, remove decimal points, and remove leading zeros in the process.

Currently, Bitcoin consists of 100,000,000 Satoshu, or “Saturday,” named after the creator of cryptocurrency pseudonyms. Satoshi Nakamoto. Bitcoin is currently worth more than $105,000 per coin, so some supporters believe it is not as attractive or useful as spending money.

“‘sats’ is definitely the wrong term, stopping everyday people from earning and spending Bitcoin,” Dorsey writes to X: He added:

The proposal aims to help address that issue by reconstructing Satoshi as Bitcoin itself and calling the current full Bitcoin “BTC”. For example, if BIP 177 is widely adopted, the amount of 0.00002525 BTC would be labeled 2,525, or 2,525 Bitcoin.

(This is about $2.66 worth of Bitcoin at its current price. Conversely, 2,525 full Bitcoin is worth around $266 million.)

“BIP 177 is a sincere effort to prevent misunderstandings about Bitcoin, and a sincere effort to prevent how it works to ultimately empower users,” said Carvalho, CEO of the synonyms for Bitcoin Software and Services Company. Decryption. “Many people want to speculate that I’m trying to ‘solve’ unit bias or just trying to appeal normally, but I’m not the evangelical type of bitconnor. ”

The proposal itself suggests that such a shift would match the original Bitcoin code and would only framble Bitcoin in the form of a full unit.

“In the current convention, one Bitcoin is defined as 100,000,000 basic units. This expression requires that eight simulated decimals be addressed. Read BIP 177. “In reality, Bitcoin ledger represents the value as an integral-based unit. The decimal point is merely an abstraction imposed by a human.”

Beyond Dorsey, the candid bitconnor who once called cryptocurrency White paper “Poetry”, The proposal has attracted other supporters as well. Bob Bodily, CEO of Bitcoin Meme Coin Launchpad Odin.fun, thinks the proposal makes a lot of sense.

“It makes sense to rebrand Satosis to Bitcoin honestly,” the body said. Decryptioncites the role played by unit bias in the rise of Solana Meme Coins, and the role that allows users to extrapolate profits when the token is “just reach $1.”

The body acknowledged that no proposal is needed for the Bitcoin community to adopt such changes, and that doing so without formal action would be his “highest preference.” However, the Vip given to them will “make it more formal and broader.”

“When I think about such a proposal from the perspective of mainstream adoption, I say, “That’s a bit simple for me.”

This proposal experienced a ton of feedback via the Bitcoin Def Mailing List in the original BIP pull request and to reach its current state via the Bitcoin Def Mailing List. Carvalho said Decryption This support was featured this week as Dorsey’s public push “severely increases interest in the proposal.”

Decryption I contacted Dorsey for comment but didn’t receive a response immediately.

“These events help people feel more comfortable by seriously considering ideas,” Carvalho said. The loudest and most detractors are doing “together the army” to show tribal solidarity, but that’s not something I can worry about. The proposal is completely rational and difficult to refute, so instead get an emotional display. ”

Carvalho suggests that a new Bitcoin unit (rebranded Satosis) could potentially be expressed by a fresh ticker, and suggests bits as an option. Repeated chattering on social media about calling a unit “bit” or “bit of bits.” What Dorsey mentioned.

With the exception of his defending Satosis and linking with the creator of Bitcoin, one of the biggest gathering cry for the proposal is the contradiction of the narrative that comes when an individual believes that there is 21 times more bitcoin than the total supply of 21 million bitcoin, which is now understood and widely defended.

“(It) destroys the complete understanding of the maximum supply of 21,000,000. Bram Kanstein I said Decryption. “A dollar is equivalent to 100 cents, and a bitcoin is equivalent to 100,000,000 Satosh. It’s not difficult.”

Other detractors said the proposed shift was “Massive confusion.” And it’s just something “We’re getting unit bias.” However, these concerns do not appear to bother the authors of the proposal.

“BIP doesn’t change anything about the very rarity of Bitcoin,” Carvalho said.

“Neither of these are the actual motivations for BIPs that are noted that this modified unit bias could have a much more defensible argument,” he said. “I think Bitcoin is great in its own right, and it explains it clearly and accurately, cultivates a stronger understanding of Bitcoin, and therefore overall it is a bitcoin of more value for everyone.”

Regarding the next step, he said Decryption He believes that his best course of action is to “give people time to grow” while gaining support from others in the Bitcoin ecosystem.

“I don’t want to be overly persuasive or force anything,” Carvalho said. “Bitcoiner is stubborn and takes time. BIP 177 is inevitable anyway.”

Edited by Andrew Hayward