June 10th Controversy over the names of BIP177 and Bitcoin?
In education
A long debate over the name of Bitcoin for the number of units after the decimal mark reflects the conflict between tradition and the convenience of Bitcoin. The prominent suggestion is to remove the decimal points and use “Bitcoin” (plural) as the smallest unit instead of Satoshi. Satoshi has gained popularity, but some people think that “bit” with 100 Satoshi will be more familiar to mass users, especially when Bitcoin prices rise. Recently, BIP 177-John Carvalho (CEO Synonym) proposed a discussion. BIP 177 is trying to completely remove the decimal point mark and use “Bitcoin” as the default display device. However, like previous upgrades such as Segwit or Taproot, this change requires long -standing discussions, tests and agreements in the community. The success of the BIP 177 depends not only on the technical quality, but also at the level of preparation for the Bitcoin community change.
Why is it still debate about BTC’s smallest name after 16 years?
As a digital real estate, Bitcoin is divided into very small units, supporting various economic activities to support various economic activities from high value transactions to fine calculations. The most famous unit is “Satoshi” and represents 1/100,000,000 bitcoin. The term “Satoshi” was first proposed by a user with a nickname Ribuck for the first time in the 2010 Bitcointalk.org Forum, and he proposed the name “Austria” to honor Austrian economics.
Over time, the community chose “Satoshi” as the atomic unit of Bitcoin, and created short cultural languages such as “Stacking SAT” to honor the mysterious founder Satoshi or Kamoto. But “bit” corresponds to 100 Satoshi or 1/1,000,000 bitcoin. It was also proposed more intuitively. Some prominent voices, such as ADAM BACK, supported the revival of “bit” because the bitcoin price reached $ 1 when the price reached a million dollars.
Thus, the debate between “SATS” and “Bits” is not only a technical problem, but also a story between tradition and user -friendly design.
Currently, Bitcoin has several devices such as BTC, MBTC (MILLIBITCOIN), µBTC (Microbitcoin or “Bits”) and Satoshis. This can be especially confusing for non -technicians. Bitcoin (1 BTC) is the same as 1,000 MBTC, 1,000,000 bits or 100,000,000 Satoshis. This diversity creates unnecessary complexity, especially when facing a small number of numbers, such as 0.000043 BTC or 4300 satoshis.
According to BIP 177, the entire bitcoin (ie 100 million Satoshi) is called “megabitcoin”. Removing the decimal point mark and the standard device with “Bitcoin” reduces the strange and technical feeling, which is closer to the general user.
The BIP 177, proposed by John Carvalho Synonyms, aims to change the general understanding of the bitcoin device using the smallest unit (element unit) as a display standard. The BIP 177 is recommended to completely remove the decimal point without representing the bitcoin value in the form of a hexadecimal form (e.g. 0.00004321 BTC) and calling each default device as “1 bitcoin”.
If you use this model, it is once called “1 Satoshi” (1/100,000,000 BTC). Supporters believe that the decimal point is an old -fashioned UI cultural heritage, especially for new participants. BIP 177 does not change consensus or data rules, but requires a change in motivation of the wallet interface and exchange.
Bitkit Wallet is the first wallet to apply BIP 177.
Developed by Bitfinex’s “Sister” company, Synonym, Bitkit Wallet is a self -management wallet that focuses on friendly user experience, allowing people to join the Bitcoin ecosystem. Bitkit integrates many advanced features, such as the BUILD -In Lightning buttons, Decentralized Payment (DID), and soft backups through encrypted clouds.
Bitkit’s noticeable is the initial and passionate application of the BIP 177 standard. Instead of using complex fractions such as BTC or MBTC, Bitkit Wallet shows the value according to “Bitcoins” to help users understand better. For example, instead of displaying “0.000043 BTC”, Bitkit displays “43 Bitcoin”. As a result, Bitcoin changes to a familiar exchange in the same way as using coins or Satoshi in difficult technical currencies.
Can BIP 177 get enough support to survive?
Whether there are many companies like Jack Dorsey’s Square, it’s not clear if the community is widely accepted by the community. Large wallets and floors still specify the priority of BTC or Satoshi, showing conservative trends in the Bitcoin community.
Looking back on history, technically clear changes, such as SegWit (BIP 141) or Taproot (BIP 341), take several years to accept. For example, SEGWIT has been proposed since 2015, but it was activated until 2017 after a series of discussions, including races between UASF and miners until 2017 and the inter -Korean war.
The process of changing the standard was especially difficult when it was related to the user interface. Many users and programmers do not want to change their habits despite their suggestions in terms of experience. Lack of coordination of large parties, such as wallets, payment platforms, and education -bip 177, is risk of stopping good ideas but not implemented.
In the Bitcoin ecosystem, BIP is an improvement from the protocol to the interface. Some BIPs must agree to all networks (eg Segwit or Taproot) and 177 BIPs voluntarily apply. Nevertheless, all meaningful changes must overcome the sculpture, cautious and skeptical community.
The problem is in the operation of the Bitcoin Community: Distributed, Prudent and no one has the right to order. BIP 177 is a change without a full network, but it still relies on voluntary developers and services. If 1 Satoshi gradually approaches $ 1 value, more intuitive displays such as BIP 177 (“Bit”) can be easily understood every day.
Currently, some projects such as Spiral, Square, Workit and Cashu are in the process of implementing BIP 177 at different levels. In a “unchanged” system that defaults, even small improvements, such as BIP 177, face the high barrier that is officially recognized.
In short: The debate about the name of the Bitcoin unit reflects the balance between tradition and convenience. Whether “Satoshi” has become a cultural icon, “Bit” or “Bitcoins” can be opened more widely. With the potential of projects such as Bitkit wallets and large companies such as Square, BIP 177 can create a turning point of using Bitcoin. In the Bitcoin world, all changes require time, verification and wide agreement. Is BIP 177 a standard or an interesting idea? Let’s wait and see!
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