Author: Rob Golding 2014-04-20 13:15:57
Published on: 2014-04-20T13:15:57+00:00
The use of prefixes in Bitcoin denominations is unnecessary and can lead to confusion for the average user. While some people may choose to use them, established divisions already exist for those who feel they need them. The idea that people will send 1000x more or less than intended if prefixes are not used is exceptionally unlikely according to someone with 20 years of experience dealing with currencies. Instead, it is proposed that users be offered a preference to denominate the currency in a unit called a bit, where one bitcoin equals one million bits and one bit equals 100 satoshis. However, for those unable to understand what a bitcoin is, they can simply use satoshis without the need for this proposal.
Updated on: 2023-06-08T20:09:07.876714+00:00