Author: Pieter Wuille 2014-04-20 14:53:05
Published on: 2014-04-20T14:53:05+00:00
The discussion in the email thread revolves around the proposal to denominate the Bitcoin currency in a unit called "bit" where one bitcoin (BTC) equals one million bits and one bit equals 100 satoshis. The proposal was not well-received by some of the members of the mailing list who argued that it is unnecessary and could cause confusion for average users. Rob Golding proposed offering users a preference to denominate the Bitcoin currency in units called bits, while Tamas Blummer suggested bringing this particular discussion elsewhere, to the wallet developer. Blummer also commented on the tendency of engineers to think that they do not need to care about finance or people's customs because they invented money 2.0. He believes their importance in these questions will fade as people already use wallets other than the core. Golding responded that using any prefix is entirely unnecessary, and there are already established 'divisions' in u/mBTC for those that feel they need to use such things. He also argued that it is exceptionally unlikely for someone to send 1000x more or less than intended if they go down this road.The conversation highlights the divergent views within the Bitcoin community on how to handle potential changes to the system. While some believe that convention changes should be made across all clients, others argue that these discussions should be brought to wallet developers. Ultimately, the decision on whether to denominate the Bitcoin currency in units called bits would have to be made by consensus among stakeholders in the Bitcoin ecosystem.
Updated on: 2023-05-19T18:42:00.995885+00:00