Author: Dana L. Coe 2019-04-01 11:50:24
Published on: 2019-04-01T11:50:24+00:00
In a Bitcoin-dev email thread, Luke Dashjr proposed two BIPs to increase the minimum price of Bitcoin transactions, citing that certain parts of the community have been selling bitcoins for unreasonably low prices which has halted Bitcoin's valuation at $20k and even driven the price down below $15k. The first BIP proposes a method to explicitly specify and sign the USD/BTC price for transactions, while the second BIP defines a minimum price of $50k USD/BTC for Bitcoin transactions. Dashjr suggests that the wider question is why even denominate in fiat at all and suggests denominating the minimum value in satoshis themselves, which would be a negligible upgrade to the network. Meanwhile, Dana suggests using USDT instead of USD as it is much more flexible in tracking the true value of the US dollar.
Updated on: 2023-06-13T17:51:06.921773+00:00