Author: David A. Harding 2017-12-13 21:36:07
Published on: 2017-12-13T21:36:07+00:00
Jimmy Song has proposed a BIP to standardize the term "bits" in Bitcoin. This proposal aims to give structure to how the term is used since wallets and other software are already using it. However, Dave believes that the term is unnecessary and confusing, and instead suggests using microbitcoins as it provides at least two additional advantages over bits. Firstly, microbitcoins are not a homonym for any other word in English, unlike bits which have more than a dozen homonyms in English. Secondly, microbitcoins trains users to understand SI prefixes, allowing them to easily migrate from one prefix to the next. Dave also emphasizes the importance of planning for a deflationary currency, especially when considering a rise in price to $10M USD. In conclusion, while there is a proposal to standardize the term "bits", Dave suggests using microbitcoins instead due to its advantages.
Updated on: 2023-06-12T23:04:47.500852+00:00