Author: Sjors Provoost 2017-12-14 15:52:24
Published on: 2017-12-14T15:52:24+00:00
The proposal to standardize the term "bits" in Bitcoin transactions has received mixed responses. While some see it as a practical solution that would provide an informal yet formal alias for µBTC, others argue that it is unnecessary and confusing. Microbitcoins, they say, provides all the same advantages and more than a dozen homonyms do not pose a problem. Additionally, training users to understand SI prefixes allows them to easily migrate from one prefix to the next and is useful when interacting with users who make large or small payments. The smallest amount that can be handled by Bitcoin software could be 10 satoshi instead of 1 by redefining satoshi to 10^-9 BTC. The author suggests using kilo-satoshi instead of bits and then moving on to satoshi, followed by millisatoshi. It is also suggested that switching from vbytes to weight units could be done at the same time. While people are still not attached to the numbers shown on fee estimator sites, the author believes this is the right time to switch to weight units.
Updated on: 2023-06-12T23:05:06.254065+00:00