Goodbye Satoshi? Why Jack Dorsey Wants a Bitcoin Rebrand

Divided Proposal for Rebrand Bitcoin’s The basic unit gets significant on social networks after the founder of Twitter (now x) and longtime Bitcoin Bull Jack Dorsey shared support on Sundayposting more than one million views on the posts promoting BIP 177.

Author of the software programmer John Carvalho, the Proposal to improve bitcoinentitled “Redefine Bitcoin Basic Unit”, trying to do so – moving the way that the amounts of coin are displayed, removing the decimal point and leading zero in the process.

Currently, Bitcoin consists of 100,000,000 Satoshis, or “SATS”, named after a pseudonic creator of the cryptocurrency, Satoshi Nakamoto. As Bitcoin has grown in value, currently worth more than $ 105,000 per money, some advocates believe that it has become less attractive or useful as money spending.

“The clock is definitely the wrong expression and prevents daily people from getting and spending bitcoin,” Dorsey wrote on x. IN Another answerHe added, “I’m very worried about Bitcoin gets money. Must.”

This proposal aims to help solve this matter, reframing Satoshis as Bitcoin itself, and then calling for a complete current bitcoin as “BTC” – Aaka, the current coin tag. For example, if BIP 177 is widely accepted, then the amount of 0.00002525 BTC would be marked as ₿2.525, or 2,525 bitcoin.

(Bitcoin would be around $ 2,66 at the current price. Otherwise, 2,525 full bitcoin is worth about $ 266 million.)

“Bip 177 is an honest effort to prevent the misunderstanding of Bitcoin and how it works, eventually empowering users,” said Carvalho, CEO of Bitcoin Software and Services Synonym, said, said Decipher. “Many people want to speculate that I try to” solve the bias of the unit “or appeal to the norms, but I’m not an evangelical type of bitcoiner.”

The proposal itself suggests that such a shift would be in line with the original Bitcoin code and that the framing bitcoin is only in the form of full units – with the decimal points used to present smaller or partial BTC quantities – the only way in which people have decided to present it.

“Current Convention defines one bitcoin as 100,000,000 base units. This representation requires confronting eight simulated decimal places, which can be confusing and encouraged by the misconception that Bitcoin is inherently based on a decimal level” He reads Bip 177. “In reality, Bitcoin’s book represents values ​​as integral basic units. The decimal point is only an abstraction imposed on man.”

Behind Dorsey, an open bitcoiner that once called the Crypto Currency White paper “poetry”, Other supporters attracted the proposal. Bob bodily, executive director of bitcoin Meme Coin Launchpad Odin.funHe thinks the proposal makes a lot of sense.

“Rebranding Satoshis on Bitcoine honestly makes a lot of sense,” he told the physical Decipherciting the role that the unit played on the rise of the Solana Meme coins – and the ease in which users can extrapolate their gains if the tokens “only do so at $ 1”.

He physically admitted that the proposal did not need to make the Bitcoin community adopt such changes and that it would be without formal action to be his “main preference”. But past Bip “would make him more official, widespread, etc.”

“When I think about this proposal from the perspective of adoption in the main course,” he said physically, “it is kind of non-fetched.”

The proposal went through feedback in the original BIP request for withdrawal and via Bitcoindev’s sending list to achieve its current situation. Carvalho said Decipher This support has been picked up with Dorsey’s public pressure this week by increasing the “interest in proposal significant”.

Decipher He reached to Dorsey for comment, but he didn’t get an answer immediately.

“These events help people honestly consider the idea, “Carvalho said.” This week there is much more support, but also a lot of people who defend the “watch” and fight against Strawman’s narratives. The loudest villains do ‘Rally The Trups’ to show tribal solidarity, but this is not something that I can care for. The proposal is completely rational, so it is difficult to refuse, so instead we get emotional representations. ”

Carvalho suggested that the new Bitcoin unit (RebranDed Satoshis) could potentially be presented with fresh marking, suggesting the essence as an option. Echoes chattering on social media on the name of the “bits” or “bitcoin bits”, the latter What did Dorsey mentioned.

In addition to defending Satoshis and their connection with the creator of Bitcoin, one of the most vocal schisms against the proposal is the storytelling contradiction that comes if individuals lead to the belief that there are now 21 square bitcoin, instead of the currently understood and wide -teased total supply of 21 million bitcoin.

“[It] It destroys the overall understanding of 21 000 000 Max supply. [It] It destroys 15+ years of education explaining that 1/100,000,000th Bitcoin is called Satoshi, “host podcast Bram Kanstein said Decipher. “One dollar equals 100 cents, and 1 Bitcoin equal to 100,000,000 Satoshisa. It’s not difficult.”

Other villains noticed that the proposed shift would cause “Mass confusion “, and is only “Reviewing the bias of the unit.” But these concerns do not seem to be a stages of the author’s proposal.

“Bip doesn’t change anything about Bitcoin’s scarcity, “Carvalho said.” The idea that Bitcoiner would suddenly stop reminiscent of how scarce bitcoin is … it’s absurd, no? “

“I think people who note that this bip could correct the bias of the unit has a lot of veteran argument, but none of them is a real motivation in BIP,” he said. “I think Bitcoin is great and describes it clearly and precisely nurtures a stronger understanding of bitcoin, and thus more valuable bitcoin for everyone as a whole.”

As for the following steps, he said Decipher To believe that the best way to act is just “give him a little time to grow on people”, at the same time getting the support of others in the Bitcoin ecosystem.

“I don’t want to be overly convincing or forcing anything,” Carvalho said. “Bitcoiner are stubborn and need time. Bip 177 is inevitable anyway.”

Edited Andrew Hayward