Bitcoin Denomination: The Possible Future of the Cryptocurrency
Date: 2024-12-16 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The head of Bitcoin tools Synonym, John Carvalho, suggested revising the approach to representing Bitcoin and satoshi. He believes that it is worth abandoning decimal places and making satoshi the main unit of measurement. According to his proposal, the smallest unit, which is now called satoshi, will be called bitcoin. For example, 1000 satoshi, instead of 0.00001000 BTC, will be displayed as 1000 bitcoins.
Carvalho claims that such a move will simplify the use of cryptocurrency by eliminating the confusion associated with the current decimal system. This, in his opinion, will make transactions more understandable and standardized for users.
Ledn co-founder Mauricio Di Bartolomeo and journalist Joe Nakamoto supported this idea, noting that the denomination is inevitable. They believe that changing the way Bitcoin is presented could help expand its appeal to a wider audience by making the cryptocurrency more accessible to understand.
However, the idea has its critics. Some experts believe that the redenomination could damage Bitcoin’s image as a scarce and deflationary asset. Blogger Clara Bitcoin expressed the opinion that the supply cap of 21 million coins is an important element that attracts investors. Scaling to 21 quadrillion coins, in her opinion, could create the illusion of redundancy, reducing Bitcoin’s value in the eyes of inexperienced investors.
In addition, writer and developer Edward Neihart believes that the redenomination will cause serious confusion in the market. He noted that many may perceive the change as a devaluation of the cryptocurrency, despite maintaining its real value. This could increase mistrust and doubt among investors.
