Original Title: "Killing 'Satoshi' in Satoshi, BIP-177 Sparks the Bitcoin Unit War"
Original Author: Golem, Odaily Planet Daily
On the evening of May 18, Jack Dorsey, the founder of social platform X (formerly Twitter), posted about "bip 177," a mysterious string that garnered widespread attention. It is reported that BIP stands for "Bitcoin Improvement Proposal," which translates to Bitcoin Improvement Proposal; what Jack posted is not some mysterious meme symbol, but rather the Bitcoin Improvement Proposal numbered 177.
BIP-177: Making Bitcoin "More"
BIP-177 was proposed by Synonym CEO John Carvalho, and the proposal aims to redefine the basic unit and representation of Bitcoin without modifying the core consensus protocol. The key points of the proposal are as follows:
· Change the basic unit of Bitcoin from "satoshi" to "bitcoin," with satoshi or sat being deprecated;
· The currency code "BTC" remains unchanged and can continue to be used, 1 BTC = 100,000,000 bitcoins;
· The basic unit of Bitcoin can be represented using the "₿" symbol, 0.345 BTC = 34,500,000 bitcoins = ₿ 34,500,000;
· Applications should allow users to switch between the traditional BTC format and the new integer format.
In simple terms, the BIP-177 proposal aims to make everyone's Bitcoin "more" in terms of display and format, with the total amount of Bitcoin appearing to be 21 trillion bitcoins, but it does not actually change the supply of Bitcoin.
Benefits of BIP-177
Although it is merely a change in display and format, John also believes that BIP-177 will have significant benefits:
· Reducing Cognitive Load
Due to the appreciation of Bitcoin, whether for daily payments or on-chain use, Bitcoin often appears in decimal form. By redefining and displaying the basic unit of Bitcoin (BTC) as "one bitcoin," it can reduce the cognitive load on users. An interface that only displays integers can simplify mental calculations and reduce potential confusion or user errors. For example, compared to a user spending 0.00002 bitcoins, spending 2000 bitcoins is easier to comprehend.
· Eliminating Unit Fear
Currently, with one Bitcoin priced at around $104,000, it easily triggers unit fear, making people feel the price is too high, but saying they can only afford 0.1 bitcoins feels a bit embarrassing. At the same time, for newcomers to Bitcoin, the purely perceptual high price can easily trigger "ceiling anxiety," making them think that the price is too high and that further increases are difficult. However, if displayed in the new format, one Bitcoin would only be $0.00104, which feels more manageable compared to a price of $100,000, alleviating unit fear.
· Simplifying User Experience
Abandoning the original basic unit of satoshi can simplify the user experience, and removing the artificial decimal format can help users understand that the Bitcoin protocol is essentially counting discrete units. Satoshi is a secondary currency unit relative to Bitcoin, which adds complexity to Bitcoin counting, making understanding bitcoin and satoshi two separate issues, and is not conducive to the easier spread of Bitcoin.
Opposing Voices
Of course, there are also opposing voices within the community regarding the BIP-177 proposal.
· Destroying "Satoshi Culture"
The strongest opposition to the BIP-177 proposal is its suggestion to abandon the basic unit satoshi, named after the "Bitcoin Genesis God" Satoshi Nakamoto, which creates a cultural barrier.
· Potential for Confusion
For users accustomed to using BTC as a unit, confusion may easily arise, especially during verbal communication. Additionally, there is a challenge in Chinese translation; if both BTC and the basic unit bitcoin are translated as 比特币, serious confusion will occur during expression, affecting consensus.
· Impact on Bitcoin Brand Recognition
This is a significant contradiction; the reason Bitcoin can attract attention and break out is that it is becoming increasingly expensive. However, if the new format is used, the price of one Bitcoin will feel "not expensive," which may easily affect newcomers' brand recognition of Bitcoin.
"Show-off" Work in a Bull Market?
In fact, during a bull market, as the price and purchasing power of Bitcoin increase, discussions about the basic unit of Bitcoin will arise. In December 2017, when the price of Bitcoin broke $10,000, community members proposed BIP-176, suggesting the introduction of a new Bitcoin unit called bits, with the conversion formula being 1 bit = 100 satoshis = 0.000001 BTC. The rationale for this proposal is similar to that of BIP-177, aiming to reduce cognitive load and facilitate daily use (no wonder these two proposals are grouped together), but the proposal ultimately did not pass.
Now, the price of one Bitcoin has surpassed $100,000, making it ten times more expensive than eight years ago, and the purchasing power of Bitcoin has significantly increased again. In the U.S., one Bitcoin can buy a Tesla Model S Plaid; in China, one Bitcoin can easily purchase a Xiaomi SU 7 Ultra; and in El Salvador, one Bitcoin can buy an entire villa. These purchases are already considered luxury for ordinary people, so it is reasonable that people are once again focusing on the basic unit and representation of Bitcoin. However, essentially, such upgrades have no practical effect on the Bitcoin network and are more like "show-off" work during a bull market. If it falls into a bear market and Bitcoin's value decreases, people's concern may diminish again.
According to the expected timeline for the implementation of BIP-177, even if the proposal passes, the entire process from the first phase of introducing the concept to the second phase of mainstream services and media defaulting to displaying only integers, and finally reaching the third phase where integer format representation becomes standard, is expected to take two years. However, the enthusiasm for promoting this proposal may also change with market fluctuations. Interestingly, Bitcoin Pizza Day is just around the corner. Fifteen years ago, someone bought two pizzas for 10,000 bitcoins, which was worth only $41 at the time; now, those 10,000 BTC are worth over $1 billion. If BIP-177 passes, people will still have to spend 35,000 bitcoins to buy those two pizzas, which is another kind of cycle.
If it doesn't improve my life, change the unit of measurement.
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