Authored by John Carvalho, BIP 177 "Redefine Bitcoin's Base Unit" proposal is set to retire satoshis (sats) as minimal base units for Bitcoin (BTC) cryptocurrency. Instead, one BTC will be equal to 100,000,000 Bitcoins for clarity, usability and scaling purposes.
BIP 177: Devs proposed to depreciate satoshis for good
Bitcoin (BTC), the largest cryptocurrency, might soon enter a major base unit upgrade. Instead of familiar satoshis, or sats, one Bitcoin would exist as one base unit, while one BTC will be equal to 100,000,000 Bitcoins. The BIP 177 proposal was submitted by John Carvalho, Synonym CEO.
bip177
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The proposal is set to address a major misconception of the Bitcoin (BTC) economy. While the current convention defines one Bitcoin as 100,000,000 base units, actually, Bitcoin (BTC) has never been decimal-based.
In reality, Bitcoin’s ledger represents values as integral base units. The decimal point is merely a human-imposed abstraction, as explained by the proposal author.
Technically, the proposal includes retirement of satoshis (sats). The currency code "BTC" is unaffected by these changes and continues to mean 100,000,000 base units. Under new rules, 0.00010000 Bitcoin will be replaced by ₿10,000 or 10,000 Bitcoins.
The symbol ₿ itself might be utilized for new Bitcoins (base units), but this remains optional, as specified by the proposal.
Upgrade leaves Bitcoin (BTC) supply unchanged
The proposal pursues the goals of educational clarity, as presenting integers ensures that newcomers do not mistakenly assume that Bitcoin’s nature is decimal-based. It conveys Bitcoin’s true design from the start.
Also, in terms of usability, integer-only displays simplify mental arithmetic and reduce potential confusion or user error.
At the same time, no extra Bitcoins (BTC) are added to the network supply as a result of the event. The actual value of holdings does not change. Transitional measures, such as dual displays or explanatory tooltips, can ease the adjustment period.
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