Original | Odaily Planet Daily (@OdailyChina)
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On the evening of May 18, Jack Dorsey, the founder of social platform X (formerly Twitter), posted about "bip177", a mysterious string that attracted widespread attention. It is reported that BIP stands for "Bitcoin Improvement Proposal"; what Jack mentioned is not some mysterious meme symbol, but the Bitcoin Improvement Proposal numbered 177.
BIP-177: Making Bitcoin "More"
BIP-177 was proposed by Synonym CEO John Carvalho. 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 discarded;
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 by 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:
- Reduce 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 spending 0.00002 bitcoins, spending 2000 bitcoins is easier to comprehend.
- Eliminate Unit Fear
Currently, with one Bitcoin priced at about $104,000, it easily triggers unit fear, making people feel the price is too high, but saying they can only afford 0.1 Bitcoin feels a bit embarrassing. At the same time, for newcomers to Bitcoin, the perception of a high unit price can easily trigger "ceiling anxiety", thinking that the price is too high and difficult to continue rising.
If displayed in the new format, one Bitcoin would only be $0.00104, which, compared to a price of $100,000, feels more approachable for potential increases, eliminating unit fear.
- Simplify 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 increases the complexity of counting Bitcoin, making understanding bitcoin and satoshi two separate issues, and is not conducive to the easier spread of Bitcoin.
Voices of Opposition
Of course, there are also opposing voices regarding the BIP-177 proposal within the community.
- Destroys "Satoshi Culture"
The strongest opposition to the BIP-177 proposal is its suggestion to discard the basic unit "satoshi", named after the "Bitcoin Genesis God" Satoshi Nakamoto, which creates a cultural barrier.
- Easily Causes Confusion
For users accustomed to using BTC as a unit, confusion can easily arise, especially during verbal communication. Additionally, it poses a challenge for 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 attracts attention and breaks into the mainstream is that it is becoming increasingly expensive. However, if the new format is used, the perceived price of one Bitcoin will become "not expensive", which can easily affect newcomers' brand recognition of Bitcoin.
Is it a "show-off" move 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 SU7 Ultra; and in El Salvador, one Bitcoin can buy an entire villa.
These purchases are already considered luxuries for ordinary people, so it is reasonable for people to refocus 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" moves 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 implementing BIP-177, even if the proposal passes, the entire process from the first stage of introducing the concept to the second stage of mainstream services and media defaulting to displaying only integers, and finally reaching the third stage where integer format representation becomes standard, is expected to take 2 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, just change the unit of measurement.
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