The debate surrounding Bitcoin’s mass adoption has been ongoing since its inception. While efforts have been made to improve user experience, implement custody solutions, navigate regulatory challenges, and onboard institutional investors, John Carvalho, a core Bitcoin developer and CEO of Synonym, has put forth a unique proposal to simplify the cryptocurrency: deprecating satoshis and removing decimal points.
Carvalho’s Bitcoin Improvement Proposal (BIP) released in December 2024 suggests replacing the term ‘satoshi’ with ‘bitcoin’ to make the cryptocurrency more user-friendly. By redefining ‘bitcoin’ to represent the smallest unit (100 million base units or satoshis), the proposal aims to enhance understanding and eliminate unit bias, ultimately attracting new users.
Currently, 1 bitcoin consists of 100 million satoshis, which cannot be further divided. Under Carvalho’s system, what is now known as ‘1 bitcoin’ would be referred to as ‘100 million bitcoins.’ For instance, a transaction displayed as 0.00010000 BTC would become 10,000 bitcoins, while 10.23486 BTC would be shown as 1,023,486,000 bitcoins, reshaping the concept of bitcoin millionaires.
Despite the potential benefits, Carvalho’s proposal has faced resistance within the Bitcoin community. Critics, like podcast host Stephan Livera, have likened the idea to calling each pizza slice a whole pizza, highlighting the challenge of shifting established norms. Concerns have also been raised about altering the total supply from 21 million to 2.1 quadrillion bitcoins, seen as a fundamental aspect of Bitcoin’s identity.
Nevertheless, Carvalho remains optimistic about the proposal’s reception, noting a growing interest in the concept of referring to base units as bitcoins and eliminating decimals. Embracing a bold campaign with the slogan “Make Satoshi Bitcoin Again,” Carvalho is pushing for broader acceptance of his idea, drawing attention from various economic figures.
As the debate continues, the possibility of redefining Bitcoin’s units underscores the potential for even minor adjustments to make the cryptocurrency more accessible to a wider audience. Whether Carvalho’s proposal gains traction remains uncertain, but the discussion highlights the ongoing efforts to evolve and enhance the user experience within the crypto space.