John Carvalho stated that the change will reflect the true nature of the Bitcoin network, rather than users' perception of one Bitcoin as one hundred million satoshis. Koval proposed renaming satoshis to bitcoins and removing the values after the decimal point as the smallest unit of the digital currency. For example, 1000 satoshis, which currently display as 0.00001000 BTC, will be displayed as 1000 bitcoins.
According to the head of Bitcoin tools Synonym, removing decimal points will enhance user experience, reduce confusion and errors in calculations, providing a unified standard for measuring bitcoins.
In response, co-founder of Ledn Mauricio Di Bartolomeo and crypto journalist Joe Nakamoto agreed that the denomination of Bitcoin is inevitable and may improve the perception of the crypto asset among the general audience.
One of the main arguments against denomination was the belief that it could undermine the unique image of Bitcoin as a deflationary cryptocurrency with a limited supply. Blogger Clara Bitcoin stated that the emission limit of BTC at 21 million coins is one of the key factors attracting investors. Meanwhile, changing the scale of supply by 100,000,000 times, to 21 quadrillion coins, may create an impression of greater accessibility of the asset for the uninitiated investor and reduce Bitcoin's attractiveness as a means of saving.
Writer and developer Edward Neyhart added that the denomination of BTC would cause mass confusion, amplifying fear, uncertainty, and doubt among investors. Psychologically, people may perceive the denomination as a devaluation of the asset, despite the fact that its real value has not changed.
Earlier, Bits.Media discussed the principles of formalizing the process of changes in the Bitcoin ecosystem through the Bitcoin Improvement Proposal (BIP).$BTC
