THELOGICALINDIAN - Bitcoin developer Jimmy Song is on a mission to redefine the absence accepted for barometer bitcoin If Song has his way BTC will be recorded in $.25 by absence with anniversary bit agnate to one thousandth of a bitcoin His Bitcoin Improvement Proposal for $.25 was submitted in December and this anniversary the plan came a footfall afterpiece to absoluteness afterwards Shapeshifts Erik Voorhees threw his weight abaft the plan
Also read: Jimmy Song Uses Andreas Antonopoulos Model, Open Sources Forthcoming Book
One Bitcoin, One Thousand Bits
The angle of rebranding bitcoin so that the cryptocurrency can be referenced in added relatable amounts is not a new one. Previous suggestions included apropos to 0.001 – or one thousandth of a bitcoin – as a millibit. In an op-ed in aboriginal December, news.Bitcoin.com wrote:
A brace of weeks later, admired bitcoin developer Jimmy Song began authoritative noises about artlessly application “bits” instead of millibits, a advancement which, it was about agreed, fabricated added sense. Song again formalized this abstraction into “BIP 176: Utilization of $.25 denomination” and submitted it to Github.
Other developers apace lent their abutment on Github, with one writing: “I 100% accede this is actually needed. I absorb added hours in the day answer how bitcoin is divisible, than I absolutely should be to MBA, and Econ above folks. They aloof don’t get it. They appetite to feel they own one accomplished of something. This is now actual credible with the XRP, ADA, XLM, BTS, DOGE pumps.”
Bits and Pieces
This week, the pieces of Song’s masterplan began slotting calm afterwards the developer serenaded the bitcoin association at large. He begin abutment from Erik Voorhees, who tweeted: “I absolutely abutment the Bits standard… I’ll allocution with my aggregation about how to best alpha rolling it out.”
Not anybody is amorous with the abstraction of application $.25 as the absence assemblage of bitcoin beyond wallets and exchanges, with some pointing out that one bit is about what it costs to accelerate BTC now, acceptation that a distinct bit is about unspendable. Song is convinced, however, that affective to the $.25 accepted will accomplish the cryptocurrency added attainable to newcomers, to whom a amount such as $17,000 can assume daunting. He’s back petitioned Coinmarketcap for their help, as Song seeks groundswell abutment for the move to a abate assemblage of bitcoin.
Do you abutment a move to $.25 as the absence assemblage of bitcoin? Let us apperceive in the comments area below.
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