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May 22, 2025, 09:02:24 AM |
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About BIP-177: Renaming 1 satoshi to 1 bitcoin in order to pay without a decimal will cause the price to display many decimal places, e.g. the current bitcoin price will be displayed as $0.0011 per coin. This raises 3 problems:
1) Bitcoin currently exists more as a store of value than as a medium of payment (which is a stablecoin thing), and most people are more concerned with the price than the amount of BTC at the time of transfer. There are not even words in our everyday language that describe this order of magnitude of price. It's not a good idea to have investors trade to three or four decimal places every day.
2) The price of $0.0011 looks very, very Alts (if not meme), lower than many altcoins, which can subconsciously make people think that Bitcoin is not worth anything, undermining the narrative of store of value.
3) After the modification, the total supply of Bitcoin will increase from 21 million coins to 2100 trillion coins. This number sounds extremely large, far exceeding the upper limit that most people can conceive of. This will seriously undermine the scarcity narrative of Bitcoin.
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