A leading cryptographer, the inventor of hashcash, which is used in the Bitcoin (BTC) mining process, says it is time to call time on satoshis, the units that make up a bitcoin.
With BTC prices soaring sky-high in recent weeks, the CEO of the blockchain technology firm Blockstream, Adam Back, has taken to Twitter (where else?) to opine that satoshis (or sats for short) have had their day.
“Satoshis are confusing […] Sats were designed by Satoshi to be bitcents under bits. One million is much easier than [a] 100 million base. Even bitcoin-qt (core) had bits for years. You still have sats, just bits and bitcents (aka sats), like dollars and cents.”
@Xentagz Why not both. Introducing to wider audience did you know 1bit is 100sat. Bitcoins are logically enough mad… https://t.co/4CnVRvoixg
— Adam Back (@adam3us)
I couldn’t agree more. Sats have always seemed too small and abundant to reason about. Dividing by 100 mil is also much less natural than dividing by 1 mil.
Using bits, every wholecoiner is a millionaire, and that feels just right. It’s time we all start stacking bits.
— David Burkett (@DavidBurkett38) December 5, 2020
But as satoshis are so hard to understand for most, it can be “hard to figure out what you bought” when investing in bitcoin, wrote Back, who urged that it was now “time for a reboot” on denominations.
And dreaming, like many bitcoin HODLers, of a day when BTC hits the USD 1 million mark, he wrote,
“Story I heard from early developers, was [fellow Bitcoin OG and possible Nakamoto Hal Finney] persuaded Satoshi it wasn’t enough for world population, and so Satoshi added 1 million divisions, moving the new bitcent to 1/100th bit.”
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