Bitcoin Unit Change Sparks Debate Amidst Proposal for 21 Trillion-Unit Structure

A recent proposal by Bitcoin developer John Carvalho has ignited debate over the cryptocurrency’s fundamental unit of measurement. On April 23, he introduced Bitcoin Improvement Proposal 177, aiming to replace satoshis with a new unit structure dividing the existing 21 million Bitcoins into 21 trillion smaller units. This proposition follows a previous suggestion in 2017 by developer Jimmy Song for utilizing ‘bits’ as a representation of one-millionth of a Bitcoin. Carvalho argues that this approach did not effectively simplify Bitcoin’s complexities, while Block CEO Jack Dorsey supports the change, citing satoshis’ confusion among beginners. However, Swan Bitcoin CEO Cory Klippsten opposes this proposal, contending that people readily grasp satoshis as part of the Bitcoin system just like they comprehend cents in dollars. Notably, Satoshi Nakamoto, Bitcoin’s creator, previously indicated the potential for altering unit display methods. This proposal comes after a period of inactivity in terms of implementing new Bitcoin improvement proposals since the Taproot upgrade in November 2021.