Adam Back suggests replacing satoshi with bits

by in Cryptocurrency News

Adam Back

Blockstream CEO Adam Back believes bitcoin users are better off using "bits" instead of "satoshi" when making day-to-day transactions.

Satoshi is the smallest and most indivisible unit of the value of bitcoin. One bitcoin is divided into 100 million satoshi.

According to Beck, users will be better off using bits as the smallest unit of bitcoin. A bit is one-millionth of a coin.

“1 million is much easier than 100 million,” he wrote. "Bitcoin is too expensive, but satoshi is too much, cheap and confusing."

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He noted that if the price of bitcoin reaches $ 1 million, the bit will still cost quite cheap - $ 1.

David Burkett, the developer of the Litecoin implementation of MimbleWimble, agreed with Beck's opinion: “Satoshi always seemed too small to be easy to handle. Dividing by 100 million is also much less natural than dividing by 1 million. ”

Munib Ali, the co-founder of cryptocurrency platform Blockstack, also echoed Beck's opinion: "Bits are a much simpler mental model."

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In his simplest and perhaps most compelling argument, Beck added, "There is something poetic about bitcoin, which is made up of bits."