this is just confusing. having the same symbol for different denominations will cause lots of issues. this is ripe for abuse. what if something in the future, for some reason, really costs 10,000 bitcoin? what if something is 20 sats? even the dollar system has a different symbol for cents, though i feel i usually see that represented as just partial dollars. what a waste of hype
Social consensus is exactly the barrier Bitcoin needs to overcome, everything that helps us get there is worth the discussion.
The definition of one bitcoin as 100m sats is the original mistake here.
Calling 100m of the smallest unit of Bitcoin a satoshi and the smallest unit itself a bitcoin might have been a better choice, or maybe just don't call 100m of the smallest unit anything since we already have names for quantities...
i can get behind this symbol, i also think the unit bias of large numbers is really important to making people excited to hold bitcoin.
nobody wants to give up their life savings just to acquire a small fraction of something… but give them hundreds, thousands, or even millions of sats and they’ll feel richer than ever.
BTC really needs to overcome this unit bias thing.
I think the BTC price ticker which uses the price for a full bitcoin (100M sats) has more impact on this than a currency symbol. Imo, the solution is to make more people aware of Moscow Time.
I think this introduces more problems than it solves to be honest.
“But it sounds weird to call it ‘sats‘ and use the ₿ symbol”
Many have tried to come up with a currency symbol that resembles the word ‘sats‘, but none reached a consensus.
The verdict is in: it‘s either ₿ or none at all. There‘s no second ₿est.
I'll stick with the High Voltage emoji ⚡ since I don't understand why such an attitude should result in consensus if all others before "failed". Also, I am not aware of any currency symbol that tried to resemble the word "sats". ₿ is trying to resemble the word "bitcoin" though. I am only aware of the lightning and the kebab. They are not resembling the word "sats", are they?
1 satoshi is written as 1 ₿, pronounced as "1 satoshi".
Current 1 BTC would be: 100M ₿, pronounced as "hundred million satoshis".
We don't refer to bitcoins the money as "bitcoins" anymore, only Bitcoin the network. Less confusion long term.
No decimals, no 2 types (btc, sat) of denominations, just ₿, pronounced as "satoshis".
₿ does look like the "b" from bitcoin, but it's not a problem that it's actually pronounced "satoshi" because $ has nothing to do with the "dollar" either.
I think this is a reasonable idea, but we're so used to SAT and to the kebab to a smaller degree that many us will resist the change. Also, a handful of people will misunderstand this to be "printing" more bitcoin.
If we adopt this, we need a specific date when most sites switches over, ex. Jan 3, 2025.
Temporarily we could do this to be super clear: 1,000 ₿ (SAT). Then after a year drop (SAT).
If we adopt this, we need a specific date when most sites switches over, ex. Jan 3, 2025.
I don't think we need such coordination (though it'd be ideal, sure). People will send ₿10000 from one wallet and receive 10000 sats on another. Doesn't have to be much more complicated than this.
Unit bias is FIAT mentality (also common scammy rhetoric used by tokens eg. safemoon)
₿ is already assigned to Bitcoin
Why is there a small faction of allegedly Bitcoiners attempting to erase Satoshi from bitcoin? He did a lot for us, so it's only fair that we honor his legacy every time we spend bitcoin.
I suggest staying focused on scaling and building on Bitcoin, rather than politics.
Talk to normies and you'll see unit bias is very real.
₿ is on the Bitcoin logo, but few use it as a currency symbol. Wallets display 'BTC' instead.
"If Satoshi wanted the currency units named after him, he would simply have done it. I think this behavior seems creepy and is harmful to Bitcoin." — gmax, 2019
The BITCOIN logo is used everywhere and there are 21 million of them as cap. The Genesis Block was chosen as the G is the 7th letter. It's also biblical which Nakamoto means in Japanese, "from the book". 3 is a sacred number as masculine, feminine and child or third eye. 3 * 7 = 21 and 2+1 = 3 it's recursive.
Sats is the basic unit because Sat means truth. This is synchromysticism but also not incorrect.
Satoshi is the Awakened Person. Not an accident in pseudo anonymous choice. The man, woman or group behind the persona is not the persona. Satoshi left after the tools were in place and others carried the torch.
It's regressive to redefine what takes a little research in knowledge. The basic unit has been named and in L2 lightning the basic unit is mSats or 1000 mSats = 1 sat. Or 2.1 quintillion parts to the Bitcoin network.
As with many basic concepts people will work hard trying to redefine it instead of learning the basic concept. The truth is already here but people will work hard to obscure it, ignore it or their ego will not accept it.
$ also carries such a negative connotation that represents the opposite of everything Bitcoin stands for. why would we want to associate sats pristine brand image with that?
I think the whole idea is to replace dollars, it would be a funny bit of irony if we replaced the dollar symbols representation with sats. Mission accomplished
Today, 1 satoshi buys 0,22 CRC, 0,36 ARS, and 0,39 NGN. Costa Rica, Argentina, and Nigeria also happen to be countries with growing Bitcoin adoption. A $10000 price tag could mean sats, CRC, ARS, or NGN. In countries like Colombia, where 1 sat parity has been reached (1 sat = 1,68 COP), it's even harder. As we approach hyperbitcoinization, the $ will grow more ambiguous, not less
I was under impression that Bitkit had a separate account for LN and onchain. I tried to verify this, but the software required me to agree to "terms and conditions". Realizing that Bitkit was not built for cypherpunks, I uninstalled it.
I get the issue and the proposal, it has merits. But changing things now will only add more confusion. Lets ₿ be for Bitcoin (as an idealistic symbol) and agree on something else for sats.
Using the same symbol for both (or change course midway) will only create a mess.
if you get charged ₿10000 for a coffee, will you be confused if the cost you half a billion dollars? there's way less room for confusion than it initially looks!
Pennies have a cent symbol in many different currencies. This is normal, so no one confuses the bigger with the smaller amounts.
This whole argument sounds like you don't believe bitcoin will be important enough one day for humanity to learn the smaller amounts' symbol. That's kinda sad.
we're actually so bullish that we believe 1 BTC will be worth millions, and few will be wholecoiners. no one will need to learn decimals at that point.
we want future bitcoiners to look at their balances and feel like they're making progress by saving ₿ 20 000, not that they're poor because they only have 0.0002 BTC.
https://satsymbol.com is the better option.
The only argument against that one is that it somehow looks like the symbol of a famous shitcoin? Since when does Bitcoin care about what shitcoins do?
Anyhow, there are more important things to focus on than a stupid symbol.
Nope, I advocate for no change to the recognizable symbol - for the same reasons the site advocates for change. Too much brand recognition to change it. Introduce a new symbol for sats that leverages the existing brand recognition and goes along with the same theme. Picrel
In some countries, the prices of goods in shops are written like $134. However, it does not refer to US dollar or any other dolar-named currency at all. Let's leave it up to shops and people.
For me, it is very confusing to use ₿ for sats. I like more the kebab symbol. Anyway, it does not really matter 😉.
Fortunately, Bitcoin itself doesnt care. It just includes more blocks into the chain in the mean time. And from this point of view, this is more a PR of Bitkit. Keep calm and stay hodling.
"If Satoshi wanted the currency units named after him, he would simply have done it. I think this behaviour seems creepy and is harmful to Bitcoin." — gmax, 2019
1₿ = 1₿,1sat = 1satas always has been. now1₿ = 1sat?₿be for Bitcoin (as an idealistic symbol) and agree on something else forsats.How about branding millibit and microbit for now ?
sat𝟾̷ | sat₈
STAY HUMBLE AND BAG BITS