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As someone pointed out on X:
If ☕️ costs 20 000 ₿, nobody will think it cost 860 million $.
And if someone is asking for 10 ₿ for their 🏠 nobody will think they can buy it for half a cent.
Yes, that is just adding more confusion and is not solving anything.
Either introduce a separate symbol for sat as the cent has/had its symbol ¢ or stay with 0.0xx.
introducing a separate symbol is shitcoin mentality.
bitcoin is hyperdeflationary, so we'll only need sats. no need for decimals.
Caring about the aesthetics because of a lack of substance is shitcoin mentality. I thought Bitkit was better than that.
it's not just aesthetics. normies don't recognize 丰 and don't know who created bitcoin, but they do recognize ₿.
According to this logic adding a second layer to bitcoin would be shitcoin mentality, too ;-)
The decimal point will never disappear.
There is already a decimal point for satoshi as fees in lightning are calculated with milisatoshi precision and it is displayed with base satoshi (see LND).
The decimal point will never disappear.
The higher the bitcoin price, the less practical it becomes. Why would anyone use decimals for anything when 1 BTC = $1M?
There is already a decimal point for satoshi as fees in lightning are calculated with milisatoshi precision and it is displayed with base satoshi (see LND).
msats don't exist:
Yup this is just stupid. We get it, not many people (yet) understand or even know what a sat is but we already have:
- bitcoin the token
- Bitcoin the network
- Bitcoin the Blockchain
Having Bitcoin (for sats) just makes this EVEN worse
It's not even a problem that needs fixing! People aren't stupid. They are capable of understanding dollars and cents, bitcoin and sats
So there's a different symbol for sats vs bitcoin, there's a different symbol for cents too: ¢ or ₵ or (mostly) c. C'est la vie. Pretty sure there's more important things to do than change a 15 year old standard that creates horrendous confusion and requires all software/hardware builders to redo millions of lines of code 🙄
They are capable of understanding dollars and cents, bitcoin and sats
Ask random people on the streets how many people recognize the word "sats", then do the same with ₿
redo millions of lines of code
using ₿ as the sats symbol is actually a very simple UI change. instead of displaying "sats", display ₿. that's it. it took only one dev and a few hours to get it on Bitkit
Ask random people on the streets how many people recognize the word "sats", then do the same with ₿
We said they were capable of understanding dollars and cents and thus, also understanding bitcoin and sats. Not that regular Joe has heard of sats. We know very few people have heard of / know about sats, but that'll change as adoption increases. People didn't know what the @ symbol was in 1999... but that changed
using ₿ as the sats symbol is actually a very simple UI change. instead of displaying "sats", display ₿. that's it. it took only one dev and a few hours to get it on Bitkit
That's your code base that's obviously not super complex or old. Many are old / complex or simply just not updated or maintained as well. Then there's all the books, the written articles (like the dozens on our site) endless podcasts, YouTube videos etc etc etc.
Totally agree. Wildly confusing
I’m not sure if you expected that tweet to make this concept less confusing, but implying that people will “know” is a bad assumption.
The purpose of the symbol is to enhance the number with all the information required to clearly communicate the price/value.
Not only does using one symbol for multiple prices cause unnecessary confusion, it’s a regression in user experience from the sat symbol.
This gets even worse when you add the (even more) confusion between wallets that’s been introduced here.
If your premise for this is that people will “know” how much I’m charging (which is an incredibly faulty premise) then, in my opinion it is actually even better with no symbol at all for BTC/sats/mBTC.
but implying that people will “know” is a bad assumption
They'll learn when they send 10000 sats from one wallet and receive ₿10000 in another.
Not only does using one symbol for multiple prices
Very few wallets use ₿ as a currency symbol. They mostly display "BTC". Besides, decimals are impractical, so we don't need ₿ as a currency symbol for it. Sats is the standard.
it’s a regression in user experience from the sat symbol.
The vast majority of wallets allow users to see the value of their balance in fiat.
shrug
Isn’t this like Calorie vs calorie. Usually, when you talk about “calories” in food, technically you’re talking about 1000 calories or kilocalories or kcal but no one does that.
interesting analogy 🤔
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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