Bitcoin's (BTC) BIP-177 Earthquake: If the Voting is Accepted, the Balances will Change! Here is the Proposal

A new proposal has sparked widespread interest in the Bitcoin community: BIP-177. This proposal suggests redefining Bitcoin's base unit by proposing that the smallest unit known as "satoshi" or "sat" in the current system be referred to as "1 Bitcoin".

The Concept of Satoshi is Being Removed from the Proposal: 1 BTC will Equal 100 Million Bitcoin

In this case, 1 BTC will be equal to 100 million Bitcoin; that is, today's 1 sat will now be considered as 1 Bitcoin. The current BTC code will not change.

The fundamental idea behind the proposal is to make it easier for users to understand Bitcoin and to provide a representation that is more in line with the nature of the Bitcoin protocol. The following statements stand out in the BIP-177 document published on Github:

"This BIP proposes the use of the fundamental unit as the standard unit of measurement by eliminating synthetic decimal places. This will make it easier for users to understand Bitcoin, reduce confusion, and ensure that the values on the chain directly correspond to the screen displays."

Proponents of the proposal argue that the eight decimal places in the current system, for example, 0.00000001 BTC = 1 satoshi, are confusing. This is because the Bitcoin blockchain actually holds these values as whole countable units, not in decimal form. In the current system, decimal representations are preferred only for user experience.

Twitter founder Jack Dorsey also got involved in these discussions. Dorsey made a post on X by simply writing "BIP-177". This short but meaningful support drew attention in the community.

If the proposal is accepted, the smallest unit we currently know as "1 satoshi" will be referred to as "1 Bitcoin". The value we currently call "1 Bitcoin" will equal 100 million Bitcoin. There will be no change in the technical infrastructure; the change will only occur in the user interface and unit naming.

Some Bitcoin users believe that this proposal will help convey Bitcoin better to the public, while others argue that it will increase confusion and that changing terms that have been used for years is unnecessary.