Making Bitcoin easier to use — that’s how it’s going to happen!

Making Bitcoin easier to use — that’s how it’s going to happen!

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Bitcoin is already considered too “expensive” by new investors. Many forget thereby that a Bitcoin consists of 100 million units called Satoshis (Sats). Adam Back, CEO of Blockchain development company Blockstream, sees a similar problem.

The computer scientist and cryptographer has suggested that an intermediate unit be established at Bitcoin to make it easier for traders and investors.

Bits should make Bitcoin “cheaper”

For many, the unit of measurement Satoshi (Sats), named after Bitcoin's inventor, Satoshi Nakamoto, is confusing. Conversion into a Fiat currency is not always so easy and self-explanatory. Besides, the price of Bitcoin is perceived as “too expensive” compared to other cryptocurrencies.

Adam Back has taken up precisely this circumstance and called for an intermediate unit. In a Tweet, he presented the unit “bits” again.

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In his opinion, it is time for a restart of the bits unit of measure. Back calls for using bits as the smallest unit of measure for Bitcoin because this makes handling BTC much easier.

Bits and bitcents could facilitate conversion to Fiat

Bits correspond to one-millionth of a bitcoin. Therefore, one bit consists of 100 sats. In the Tweet, he said:

Sats are confusing. As far as I can tell, Sats were designed by Satoshi as bitcents under bits. 1 million is much easier than a 100 millionth base. Even Bitcoin-qt (core) had bits for years. You still have sats, just bits and bitcents (aka sats), like dollars and cents.

Back continued:

“A Bitcoin is too expensive, but sats are too many, sound cheap and confusing.” It is “hard to find out what you bought.”

When the price of Bitcoin reaches $1 million, a bit will still be cheap. One bit would then equal exactly 1 US dollar.

He added that when you buy fractions of a Bitcoin, there is “general confusion” among newbies. It seems unmanageable and cumbersome for a conversion.

The Bitcoin community largely agrees with the proposal

Adam Back’s tweet caused a lot of attention, and many well-known faces from the crypto space industry have also commented on it.

The crypto-anarchist David Burkett said in a comment:

“I could not agree more. Sats always seemed to be too small and numerous to think about. To divide by 100 million is, of course, much less than to divide by 1 million.”

In the comments, Back’s suggestion was very positively received. In a Tweet, the different crypto exchanges should indicate the Bitcoin price in bits after the next bull market.

Many private investors will not be able to afford a whole Bitcoin at some point. Nobody likes fractions of something valuable. It is far more convenient to hold 100 bits than 0.0001 BTC.

Back said at the end of his Tweet series:

There is something poetic about a Bitcoin made of bits.

We are curious whether there will be a change in Bitcoin in the next months and years. The key role here is played above all by the various crypto exchanges. If a new measurement unit is introduced here, bits could quickly establish themselves as the common unit of measurement in the entire crypto space.

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Making Bitcoin easier to use — that’s how it’s going to happen! was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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