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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Jack Dorsey Fights Against Sats, Supports Controversial Changes for Bitcoin
Block co-founder Jack Dorsey has argued for making bitcoin transactions easier to follow and finalize, shedding the name of the smallest bitcoin unit, sats, and referring to them simply as bitcoin. This change, focused on retail, was proposed in BIP 177, presented by bitcoin proponent John Carvalho.
Block’s Jack Dorsey Advocates for BIP 177, Shedding ‘Sats’ for ‘Bitcoins’
Jack Dorsey, co-founder and chairman of Block, a bitcoin tech company, is pushing for a change that he believes will be beneficial for bitcoin in retail transactions. Dorsey states that the current denomination of bitcoin, which encompasses decimals and the use of its smallest unit, the satoshi (or just sat), has become a pain point for its use in everyday operations.
Commenting about this issue on social media, Dorsey stated:
Dorsey’s point of view is explained in the Bitcoin Improvement Proposal (BIP) 177, titled “Redefine Bitcoin’s Base Unit.” John Carvalho, a known bitcoin advocate and author of BIP 177, suggests “redefining the commonly recognized ‘bitcoin’ unit so that the base unit becomes the primary reference unit.”
In practice, this would include eliminating “synthetic decimal places” and the sat denomination for an integer-based naming scheme where each sat would be a bitcoin. This would only be a name change, as the bitcoin limited market cap would not be touched.
Carvalho states that this redesign “simplifies comprehension and aligns displayed values with the protocol’s integral accounting,” promoting “clearer communication, reduced confusion, and a more accurate understanding of Bitcoin’s fundamental design.”
Dorsey affirms that his concerns regarding this issue stem from his desire to watch bitcoin evolve into a usable form of money. “I’m very worried about bitcoin becoming money. It must,” he stressed in another post.
Before, Dorsey had explained that in a hypothetical scenario where bitcoin failed, it would be due to the failure to become an asset used every day, reinforcing payments as a key element for bitcoin to reach success and maintain relevance.
Read more: Block’s Jack Dorsey: Bitcoin Could Fail Due to Irrelevance